Tag Archives: local market stats

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The good sales month along with lower amounts of new listings, large numbers of withdrawn and expired listings coming off the market improved inventory dramatically over last month.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.