Coo Coo For Condos! Is Condo Fever Rising In Sarasota? Sales for condominiums in Southwest Florida's three counties (Sarasota, Manatee, Charlotte) increased in 2011 versus 2010, but prices continued to decline. What's up?
While there is still a 9.2 month supply of condominiums in the Sarasota-Bradenton market, that inventory is declining and condo sales for 2011 were at their highest level since 2005 with an increase of 8 percent . If current sales trends continue the condo market could turn into a seller's market within the new year. A seller's market is usually considered one with a 6 month inventory of homes. The single family home market in Sarasota-Bradenton reached this benchmark in 2011.
One caveat to this good news is the fact that while sales are rising (up 8 percent last year), the median price for condos is still declining. The median price in the Sarasota-Bradenton market declined 9 percent to $127,000. However, local agents predict that as sales continue to rise and inventory levels are reduced, prices will stabilize.
Statewide, there were 87,581 condo sales in Florida last year ( a 15 percent increase over 2010) and the median sales price was $88,300.
The outlook for Sarasota's condo market is strong. The area has a long established history of condo living with many high rise and mid rise complexes here long before the real estate boom. There are condos close to downtown Sarasota for city living, condos on and near the beach as well as inland for every lifestyle.
Condominium living in the Sarasota condo market continues to be popular with seasonal residents, retirees, singles and professionals who do not want the upkeep and expense of a single family home.
Contact me for further information on the wonderful array of condominium living in the Sarasota Area, the cultural jewel of Florida!