Downtown Sarasota Condo Update July 2011
Source is Trendgraphix and MFR MLS for ZIP code 34236
Only 17 condominiums sold in ZIP code 34236 during July 2011. August is historically a slow month for sales. Last August, only 12 condos sold downtown. Sales over the past 12 months are in a statistical dead heat with the previous 12 month period – 304 in the 12 months ended July 2011 vs 306 for the previous 12 month period. By price point, more sell at the under $300k than any other. This is also the price point that contains most of the distressed sales. Roughly 75% of all distressed sales are under $300k. The area of greatest strength in downtown sales is in the over $1 million price point. In the past 12 months, 44 residences have sold for over a million dollars compared with just 37 in the previous 12 months – nearly a 19% improvement.
Inventory levels are at decade low with just 256 residences on the market at the end of July 2011 – 5% less than last month and over 25% less than the same month last year. The over $1 million price point has more inventory than any other at 73 residences, down from 92 this time last year. The fast turning distressed property inventory in the under $300k category keeps the months of supply in that group comparatively tame at 6.3 months. While all others have improved significantly over the past year, they are still too high to give sellers much leverage (buyers have too many options).
Inventory levels by building is shown below.
