First Quarter 2022

Luxury
Report

Tri-County

Sarasota Manatee Charlotte

Tri-County Marketing Insights

  • The $1 million-plus luxury market continued to attract out-of-area buyers seeking a low-key yet sophisticated lifestyle with abundant outdoor activities and cultural amenities that is less pricey than areas like Naples and Palm Beach.

  • Q1 2022 saw an increase in the number of luxury properties for sale, particularly single-family home inventory, which jumped 24.6% over Q1 2021. While closed sales of $1M+ single-family homes rose 5.5%, condominium sales were down 24%.

  • A reflection of our highly competitive luxury market, average days on the market plummeted in Q1 2022 versus Q1 2021 – dropping 53.5% for single-family homes and 40% for condominiums.

  • Although mortgage rates rose rapidly in Q1 2022, we remained a seller’s market, with more than a two-month supply of luxury inventory across the region.

  • With mortgage rates continuing to climb, the extent of their impact on buyer demand and rising home prices remains to be seen in the luxury tri-county market.