May 2017 Market Snapshots for Downtown Sarasota, Longboat Key, Lakewood Ranch and West Bradenton

Downtown Sarasota Condominium Market

Downtown Sarasota Condominium Market Stats ~ May 2017

Downtown Sarasota Condominium Market Stats ~ May 2017

Sales are up about 15% year-to-date with inventory down about 7%. Still, using the average monthly sales so far this year, there are almost 8 months of inventory on hand which would generally be considered a buyer’s market.

It has taken longer to sell a condo downtown this year with the median marketing time coming in at 73 days compared to 53 during this period last year. While there are not stats available on the median age of an active listing this time last year, the 134 day median age this year seems old, especially compared to the 73 day median marketing time.

As I mention every time I discuss the Downtown market, the new construction market is disguising the strength of the downtown market. New construction projects are taking contracts and reservations on new condominiums that will not close (nor considered a sale) until later this year and into 2018 and 2019.

Longboat Key Single Condominium Market

Longboat Key Condominium Market Stats ~May 2017

Longboat Key Condominium Market Stats ~May 2017

During May, condo sales on Longboat surpassed last year for the first time this year.  On paper, sales for the year are still down 21%. However if you remove the 16 new construction sales last year (as most were contracted during 2015), sales on existing homes are down about 14% year-to-date.

The good sales month along with lower amounts of new listings, large numbers of withdrawn and expired listings coming off the market improved inventory dramatically over last month.  At the end of May the market had about 7.7 months of supply.

LONGBOAT SINGLE FAMILY HOME MARKET

Longboat Key Single Family Home Market Stats ~May 2017

Longboat Key Single Family Home Market Stats ~May 2017

While sales here are up 20% year-to-date and inventory down about 12%, there is still a large amount of unsold inventory for the current rate of sales. Additionally median days to contract has ballooned from 89 days last year to 128 this year. The median marketing time for an unsold listing is currently 183 days.

Lakewood Ranch Single Family Homes

Lakewood Ranch Single Family Home Market Stats ~May 2017

Lakewood Ranch Single Family Home Market Stats ~May 2017

The first neighborhoods in the new Waterside Village are now taking lot reservations. Waterside is going to be huge with over 5000 homes. The property is about 5,500 acres with 80% left as open areas or lakes (mostly lakes). It is going to be hugely popular.  Initial home builders will include Arthur Rutenberg, Lee Wetherington, Homes by Towne, and Pulte.

 

West Bradenton Single Family Homes

West Bradenton Single Family Home Market Stats ~May 2017

West Bradenton Single Family Home Market Stats ~May 2017

One big month and everything looks rosy. May this year beat last year by almost 50%. Year-to-date sales are up by 7%. Unsold inventory dropped to just 216 listings or only about a 4 months supply.

 

West Bradenton Condominiums

West Bradenton Condominium Market Stats ~May 2017

West Bradenton Condominium Market Stats ~May 2017

Sales here are down about 12% from last year but mostly do to the lack of inventory, which now represents just over a 3 month supply. The median selling price of 158k is still a great value for winter visitors or small families.

 

PENDING REPORT MAY 27, 2017

Pending sales ( new contracts executed) are the best indication of current demand. The pending report provides a current week, 4 week, and 13 week view of this important statistic across 6 different markets by price point range. The biggest difference between pendings and actual sales is timing. The contract or pending date is the date that the contract was executed. The contract is not considered a “Sale” until it closes which is, on average, about 30 days after the contract date. Of course, another difference is that not all pendings sales actually close.

This Week’s Results

Pendings were choppy across the both counties last week. Downtown Sarasota finally slowed, decreasing 1 contract or 10% compared to the same week last year. The past 4 weeks and 13 weeks are both up over 20%. One interesting trend over the past 13 weeks is that the higher the price, the larger increase in contracts over the past year.

Weekly Longboat condominium pendings doubled last year, pushing the last 4 weeks up by 1 contract. Over the last 13 weeks, however, new contracts are down 20%. Performance by price point is nearly the opposite of downtown –  with the exception of the $500k-$1million range, the higher the price point the fewer the  number of contracts signed compared to last year.

