Siesta real estate numbers: Back to reality

The Siesta Key real estate market is off to a lukewarm start in 2015, with average and median sales prices both falling in the first quarter compared with the first months of the previous year. 

But properties are spending less time on the market as expectations match reality in the decreasingly volatile market, according to Michael Saunders & Co. Realtor Karen Chandler.

The median sales price for real estate on Siesta decreased about 1% to $485,000 in the first quarter compared with the same timeframe last year, according to an Observer analysis of sales data filed with the Sarasota County Property Appraiser. The average sale price fell 17% to $640,480 during the same period when excluding top sales, such as the $5.5 million Sanderling Road estate Michael Saunders agents listed earlier this year.

“I think that because we’ve been in a buyers’ market for so long that people who are listing now are being more realistic in their pricing,” Chandler said. “They were reaching for the stars, but now when someone wants to sell they’re getting more in line with the market.”

See below for an interactive map of real estate sales on Siesta during the first three months of 2015. Click the points on the map to see the property's owner, location, sale price and when it was purchased.

 The Sanderling sale represents a downward trend in top sales in the first quarter. A home sold for $7.07 million during the same period in 2014, and the “Snook Inn” on the north end of Siesta sold for $10 million the previous year. But, at 1.7 acres, the Sanderling estate is the largest property that has sold on Siesta in the first quarter since the recession.

“Siesta Key is such a great place,” Chandler said. “There there are always going to be people who keep coming here because they want their little piece of paradise."

On Monday, Chandler spent the day at two home inspections, one of which was for a home that spent one day on the market before a buyer snagged it. Properties are garnering 92% to 99% of their list price, as well.

“You didn’t see that a year ago,” Chandler said.

Siesta outpaced Sarasota County, which had less than half the median and average sales price of the barrier island at $191,300 and $320,000, respectively, for the start of 2015.

“Siesta Key is such a great place,” Chandler said. “There are always going to be people who keep coming here because they want their little piece of paradise.”