Bird Key Sales Rise 50%
(Sarasota - November 8, 2011) - Bird Key sales rise 50% over the same period last year up from 22 to 33 homes sold as of November 8. 
You have to go back to 2004 to find a better year when 38 properties sold. Prices have steadily risen since 2009, which is noticeably the worst year for Bird Key Real Estate. 2009 came in with a dismal average sales price of $847,716 and an average $280.59 / sq.ft for the 25 forward thinking buyers that purchased in that year to date. The fewest homes sold in 2006 with only 14 units year to date. Prices have risen 39% since 2009 based on price per/sq.ft. While Bird Key prices vary widely based on construction and waterfront, the uptick should be good news for all home sellers.
Bird Key by the Numbers
| 2010 | 2011 | % Change | |
| Units Sold | 22 | 33 | +50% |
| Avg. Sq. Ft. | 3,090 | 3,478 | +12% |
| Avg. Sales Price | $1,300,495 | $1,443,621 | +11% |
| Avg List Price / sq. ft. | $387.24 | $461.30 | +19% |
| Avg. Sold Price / sq. ft. | $332.71 | $390.41 |
+17%
|
| Median List Price | $899,500 | $1,250,000 | +39% |
| Median Sales Price | $864,000 | $1,050,000 | +22% |
| Median List Price / sq. ft. | $317.41 | $418.36 | +32% |
| Median Sold Price / sq. ft. | $290.84 | $360.76 | +24% |
To put the average $390.41 sold per square foot number into perspective, the peak was $547.88 in 2005. Today’s number is about 28% off the all time high. The average sales price today of $1,443,621 compared to the peak of 1,872,500 in 2006 is about 29% off. In essence, we have gained back almost 60% of the market value lost from 2009’s dismal $847,716 average to the peak of 2005, Most likely, 2009 was the bottom of the market.
Other positive factors include a rise in Longboat Key sales by 26% and the Siesta Key Condo market showing an 18% gain this year indicate good things are coming to the Sarasota Real Estate Market.
Homes are also selling faster as the average days to contract are now 158 compared to 2010's 217 days. The highest priced sale is also better with $4.9 million compared to last year's high of $4.2 million. There are 30 homes for sale starting at $549,000 as of November 8, 2011 and run as high as $8.8 million. The average home price is around $2.3 million for about 4,000 waterfront square feet. Just don't forget to bring your boat!
The broader Sarasota market looks to the waterfront property to give a clue as to the future market. The numbers are strong and the Bird Key Real Estate Market shows just how strong it is, The Sarasota real estate market is well on the way to a recovery.
We are the experts when it comes to finding that special home on Bird Key and in the Sarasota Real Estate Market. Give us a call and John Woodward and his team are always ready to help at 941-922-8400.