Lakewood Ranch was up 30% for the week and 8% for the month. Pendings over the past 13 weeks are down 24%. Note that not all new construction contracts show up in MLS and hardly any new construction, single family homes ever show up as pendings. As far as pendings in the single family home market are concerned,  MLS (and the Pending Report) essentially reflect only the resale market.

In areas outside of Lakewood Ranch, this isn’t such a big deal as new construction of single family homes is not significant compared to the resale market. But in Lakewood Ranch, new construction sales are larger than the resale market.  When big, new communities open for sales within Lakewood Ranch (ie like the new and huge Waterside section about to open), the resale market stalls as the new communite sucks up all of the business. Pendings will appear to plummet as the resale market loses out to the new community and contracts in the new community don’t get entered into MLS (as pendings anyway – many get entered as a sale at time of closing).

The West Bradenton single family and condominium markets both had a good 4 week run but condominium pendings are still down 24% over the past 13 weeks while single family home sales are up 8%.

 

Market Snapshots – Longboat Key, Downtown Sarasota, Lakewood Ranch, and West Bradenton

Downtown Sarasota Condominium Market

 

downtown sarasota condiminium sales

Median prices are expressed in thousands of dollars

Sales are up about 14% year-to-date with inventory only up about 4%. Still, using the average monthly sales so far this year, there are almost 9 months of inventory on hand which would generally be considered a buyer’s market.

It has taken longer to sell a condo downtown this year with the median marketing time coming in at 73 days compared to 47 during this period last year. While there are not stats available on the median age of an active listing this time last year, the 114 day median age this year seems old, especially compared to the 73 day median marketing time.

Longboat Key Single Condominium Market

Longboat Key Condominium Sales

Median prices are expressed in thousands of dollars

The sales slump continues with a 42% fall off this month compared to April 2016. However, sales last April included the closings on 16 new construction residences. Sales on existing homes fell 24%. Year-to-date, sales are off a third compared to last-year.

With only a slight drop in new listings, expired listings have tripled this year, although on small numbers. Ending April unsold inventory (Active listings) was up 26%.  Using the 26 average monthly sales over the past 4 months, there is almost a year’s supply of unsold condo inventory on the market, twice the 6 months of supply this time last year.

LONGBOAT SINGLE FAMILY HOME MARKET

Longboat Key Single Family Home Sales

Median prices are expressed in thousands of dollars

Completely unaffected by whatever bug has infected the condo market on Longboat, single family homes sales are on their way to a record high year. Sales are up a third over last year while the end-of-season active listing inventory is down 8%. However, the relationship between sales in unsold inventory is still high with just over 11 months of unsold inventory on the market.

Lakewood Ranch Single Family Homes

Lakewood Ranch Single Family Home Sales

Median prices are expressed in thousands of dollars

Sales are up about 7% over last year in Lakewood Ranch. MLS unsold listings are up about 5%. I say MLS here because new construction sales will likely he higher than resales and there is no way to evaluate the amount of new construction product on the market. When there is about a 100% chance that anyone and everyone that wants to build a home in Lakewood Ranch could be accommodated, how to count inventory?

One thing to watch, especially if you are or about to be selling a home in Lakewood Ranch in the near future, will be the effect of the new Waterside Village on sales, specifically the effect on resales and new construction in the other villages. Waterside has lots of water and has been receiving loads of hype. It is also the first LWR village in Sarasota County.

West Bradenton Single Family Homes

West Bradenton Single Family Home Sales

Median prices are expressed in thousands of dollars

Sales are down about 5% with unsold inventory down about 10%. This represents about 8 months of supply, a slight advantage to buyers.

The a $300k median sales price and large lot sizes that are just a couple of miles from the beach make west Bradenton a great value. The development of 75th street south of Cortez Road could give prices in the rest of the area a boost as little to none of the new construction will be priced below $300k.

West Bradenton Condominiums

West Bradenton Condominium Sales

Median prices are expressed in thousands of dollars

Low prices/great values make west Bradenton condos about some of the fastest moving properties in the area. While sales have fallen 10% from last year on about the same about of inventory, there is still only slightly more than a 4 month supply of unsold inventory. The median time on market is just 35 days.

