Just like last week, this was an average week (compared to last year) during what is historically one of the slowest of the year. All but 3 of the pending contracts in downtown Sarasota were from Vue closings. Lakewood ranch did nearly double from a year ago, but on a small base. Every other location was about the same as last year
Downtown Sarasota Condominium Market
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
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
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
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
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
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.