Condos Strum Vibrant Chords This Buying Season


SARASOTA, FLORIDA, February 5, 2018 – Recent real estate data point to a vibrant 2018 buying season for multifamily homes in our region, with the upward momentum drawn not only from the strength of condos for sale in Sarasota and Manatee exhibited in December. A spate of new listings this January, including fresh line-ups from some preconstruction condominium projects, should also help drive activity in the local condo market.

December condo sales activity in Sarasota was definitely upbeat with total sales for the month rising to 327 units, up 9 percent from a year earlier. The median sales price for condos and townhouses for the comparative period also posted a gain of 15.2 percent to $250,000 to sustain an upswing seen for most of 2017.

The condo trade in Manatee County for December was a bit more subdued with a marginal 0.5 percent increase in sales to 221 multifamily dwellings. Their median sales price, however, picked up significantly by 5.4 percent to $195,000, which just like in Sarasota was the highest level posted for the whole of 2017.

Brisk Sales Pace amidst Great Choices

Condo Sales Rise

Condo buying in Sarasota during December was at a brisk pace, as median time to contract slipped by 18.2 percent to 36 days. This represented the fastest sales clip for last year and sustained an uptempo that started last September. In Manatee, December’s median time to contract likewise slid 2.1 percent to 46 days.

A vastly richer stock of Sarasota condos for sale awaits prospective buyers moving forward 2018. The county is notably now close to a balanced market for townhouses and condo units, with a 5.3- month supply for these residential types as of December. Sarasota condo inventory for the month rose 3.3 percent, which was highlighted by new listings amounting to 429 units, a 16.9 percent increase from December 2016.

Condo inventory in Manatee, on the other hand, decreased by 2.1 percent with the county still remaining a sellers’ market with its 4.5-month condo supply. New listings of condos and townhouses in Manatee for December amounted to 237 units, down 7 percent compared to a year earlier.

New Bets at Lakewood National

D.R. Horton Soleil Community

Nonetheless, a robust recent inflow of new townhouse listings in current property developments, such as Lakewood National in east Manatee, should help sate some buyers’ desire for a wider field of choices.

At the Lakewood National project of leading U.S. builder Lennar, six townhouses were sales-listed this January including recently completed units and some set for completion this March. These residences are priced at around the $200s range, featuring floor areas of between 1,130 and 1,370 square feet designed with two bedrooms and two baths.

National builder D.R. Horton has stepped on the gas too its new Soleil project north of University Parkway. In January, seven coach home condos in this property were sales-listed at price points also in the $200s. These new choices include units with living areas ranging from 1,400 to 1,700 square feet good for either two- or three-bedroom layouts. Similar multifamily home builds from D.R. Horton were listed this January in the Bay Street Village in Osprey as yet another sign of the growing vibrant mood of our region’s residential property market.