Multifamily Home Market Off to a Hot Start


SARASOTA, FLORIDA, March 7th, 2017 – The condominium‒townhome market in Sarasota and Manatee is off to a strong start this year, with the pool of buyers apparently growing larger and thus enticing builders to offer new units and encouraging sellers to list more resale choices.

Combined sales of condominium units and townhomes in January rose 14.8 percent to 248 units in Sarasota. This sales spike compares with a sluggish start in 2016 when sales for the month slid 5.2 percent to 217 closed deals.

In Manatee, January 2017 multifamily home sales rose 7.1 percent to 167 condos and townhouses. This pace is an improvement from the 2.6 percent gain in January 2016 that saw 156 units sold in the county.

Tamer Price Gains

Multifamily Home Market Off to a Hot Start

More moderate price appreciation appears stimulating sales. The median price of multifamily Sarasota homes for sale this January rose 10 percent to $239,900, slower than the 17.8 percent surge to $218,000 in the same month last year.

The same deceleration is evident in Manatee where the median price of townhomes and condos in January 2017 rose 3 percent to $175,000. This advance is slower than the 6.3 percent rise recorded a year earlier that saw a median price of $169,950 for multifamily homes in Manatee County.

Heftier gains in condo inventory helped tame price appreciation in Sarasota and Manatee. This January, condo inventory in Sarasota increased by 27.1 percent to 1,794, compared to a 6.1 percent gain last year to 1,507. Manatee’s January condo inventory rose 11.4 percent to 1,049, an improvement from the 9.6 percent advance to 1,014 last year.

Low-End Resale Choices

Prospective buyers of Sarasota condos for sale can find superb, new choices even at the lower-priced range. This February, a unit at Sarasota Palms just south of the Ed Smith Stadium was sales-listed with an asking price in the low $100s. This resale condo features two bedrooms and two baths within a living area of 866 square feet.

In Bradenton, there’s a fresh listing too offered in the low $100s at the Bayshore Village just across south of the State College of Florida campus. This resale unit built in 1982 is designed with a floor plan of nearly 900 square feet featuring two bedrooms and two baths also.

Attractive New Builds

Attractively priced new builds are plentiful as well in the stock of Sarasota condos for sale. At Soleil, a new community developed by national homebuilder D.R. Horton, multifamily units priced in the $200s are now available. These residences feature floor plans of between 1,400 and 1,700 square feet designed with two or three bedrooms.

Soleil is located just east of the Sarasota-Bradenton International Airport and conveniently close to the Mall at University Town Center and the Nathan Benderson Park Close. It is a maintenance-free and gated community with various amenities, including a clubhouse, resort pool, fitness center, bocce ball court, grills and a dog park.

Plenty of high-end downtown Sarasota condos have also been put on the market recently in time for the spring selling season. At the Ritz-Carlton Residences, two units both priced in the $3 million range were recently listed in the MLS to further broaden buying choices in the local condo market.