SARASOTA, FLORIDA, January 3rd, 2017 – The Sarasota condo market in November posted robust inventory gains, exerting downward pressure on prices which should help entice more buyers to engage the market moving forward in 2017.
Active listings of Sarasota condos for sale during the month rose year over year by 28.6 percent to nearly 1,600 units, sustaining the inventory advance since the start of 2016. Condo inventory in terms of months’ supply has also been on the uptrend as well. The November tally was at 5.4 months, approaching the 6-month balanced market that favors neither seller nor buyer in pricing.
In contrast to the downswing for most of the past year, condo sales picked up in November, rising 10.3 percent to 258 units from 234 a year earlier. This uptick could be expected to continue for the short term as new pending sales of Sarasota condos during the month increased by 39.8 percent from 2015.
Already, the sustained rise in condo inventory appears to tame the price increases experienced for most of 2016. In November, the median price of Sarasota condos slipped 1.3 percent to $196,500, one of the lowest levels for the year. Nevertheless, total dollar sales for the month advanced a hefty 15 percent to $83.2 million, a further indicator of the healthy demand for Sarasota condos for sale.
As more condo owners enter the market in anticipation of the early 2017 selling season, it is noteworthy that inventory coming in consists of a merry mix of pre-owned and pre-construction condos, villas and townhouses at various price segments.
Conspicuous amongst these recent listings are the rarely available maintenance-free villas at Stillwater in Englewood. The two residences now on sale in this community are both priced in the $200s, featuring choices on either two or three bedrooms in villas having floor areas of 1,349 and 1,702 square feet.
This endearing gated community was developed in 2007 by Standard Pacific which merged with Ryland Homes to form CalAtlantic in 2015. The Villas at Stillwater catches market attention with its resort-like ambiance. Throughout the community, there are lakes with fountains, and it has a clubhouse with a heated pool, hot tub and gazebo as prime amenities.
For options on new construction, Bay Street Village is one of the best bets for searchers of Sarasota condos for sale in the more affordable segment. Located in Osprey, this community offers move-in ready condo townhouses built in 2016 priced from the mid-$200s.
These residences are designed with floor plans of 1,528 square feet good for three bedrooms and two baths. Featuring gated access, this community provides resort-style facilities, such as a swimming pool, fitness center and club room. It is conveniently located between Venice and Sarasota and thus convenient to local area amenities such as the Legacy Trail and Oscar Scherer Park.
Moving up to the higher-end segment, new choices were listed in December at Risdon on 5th, a new mixed-used condominium development in north downtown Sarasota at the Rosemary District. These fresh listings feature living areas of between 1,200 and 2,000 square feet in two or three bedroom configurations. Priced starting from the high $500s up to the $900s, these properties flaunt high-end features trademark of the upscale options churned out by the vibrant market for Sarasota condos for sale.
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>>