Existing Home Sales Push Downtown Sarasota Condo Sales to 10 year New High

All data is from the My Florida Regional MLS for property type 
Condominium, ZIP code 34239 and for the time period indicated

First Quarter Downtown Sarasota Condo Sales

First quarter 2017 condo sales in downtown Sarasota of 110 where the highest since 2007 when 252 closed. The closing in 2007 included sales of 105 new construction residences that were completed during that month (and contracted for over the previous 12-24 months). Even without the new construction sales, however, 2007 was a barn burner with resales totaling 147. If only we knew that this would be the end for a while. The next 4 years sales in total would barely equal the 252 total in 2007. It would take about 2 and a half years just match the 147 resales.

Downtown Sarasota 1st Quarter Condo Sales Condo 2007-2017

Downtown Sarasota 1st Quarter Condo Sales Condo 2007-2017

Back to 2017, the 110 sales did include 8 new construction sales. However even 102 existing home sales would be the most total sales since 2007. When you consider all of the competition from new construction, this becomes even more amazing. Remember, when someone goes to contract on a new construction condo, the sale isn’t recorded until the unit closes. Closing doesn’t occur until the building is completed.

Downtown Sarasota Condo Sales by Price Range

The chart below shows the progression of sales by price over the past 10 years. 2008 was the first year of the crash and sales were the lowest of any year during the period by almost 50%. This probably distorted the figures some. However, over the past 5 years, about 9% of the total sales has been pushed out of the lowest bottom, “$0-$500k” range and into the top two price ranges.

Downtown Sarasota Condominium Invnetory

The next chart show that all categories have less inventory relative to sales than last year (Lower months of supply) with the exception of the $500k-$1M range, which increased slightly. We generally refer to markets with more than 6 months of supply as being buyers markets. In this case, the overall market is a just over 9 months of supply. Again, this is somewhat distorted because new construction is syphoning off sales – sales that wont show up until the buidling is completed months from now. Or anther way of saying this is that demand is greater than sales indicate.

Downtown Sarasota 1st Quarter 2017 Condo Sales

Downtown Sarasota 1st Quarter 2017 Condo Sales by price range

The final chart shows inventory and sales plotted on the same chart. There is a healthy relationship here with sales and inventory levels both moving up meaning that the market selling the higher levels of inventory. Furthermore there are huge chunks of pending sales waiting on the completion of buildings. If those sales had closed within say 60 days as most resales do, then the sales figures for the past 3 years would have been considerably higher. As it stands, a big chunk of those sales will likely close near the end of this year making 2017 one of the biggest years ever for condo closings in Sarasota.

Downtown Sarasota First Quarter Sales and Average Inventory 2008-2017

Downtown Sarasota First Quarter Sales and Average Inventory 2008-2017

First Quarter Longboat Key Condo Sales Slide for 3rd Season in a Row

The information in this post pertains to Longboat Key Condominium market ZIP code 34228 for the periods indicated. All data is from the My Florida Regional MLS.

Longboat Key Condo Sales

Condominium sales are slumping on Longboat Key. Sales were down 3.4% in 2016 compared to 2015. Existing condominiums sales (sales excluding the 26 new construction sales) were down 10.2%. 2016 also marked the 3rd consecutive year where sales were less than the prior year. This year looks to be worse than any of the past three, with sales through March down 21% compared to the same period in 2016. From an historical standpoint, the 66 sales recorded this season were the lowest since 2010.

The odd part is that condominium sales in other parts of the area are moving in the opposite direction. Downtown Sarasota and Siesta Key condo sales were up 29% and 32%, respectively, in the first quarter of 2017 compared to 2016.  Across the entire county of Sarasota, first quarter condo sales were up 8.6% over 2016. Even single family home sales on Longboat Key are up 33% in the first quarter compared to 2016.

