Sarasota Condos Market Update

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Real Estate Agent with DWELL Real Estate

Sarasota Condos Market Update

 

The chart above shows the inventory, sales and pending sales over the last 4 years for Sarasota county. As of December 2010 there were 2008 condos for sale. That is a far cry from 3,529 condos for sale in April of 2007. Based on closed sales the Sarasota condos market had about a 12 month supply of inventory. Again, this is a heck of a lot better from December 2006 when there was a 46 month supply.

Average Sold Price for Sarasota Condos (000's)

Below are the average sold prices for Sarasota condos. Amazing to see how much prices have come down. In April of 2007 the average condo sold for $710,000.In December of 2010 the average condo sold for $255,000. Obscene.

Date 12/06 2/07 4/07 6/07 8/07 10/07 12/07 2/08 4/08 6/08 8/08 10/08 12/08 2/09 4/09 6/09 8/09 10/09 12/09 2/10 4/10 6/10 8/10 10/10 12/10
For Sale 3053 3517 3529 3287 3066 2996 2882 3098 2896 2630 2406 2517 2588 2614 2589 2319 2199 2212 2133 2139 2125 2055 1971 2026 2008
New Listing 444 575 498 330 350 390 313 372 349 252 230 312 266 321 313 222 244 346 251 323 362 261 229 343 244
Sold 66 177 124 131 84 76 87 105 115 113 96 88 91 108 156 155 110 146 169 147 225 176 127 118 162
Pended 69 129 118 98 81 75 72 122 161 98 93 82 97 162 193 175 151 159 165 225 241 139 143 143 179
Months of Inventory (Closed Sales) 46.3 19.9 28.5 25.1 36.5 39.4 33.1 29.5 25.2 23.3 25.1 28.6 28.4 24.2 16.6 15 20 15.2 12.6 14.6 9.4 11.7 15.5 17.2 12.4
Months of Inventory (Pended Sales) 44.2 27.3 29.9 33.5 37.9 39.9 40 25.4 18 26.8 25.9 30.7 26.7 16.1 13.4 13.3 14.6 13.9 12.9 9.5 8.8 14.8 13.8 14.2 11.2
Absorption Rate (Closed Sales) % 2.2 5 3.5 4 2.7 2.5 3 3.4 4 4.3 4 3.5 3.5 4.1 6 6.7 5 6.6 7.9 6.9 10.6 8.6 6.4 5.8 8.1
Absorption Rate (Pended Sales) % 2.3 3.7 3.3 3 2.6 2.5 2.5 3.9 5.6 3.7 3.9 3.3 3.7 6.2 7.5 7.5 6.9 7.2 7.7 10.5 11.3 6.8 7.3 7.1 8.9
Avg. Active Price 622 608 605 571 571 572 564 572 544 537 532 528 535 552 549 549 525 523 510 515 499 481 474 461 465
Avg. Sold Price 387 534 710 841 455 571 729 491 426 589 411 425 363 251 280 331 337 321 337 293 302 263 300 276 255
Avg. Sq. Ft. Price 279 381 407 529 329 381 436 329 304 375 296 307 267 203 207 254 250 238 239 211 217 201 232 210 186
Sold/List Diff. % 92 96 91 94 89 93 91 88 89 88 89 88 89 87 88 91 90 89 90 88 91 91 90 90 90
Sold/Orig LP Diff. % 87 93 87 89 84 89 85 80 83 82 80 80 79 76 77 78 77 77 79 79 82 82 78 76 81
Days on Market 125 162 119 135 133 162 155 166 157 145 147 161 145 140 142 161 182 184 160 150 130 142 143 127 139
Median 319 475 510 440 303 319 434 375 255 315 271 210 191 122 137 199 225 200 173 148 160 138 165 158 159

Table Information

Market Bottoming?

It seems like the Sarasota Florida real estate market is bottoming. Inventories are dropping, optimism is improving, the job market seems to be improving, sales are up and it is hard to believe that these prices will continue to drop. They are so cheap now.

If you have been waiting on the sidelines for the bottom then this might be it. You won't pick the absolute bottom. You just have to get close.

Where to buy Sarasota condos

There are plenty of great Sarasota condos to choose from. The most popular places are near the beach and in downtown Sarasota. There is plenty to choose from on Lido Key, Longboat Key and Siesta Key. You can now find a nice beachfront condo (without a water view) around $300,000 now. Downtown Sarasota has plenty to choose from as well. You can find a nice condo in buildings like 1350 Main, 100 Central, Alinari, Condo on the Bay, Plaza at Five Points, Burns Court Villas, Ritz Carlton Tower Residences or Beau Ciel. You will love the diversity of Sarasota condos.

Give Marc Rasmussen a call at 941.812.6272 or help with Sarasota FL condos.

 

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Rainer
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Karen Canfield
Geek Girl PC, LLC - Sarasota, FL

Helpful information on the Sarasota market. Thanks!

Feb 22, 2011 11:18 PM #1
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Rainmaker
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Marc Rasmussen

Sarasota Real Estate
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