SARASOTA, FLORIDA, June 27th, 2017 – Prices of Sarasota condos for sale showed signs of softening in April, and this trend is likely to persist in the months ahead.
April median prices of condos and townhouses in the county slipped 1.4 percent to $215,000. This marked the first monthly decline in median price since the start of 2017 after double-digit gains of as much as 17 percent during the first three months of the year.
Condo sales for the month also backtracked for the first time this year, though with a marginal drop of just 0.3 percent to 381 units sold. Reflecting the decline in median prices, total value of multifamily home sales in April declined 17.2 percent to $119 million. Market activity was notably weaker at the higher-end segment, contributing to the drop in total sales value.
Prospective buyers of Sarasota condos seem to have grown more discriminating, as the median time to contract in April rose 31.4 percent to 46 days from 38 days a year earlier. A sustained increase in inventory appears behind this trend, as the months’ supply of available condo units hit the equilibrium 5.5 months in April for a 10 percent rise from last year.
The spike in inventory translated into a higher number of active listings which totaled 1,703 units at the end of April, up 12 percent compared with a year earlier. Resale condos and townhouses newly listed in May and early June are poised to further boost inventory levels and in the process help temper a renewed surge in prices. A good number of these new listings are priced under the $300s, making them attractive to prospective investors on Sarasota condos for sale.
At Villagio just east of the Ed Smith Stadium off the corner of Tuttle Avenue and 12th Street, there is a pair units listed this June. Their asking prices are quoted in the low $100s, and these units’ living areas measure 800 square feet designed with one bedroom and one bath. Villagio is a gated neighborhood with a large lake and clubhouse, fitness center, community pool, and tennis courts.
A neighboring subdivision, Sarasota Palms just across south of the Ed Smith Stadium on 10th Street also has available units priced at the $100s. These condos have floor plans ranging from 700 to about 1,000 square feet featuring one to two bedrooms. The amenities in this property include a newly remodeled clubhouse, a large pool, picnic area, beach volleyball court, tennis courts, and a dog run.
Baby boomers’ need for affordably priced retirement homes could be filled at the Strathmore Riverside Villas, a community for age 55+ residents. This property is centrally located in South Sarasota between Clark and Ashton Road west of Swift Road. Its condo units, which were built in the early 1970s, are typically priced on the market in the high $100s featuring two bedrooms and two baths.
This community provides various amenities including a recreation hall with dance floor, dining room and kitchen. Its landscaping was also renovated recently, and a new marina was constructed which not only provides boat docks but fishing access as well.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>