Longboat Key First Quarter Condo Sales 2007-2017

Longboat Key First Quarter Condo Sales 2007-2017

With a near fixed supply of condominiums (only about 130 units constructed since the year 2000), you wouldn’t expect big swings in sales. A small, single digit increase or decrease each year would seem normal. But now, we are heading into 4 years of declining sales, and this year is looking like a double digit drop.

Longboat Key Condominium Inventory is on the rise

Average inventory levels have increased over the past 2 seasons. Given the low levels of inventory in prior years, the increase was not all that unwelcome. The 2017 average seasonal inventory was about 295 listings. The 2015 and 2016 average seasonal levels were low, at just 214 and 223, respectively. However, as shown in the chart below, sales have not only continued to decline as inventory climbed, but the rate of sales decline has accelerated. Average inventory during the winter season in 2016 was slightly higher than 2015, yet existing condominium sales dropped over 10%. This year, inventory climbed by nearly a third from an average of 230 in 2016 to 302 in 2017. Yet, sales were still down 21% for the season.

This odd, inverse relationship between sales and inventory is the way things have worked over the past 15 years. During the build-up in inventory prior to the crash, sales started to slide. Sales hit the floor about the same time inventory peaked. Then as the recovery started, sales started to grow and inventory dropped.

 

 

 

 

 

 

Longboat Key Condominium Prices

The hidden piece to this puzzle is price. Prices have been rising since late 2011. This phenomenon of both prices and inventory rising is a sure sign prices have risen too fast. When prices increase too fast, sales start to slow. Also, as prices rise, more owners are encouraged to sell, so more homes come on the market. The combination of fewer sales and more listings causes inventory to rise. While painfully low levels of inventory can crimp sales, large quantities of inventory do not drive more sales, especially if the inventory is priced above the price the market will pay.

Consider the charts below. The charts compares sales and inventory by price point for the first quarter of 2012 and 2017. Note the differences across years at the 0-500k level. This bottom tier of pricing accounted for 56 of the 92 sales in the first quarter of 2012 (61% of all sales). The average inventory available for sale during those 3 months was 222 listings. For 2017, sales had dropped to just 31 and average inventory to just 117. Total inventory dropped from 375 to 304 or about 19%, but in the most popular price point on the Key, inventory was reduced almost 50% from 222 to 117. The 105 listing decrease is greater than the overall decrease in inventory.

 

 

 

 

 

 

This is more than just a shortage of lower priced units the market. Rather, it is huge chunks of inventory being priced out of the lowest range (i.e., the 2012 $475,000 condos moving to $525,000 range in 2017).  You can see from the chart below this has been a gradual process since 2011.

 

 

 

 

 

 

 

The trouble, for now, anyway, is the budget for the pool of buyers has not increased as fast as this appreciation or much of the inventory that moved up in price was not worthy of the increase. This big shift in pricing has created a big bulge in inventory at the $500-1 million price range.

Also note these price point ranges are just arbitrary. Asking price has moved up inside and at the boundaries of these ranges. Just because a home might be priced under $500k doesn’t mean it will sell at $450,000 if the fair price is $400,000. Overall asking prices seem too high and will likely have to come down, at least in the under $1 million price points.

Finally, please read my article on the first quarter single family home update for Longboat Key. In particular take a look at the first chart which shows first quarter sales and inventory chart for the SFR market and note how it differs from the condo chart. The general movement of both sales and inventory is up. Additionally sales in the SFR market set a 10 year high this year for the first quarter.

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First Quarter 2017 Home Sales On Longboat Key Set 10 Year Record

The information in this post pertains to Longboat Key ZIP code 34228 single family home sales for the periods indicated. All data is from the My Florida Regional MLS for the time periods mentioned.

 

First quarter single family homes sales on Longboat Key in 2017 were a 10 year high of 32 homes. First quater sales have averaged about 23% of the total year.

Longboat Key Single Family Home Sales

Longboat Key First Quarter Sales and Average Inventory 2007-2017

 

 

 

 

 

 

 

If that holds up this year, then 2017 then we would push the 140 home sales mark on the year which would be a 10 year record (if not longer).  With only about 1830 single family homes on the key, that would mean that over 7.5% of all homes turned over this year.

