Downtown Sarasota Condo Update
Source of all data is Trendgraphix and My Florida Regional MLS for time periods and products indicated. Unless otherwise indicated, area is ZIP code 34236.
Unsold condo inventory in ZIP 34236 was 270 residences – no change from the previous month but down 23% from June of last year. Inventory is down 62% from the peak in April 2007.
Sales for the past 12 months are down 6% from the previous 12 month period. As shown in the chart below, the entire decline occurred at price points above $500. The under $500k price point, which accounts for about two-thirds of all sales, was flat with the previous period.
Most of the unit sales erosion occurred in the middle price points of $500k to $1M. In the past 12 months, unit volume dropped over 32% from the previous 12 months, from 71 units to just 48.
The over $1 million price point were reasonably solid. Although the percentage decline was 12.2% the base was low - we only sold 5 fewer condos in this price range that a year ago.
There are very few distressed condos on the market. As of the end of June, there were only 5 bank owned residences listed for sale and 16 short sales - only about 8% of total inventory.
An analysis of unsold residences by building follows.
