Tag Archives: sarasota condo sales

Pending Report as of August 12, 2017

Pending sale volume was mostly up last week compared to the same week last year with every area showing increased activity except condos on Longboat and single family homes in west Bradenton.

The past 4 weeks were mostly flat with last year with single family home sales in west Bradenton being the only significant exception. The problem here is lack of inventory. The level of unsold single family homes in west Bradenton dropped below 200 for only the 3rd time 3 years.

For the past 13 weeks every area showed increased activity other than the aforementioned west Bradenton market. Even areas with large amounts of new construction are having strong existing home sales growth. In downtown Sarasota, existing home sales were up 19% over last year while Lakewood Ranch was up 16%

Pending sales report for Sarasota, Bradenton, Lonboat Key

Pending sales as of 08/12/2017
Click image to enlarge. Click Here to download as pdf

 

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.

 

Condominium Market Stats for Downtown Sarasota May 2015

Downtown Sarasota Condo Market May 2015

 

Unit sales in May increased 20% over the previous year but are still down nearly 11% over the past 12 months. The decline in units sales is due to the lack of inventory. Over the course of the past year, new listings have decreased 15% over the previous 12 month period.

Condominium Market Stats for Downtown Sarasota May 2015

Downtown Sarasota Market Stats 5-31-15

The average selling price for the month of May was $682k this year compared to $798k last year. This is the result of a change in mix, due in large part to the same reason sales are down- low levels of inventory. The lack of inventory and real increase in prices is pushing buyers into smaller and older purchases (both of which are generally priced lower than larger newer/larger residences). During May of last year, 20% of unit sales were smaller than 1,000 square feet. During May of this year 24% of purchases were smaller than 1,000 square feet. Similarly, during May of last year 26% of all condos purchased in 34236 were built prior to 1980. For May 2015 37% of purchases were older than a 1980 build.

The 182 residences on the market at the end of May is not a record (the 10 year record low was 172 in September 2014), but for this time of year it is still very low. We could easily get under the 172 by September, perhaps well below it.

The average asking price of unsold inventory is up about 14% over last year. While part of this is undoubtedly real price appreciation (or the expectation of the same), mix is still playing a role here. The smaller-sized residences are starting to disappear from unsold inventory. At the end of May last year, 22% of unsold inventory was comprised of residences fewer than 2 bedrooms and 2 baths. At the end of this May, only 14% of active listings fell into that category.

Downtown Sarasota Condo Market- Apr 2015

All comments relate to 12 month figures

The best place to start this story is at the “New Listings” line in the graphic below (click image to enlarge). New listings were down 12% over the past 12 months, a situation that  impacted nearly every other statistic. Unit sales were down 14%. Expired and withdrawn listings were down 14%. Sales with 30 days or less marketing time decreased by 32% as more sales came from older listings. Average days on market for sold listings increased 17 days over last year.

Condominium Market Stats for Downtown Sarasota

Downtown Sarasota Market Stats 4-30-15

The average price increased by 8% from $620k to $668k. This is a combination of mix changes (toward higher end buildings/residences) and   appreciation. Nationally, home prices have increased 4% during this period while the Tampa and Miami Markets are up 7% and 8%, respectively (Source: Case-Shiller April 2015 release). Given the performance of these markets, 8% for Sarasota is not unrealistic.

However, mix did play a big role the change in average price.   For example, The Ritz Beach Residences and Orchid Beach Residences on Lido are two of the highest price buildings in the county. Over the past 12 months, a total of 13 residences sold in these two buildings for a total of $36.5 million. These 13 sales accounted for 17% of dollar sales during this 12 months. In the previous 12 month period, only four residences sold from the same two buildings for a total of just $9.4 million. If you look at sales in ZIP code of 34236, excluding these two buildings, then the average sale price actually dropped 4% from $601k to $578k. This could be mix as well- fewer sales coming from newer buildings, more sales from smaller residences, etc.

While downtown Sarasota is still largely an all cash market, all-cash transactions did drop from 78% of sales to 68%. The financed transactions are heavily skewed toward the lower end of the market with 80 of 103 financed sales being in transactions where sale price was less the average sale price of $668,000.

Unsold inventory remains very low at 192 residences, just 20 off the low set for the 2000’s in September 2014. This figure does not, however,  include the number of new construction residences on the market from the various new construction projects around town,which are significant. Still, all possible new construction residences included, unsold inventory is less than half the peak month of April 2007 when 706 residences were listed for sale. Additionally, there are very few new construction residences offered under $1,000,000 and virtually none under $750,000.

________________________________________________________________________________

Downtown Sarasota Condo Market

Unit sales were down for the month and down for the 12 months ended March 31. Both were due to low inventory levels and the shortage of new listings, in particular those in the under $500,000 price point which declined 33% in 2015 compared to 2014 (193 vs 293).

For the last 12 months, the average selling price was about 8% higher than the previous year. This is a combination of mix and appreciation. For the month of March, the swing in average sales price was hugely negative (down 36% to 509 vs 773 LY). This was largely a shift in the mix of sales. During March this year, nearly half of the sales (17 or 38) where studios  or 1 bedroom residences. Last March only 4 sales of the 39 total were  or studios or 1 bedroom.

(Click to Enlarge)

Downtown Sarasota Condo Market Stats - March 2015

Downtown Sarasota Condo Market Stats

Average days to contract declined to just 92 days for sales that closed in March 2015, or a decrease of 22% from last year and 28% from the 12 month period ended March 2015. During March 2015, 44% of all sales that closed were only on the market for 30 days or less compared to just 28% such sales in the previous March. On the flip side, homes in inventory at the end of the March had been on the market for 153 days on average. More than any other statistic, this shows the importance of positioning (pricing your home). You either price it right and sell it immediately or it sits in inventory for at least another 60-120 days.

For the past 12 months, new listings are down 14% from the previous 12 month period. This is the statistic that is hurting sales. With less new inventory and asking prices creeping up (faster than sales prices), sales have started to slow.

Expired and withdrawn listings are down but still high as a percentage of sales (like 40% or 4 expired listings for each 10 that sell). This is all pricing related as well – the asking price being too far ahead of the market.

Cash transactions are down both in absolute numbers and as a percentage of total transactions. Still they have represented an amazingly high 70% of sales over the past 12 months (compared to 77% in the previous 12 month period).

Sales over $1MM have been fairly constant across both time periods.