Longboat Key Single Family Home Sales

Longboat Key Single Family Homes Sales by Year 2007-2016

Nearly half of all sales traded between $500k and $1M with the median price being $920. The median price for the first quarter last year was 962k.  While people certainly spent more per home last year than this year, I does not necessarily hold true that prices are falling. To determine that you have to look at what each group received for the money. For example, in 2016 when the median transaction price was higher, 83% of the sales were on water (canal, gulf, or bay). In 2017, when the median price was lower, only 71% of the sales were on water. Just looking at this one statistic, buyers received more home for the $ in 2016 than 2017.

Family Home Sales by Price Range 2017 and 2016

Longboat Key Single Family Home Sales by Price Range 2017 and 2016

 

 

 

 

 

 

 

 

 

Other facts from this seasons sales:

  • Almost a third of the sales were in Bay Isles (10 of the 32 sales) while Country Club Shores accounted for another quarter (8 of the 32 total)
  • Half of the homes sold this season were built before 1980, which mirrors the overall composition of homes on the Key.
  • The highest priced sale was a 6,500 sf home in the Harbor section of Bay Isles that closed for $4,625,000.
  • The lowest priced sale was an 884 sf home in the Village that closed for $300,000.
  • Canal front sales ranged from 661,000 to 2,250,000. The only gulf front property to sell was a 6 cottage motel on less than an acre of property. The sale price was $3,800,000.

For an update on the Longboat condominium market, click here.

Downtown Sarasota Condo Market – Top Five Signs It’s Still a Seller’s Market

The information in this post pertains to Downtown Sarasota Condominium sales for the 12 months ending 9/30/16 (current year/ period) and 9/30/15 (previous year/period). All data is from the My Florida Regional MLS for the time periods mentioned, ZIP code 34228 (Downtown Sarasota), and condo property style.

Demand for Downtown Sarasota Condos is increasing

The raw numbers show sales over the past year were down 1%, compared to the previous year (329 TY vs 332 LY). As mentioned in other updates, delayed closings on new construction sales more than account for this shortfall. As of 9/30/16, there were 36 pending sales on new construction residences, where the contract date was in the current year.

While these properties were placed under contract during the current period, they will not close nor be reported as a sale until the building is ready for occupancy. The contracts, however, represent true demand during the period, even though they are not reflected in the sales figures. There are also 28 pending sales from the prior period, which understated demand during that year.  If pending sales were added into total sales for both years, then 2016 sales would be higher than 2015 by 1% (365 TY vs 360 LY).

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Click box to see current Downtown Sarasota Condominiums listed for sale by price point

 Under $500k    $500k-$1,000k    $1,000k-$2,000k    over $2,000k

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 The Median Sale Price of a Downtown Sarasota Condo is increasing

The median sale price of a downtown Sarasota condominium increased 14% from $442k last year to $505k this year.  Across Sarasota County, the median price of a condo only increased 8% from $190k ly to $205k ty. Clearly, “buy low / sell high” works but not as well as “buy high/ sell higher.”

 

If nothing else, this shows not every property gets painted with the same brush as prices move up or down. Properties in the most desirable areas do better in both types of markets. When prices are appreciating, markets like downtown and the barrier islands will increase more than other areas. When prices are falling, they will take less of a hit.

Click to Download Recent Downtown Sarasota Condominium Sales Addresses/Prices

17th Floor 3BR 3.5BA + Den listing for sale in Alinari located in downtown Sarasota FL

17th Floor 3BR 3.5BA listing for sale in Alinari
$1,175,000. Click here to see all photos and learn more.

Downtown Sarasota Condos are Selling More Quickly

Another sign the market is heating up is the speed at which listings sell. Last year, 33% of all sales went to contract in 30 days or less. This year, 42% of all sales took 30 days or less to get a contract. Median days to contract for all sold listings dropped accordingly from 66 days last year to just 51 days this year (down 23%).

The Average Listing Sells Very Near the List Price

Last year, the average downtown condo sold for 95% of final listing price, which is great. However, in the prior 12 months, that figure has bounced up another point to 96%, which is phenomenal.

