Gains in New Listings May Help Ease Tight Home Inventory


SARASOTA, FLORIDA, October 27th, 2015 – Recent increases in the number of single family residences and condos put onto the market in Sarasota is fueling realtors’ hopes of a turnaround in the current tight supply of available residential properties in the county.

As of August 2015, data from Florida Realtors showed that Sarasota has only 3.2 months supply of single family homes, down 23.3 percent from a year earlier and well below the six-month benchmark for a balanced market. The same imbalance, which indicates a seller’s market, was observed for August condo inventories estimated at 3.4 months, down 9.7 percent from a year ago.

What is encouraging, however, is that new listings of Sarasota homes for sale in August versus last year advanced 9.4 percent to 799 fresh choices. Significantly, the August gain represents the third consecutive advance after a retreat of sellers in most of the early months of 2015.

Price upswing draw out sellers

Gains in New Listings May Help Ease Tight Home Inventory

More units were likewise added to Sarasota condos for sale, which totaled 346 in August, up 21.8% from the same month in 2014. Notably, the sustained improvements in condo prices appear driving more sellers to engage the market. In August, the median price of Sarasota condos for sale rose 24.3 percent to $220,000, the fastest clip for the first eight months of 2015.

Similarly, the median price for single family homes has been on an upswing since the start of 2015, with a 21.1 percent year-over-year rise to $237,000 posted in August. Prospective buyers of Sarasota homes for sale at this attractive $200s level will be pleased to note that it is around this price point that more properties have been sales-listed during the past few months.

Hubs for newly listed homes

Some of these attractively priced new listings can be found in well-established communities like Sarasota Springs just off Webber Street and McIntosh Road. The newly available residences here which are priced in the low $200s have floor areas ranging from about 1,200 square feet up to around 2,200 square feet, featuring either two or three bedrooms.

Sarasota Springs, like DeSoto Lakes, Melody Estates and Paver Park Estates, is a development that arose during the Florida post-war boom of the 1950s. It was developed primarily as a subdivision for first-time home buyers; hence, many affordably priced Sarasota homes for sale could be found here.

There is no deed restriction in this community though the architecture of its residences is predominantly Florida ranch. Its newer homes were constructed in the early 2000s during which Sarasota Springs was built-out.

Lake Sarasota is another great destination for new listings for homes priced in the low $200s. Freshly available properties here typically range from 1,125 to 1,700 square feet, designed with two or up to four bedrooms. Like Sarasota Springs, this community enjoys a convenient location close to Interstate 75 and the south bridge to Siesta Key.

Turning to condo units, attractively priced new listings are plentiful at Soleil, one of the recent projects of national homebuilder D.R. Horton near the University Parkway. Available properties here are newly built coach homes which have floor areas ranging from 1,200 up to about 1,600 square feet. This community is likewise being developed with a neighborhood for single family homes, potential new listings that can contribute towards easing the current tight market inventory.