Manatee and Sarasota Condos Trending at Attractive Price Levels


SARASOTA, FLORIDA, April 21, 2013 – Available condominium units in the Manatee–Sarasota MSA present some of the most attractively priced multi-family homes in the U.S., based on recent reports from the realtor associations in the area, Sarasota Bay Real Estate said. Statistics released by the Manatee Association of Realtors placed at $102,000 the February 2013 median condo sale price as per its members’ activity reports. The Sarasota Association of Realtors, on the other hand, estimated condo median price for the same month in its jurisdiction at $173,000, nearly at par with the $172,500 median price on the national level reported by the National Association of Realtors.

The February condo price level in Sarasota is a marked improvement from the $130,000 median estimated this January and represents a 15% increase from the $150,000 mark in February 2012. Manatee condo prices, in contrast, dropped by 7.3% from the $110,000 median price estimated in February 2012.

Vibrant condo market

Condo sales were also brisk in February with ownership of 229 Sarasota condo units changing hands for the month, compared with 177 condo sales a year earlier. In Manatee, sales closed for condos and townhouses in February rose 41.4% to 123 units from 87 a year earlier. Notably, 97 of the February deals were sealed with the Manatee buyers paying in cash, a 44.8% increase from the 67 cash sales in the year-earlier period.

Sarasota Bay Real Estate advised that prospective condo buyers in Manatee and Sarasota will now have to wade through a thinning inventory of available units. In Sarasota, February 2013 condo inventory dropped to a 5.6 month supply from the 8.4 months this past January and from the 9.1 months a year earlier.

The full service realty firm observed that the same situation is present in Manatee where realtors reported 648 active condo listings this February which compare with the 869 listed in the same month last year. Sarasota Bay Real Estate likewise noted there was only a slight increase in new listings which totaled 161 for the month compared with the 149 recorded a year ago. Available units, the firm added, are selling at relatively brisk pace, with listed condos staying for 63 median days on the market compared with the 106 days in February 2012.

Condo destinations to choose from

Heron Harbour

For condos which approximate the median sale price in Manatee, Sarasota Bay Real Estate suggests Heron Harbour as one ideal destination. Mirroring the drop in median condo prices in the county, the asking prices of some available units in this community have been reduced to under the $100s. These units have floor areas of 1,100-plus square feet, featuring two bedrooms and two baths. Condos in the low $100s with roughly the same square footage are also available at the Palma Sola Harbour in Bradenton.

Searching for Sarasota downtown condos in the high $100s can be productive at Broadway Promenade where there are one-bedroom units sales-listed at this price range. At Bays Bluff, there is a two-bedroom condo with 1,160 square feet of floor space at  the same price option. Outside of the city center, Crestwood Villas is an alternative for townhouses in the $100s, and Admirals Walk for condos under this price mark.