9th floor 2BR 2BA + den residence in Alinari condominium, located in Sarasota FL

9th floor 2BR 2BA + den residence in Alinari.
$495,000 Click image to see all pictures and learn more

Most Downtown Sarasota Condos sell for Cash

Two thirds of all sales in both periods sold for cash (no financing). This is another attribute of the downtown market that supports property values. When the market crashes or interest rates rise, the owners in the downtown market will feel less pressure than those areas where more homes are mortgaged.

Longboat Key Condo Inventory September 2016

New Construction Condo Sales Accounts for All Condo Sales Growth on Longboat Key

Longboat Key Condominium Sales Volume

Longboat Key condo sales were up 4% in the current period, compared to the previous year. New construction sales accounted for 26 sales, about an 8% increase over the previous year. The price points for new construction sales ranged from $2.9 M to $5.1M. Given that only 5 resales closed for more $2.9 M or more, with the highest being $4.2M, it is unlikely these sales took much away from the resale market. That means resales on the Key dropped about 4% during the year.

Click to Download Recent Longboat Key Condominium Sales Addresses/Prices

Looking at sales by price point confirms this. The decrease in sales came from the under $1 M price point (down 10%). If anything, new construction brought more lookers to the Key in the higher price points, as the resales priced over $2 M increased by 50% (from 12 last year to 18 this year).

lbkcondo-upd-92016-salesvnewlists

Longboat Key Condominium New Listings

New Longboat Key condominium listings increased to 491 during the current period, compared to 404 during the previous year, for a 21% increase. While the under $1 M price point showed the smallest increase in listings, there were still 19% more listed this period than last, implying a shortage of inventory was not to blame for the fall in sale.

Median Sales Price- Longboat Key Condominium Sales

The median sales price increased to $575,000 for the current period, compared to $510,000 for the previous period or about 12.7%. The high values of the 26 new construction sales (ranging from $2.9M to $5.1M) accounted for more than $50,000 of the increase. Without new construction sales, the median price would have come in at $525,000 or just a 2.9% increase.

Longboat Key Condo Median Sale Price

Longboat Key Condo Median Sale Price

Unsold Longboat Key Condominium Inventory at September 30th

Unsold inventory at the end of September stood at 180 listings, up 50% over the 121 available for sale at the end of September 2015. The increase is largely the result of an increase in new listing offset by a few more sales and expired/withdrawn listings.

Longboat Key Condo Inventory September 2016

While the increase looks huge, it’s only because of the unusually low inventory on-hand during the second half of 2015. The 121 listings available for sale last September was a 10-year record low for any month. If you compare 2016 to the number of unsold listing on-hand at the end of September 2013 and 2014 (190 and 172, respectively), things look more normal.

The median asking price of ending inventory dropped 11.7% to $849k at the end of September 2016 from $961 at the end of 2015.

 

 

 

 


Click box to see current Longboat Key Condominiums listed for sale by price point

Under $500k    $500k-$1,000k    $1,000k-$2,000k    over $2,000k


Other Miscellaneous Longboat Key Condominium Stats

  • During the current period, 34% of all listings that sold were on the market for 30 days or less. In the previous period, only 24% of listings were on the market for 30 days or less.
  • Median days on the market for a sold listing was 69 this year, compared to 89 last year.
  • The average listing sold for 96% of the listing price this year, compared to 95% last year.
  • There were 5 distressed sales (foreclosure or short sale) this year, compared to 12 last year.
  • Expired and withdrawn listings totaled 119 this year or about 24% of all new listings, compared to 104 last year or 25% of all new listings.

Downtown Sarasota Condos – What You Get for Under $1 Million

All of the data used in this post were obtained from the My Florida Regional MLS for condominium SALES in the downtown Sarasota Area. I used all condo sales in ZIP Code 34236 on the east side of the Ringling Bridge for calendar year 2016 through the end of August.

 

The Smaller Side of Downtown Sarasota Condominiums

If you are just looking for a nice place to enjoy Sarasota and get away for the winter, maybe a 1 BR condo is all that you need. As shown below, there have been 23 sales in the category over the past 8 months with prices ranging from $120,000 to $437,000. The limit we are discussing here is up to $1,000,000 but no 1/1 sold for any higher than the 437,500 in any event.

For a 1/1, the under $200,000 price point puts you in either an older (1957 built) building or something on the very edge of downtown, like Central Park in this case.

Downtown Sarasota Condominiums - Statistical Porifle of Sales Under $1 million

Downtown Sarasota Condominiums – Statistical Porifle of Sales Under $1 million

If your price point is in the 200’s to very low 300’s, you could end up with a large 1BR/1BA (800-1000 square feet) residence with 1-2 garage parking spots on a low floor in the Renaissance (750 TamiamiTrl). Also for a mid-200’s price, you might be able to find a 675 sf unit in one of Sarasota’s most nostalgic buildings, the Frances-Carlton. Walk through the building and you will think you are a character in Fitzgerald’s The Great Gatsby. And for a good reason, the building opened about the time the book was published.

To see all 2BR/2BA and larger condominiums currently listed for sale under $500,000 in Downtown Sarasota, click here.

The mid 300’s to mid-400’s represents the highest selling prices for anything smaller than a 2/2. For this price, you can get a nice-sized residence in the heart of downtown (like in1350 Main where the highest priced sales was located) or direct bay view in either Alinari or Renaissance (on the Trail).

To download the complete list of sales for all 1BR/1BA condominiums that sold in downtown Sarasota for the 8 months ended August 31, 2016, click here.

The Most Popular and Abundant Downtown Sarasota Condonimium- 2 Bedroom/2 Bath Models

The 2/2 floor plan is by far the most popular downtown, accounting for almost 72% of all condominium sales during the 8 month period. You could say that the majority of them sell since they comprise the bulk of the total supply downtown. This is true, but the 2/2’s suck up more than their share of sales as only about 60% of all downtown Sarasota condominium residences are 2/2’s.

To see all 2BR/2BA and larger condominiums currently listed for sale between $500,000 adn $1,000,000 in Downtown Sarasota, click here.

Your best bet under $300,000 is going to be Central Park, located on the southern edge of the ZIP code in the 800 block of South Trail. Dolphin Tower could also have a listing in this price range. In the $300,000 – $400,000 range, try looking in Broadway Promenade, CityscapeGulfstream Towers, or the Renaissance. Note that the under $400,000 listing price comprised only a third of the 2/2 sales, so don’t expect a huge selection in any one building. These listing are going to be peppered around downtown.

To download the complete list of sales for all 2BR/2BA condominiums that sold in downtown Sarasota for the 8 months ended August 31, 2016, click here.

Things open up considerably in the $400,000-$600,000 price point. You could find a nice residence in Alinari , Sunset Tower100 CentralPalm Place, or Regency House.  The over $600,000 price might be found and Alinari1350 MainBay Plaza, Lawrence Point (i , ii, and iii), One Watergate,  Condo on the Bay (888 and 988), or Essex House.

The 3 Bedroom Models – a Rare Find under $1 Million

There were only 15 sales of 3 bedroom models during the period. Six of them were in Rivo, and they were sold for between $500,000 and $550,000. At the upper end of the price range, watch Bay Plaza as it was the second largest source of 3BR sales with 3 selling at prices between 650,000 and 950,000. Other sales were scattered throughout downtown.

To download the complete list of sales for all 3BR condominiums that sold in downtown Sarasota for the 8 months ended August 31, 2016, click here.

 

Longboat Key Real Estate – What you get for $500k

 

Depending on where you come from and how much attention you pay  to prices of homes, you will either be pleasantly surprised or disappointed by what you are going to read here. If you are looking for a single family home, the best news I can give you is that you may get one  depending on the specific homes on the market at the time, and/or how long you are willing to wait. If a condominium will work, then you may likely have a better selection, but largely limited to older buildings.

The data  below is from the My Florida Regional MLS for All single family home sales under $500,000 in ZIP code 34228 for 6 months ended July 31, 2016. I used sales (as opposed to active listings) because the current lack of inventory and fast rate of sale would make the analysis relevant for a very short period of time and skewed towards the current inventory. For example (just as you will see below), only 7 single family homes have been sold for less than $500,000 in the past 6 months. If individually they  took 30 days to go to contract, then there would be on average about 0 to 3 such homes on the market at any point in time. As of the time of writing this, there are  3 such homes on the market, but none of them is canal-front. This might lead you to believe that you can’t buy a canal-front home for under $500,000, but in the past 6 months, 3 canal front homes have been sold. Even though prices are steadily moving up (and older canal-front homes are being torn down and replaced with bigger, newer, more costly homes), it is likely that a canal-front home will still come on the market priced under $500,000 in the coming month or so.

Longboat Key Single Family Homes Under $500,000

Only 7 single family homes have been sold for less than $500,000 in the past 6 months. That represents about 12.5% of all homes selling during that time. In the graphic below, I have tried to outline a statistical picture of what the sub-$500k sales looked like:

Longboat Key Home Sales

Profile of single family homes that have sold on Longboat Key during 8 months ended 8/31/2015

The $299,000 sale was a collection of 3 separate living units built in 1953 on a 6,000 sf lot. It was an unusual property at an unusually good price. The last time a single family home was sold on Longboat for under $300,000 was in December, 2013. With prices going up, don’t to see this again.

Click here to see all currently listed homes on Longboat Key with asking prices under $500,000

Four homes were sold for under $400,000 in the past 6 months. In 2015, 6 homes were sold (12 months). Therefore, the 4 homes is not a fluke and just like the under 300k homes, should start to evaporate.

Best Bets for Longboat Key Single Family Homes Under $500,000

Your best bet on getting a single family home under $500,000 on Longboat Key is going to be in the Village. Longbeach Village is located on the very north end of key and features a diverse collection of small homes, cottages, and bungalows. While there are a handful of larger and newer homes (all well over the $500k mark), most of the homes are older and on the small side. The Village was one of the first communities on the Key and accordingly, has some of the oldest homes  dating back into the 1940’s and earlier.

 Click here to download details on each of the single family home sales

Longboat Key Condominiums Under $500,000

There are considerably more options in the Longboat Key condominium market in the under $500,000 price point. In the 6 months ended 7/31/2016, 94 condominiums were sold for less than $500k. This represents about 40% of all Longboat Key condo sales during the period.

The graphic below gives you a statistical profile of the sales.

Statistical Profile of Longboat Key Condominium Sales Under $500k

Statistical Profile of Longboat Key Condominium Sales Under $500k

While the stats on the left are for all condos that sold for less than $500,000 during the period, 2 bedroom and 2 bath models are by far the most popular.

South of Publix, the lowest priced 2 BR/2+ BA to sell was a 1,068 sf residence in Seaplace and was sold for $345,000 (1978 build). The listing was for a 4th floor garden view in a building that backed to Gulf of Mexico Drive. North of Publix, the lowest priced 2 BR/2+ BA to sell was a 1,080 sf residence in Longboat Arms (1971 build), and was  sold for $215,000.

Inside Longboat Key Club, the lowest priced 2 BR/2+ BA to sell was a 1,941 sf residence in Sands Point (1966 build) that closed for $434,500.In Bay Isles, the lowest priced 2 BR/2+ BA condo to sell was a 1,598 sf town home in Fairway Bay that closed for $380,000.

Click here to see all Longboat Key condominiums for sale with asking prices under $500k

Best Bets for Longboat Key Condos under $500,000

The Longboat Key condo options under $500,000 are much better than the single family home options. Yet, the condominium will likely be on the older side, probably from 30 years old and above. You should have no problem finding a 2BR/2+BA around 1,100 sf condo on the Gulf side of Gulf of Mexico Dr. If you want south of Publix, focus on  Seaplace and BeachPlace. In Longboat Key Club, watch Privateer and Sands Point.  If you want Gulf side on the north end under $500 and at least 1,000 sf, look in  Sea Pines, Longbeach, and Whitney Beach.

Click here to download details on each of the condominium sales