Sales and Inventory - Downtown Sarasota Condos August 2011
August is historically one of the slowest months of the year for Sarasota condo sales – this August was no exception. Only 22 condos sold in downtown Sarasota during August 2011. In each of the previous 2 Augusts, 21 sold. Over the past 12 months ended 8/31/2011, 305 downtown Sarasota condos have sold compared with 306 sales in the previous 12 month period. For the calendar year 2011, sales are up about 5% over the same 8 months in 2010. If this sounds ho-hum, compare the 306 sales in the past 12 months with past years sales:
Year - Sales2004 - 4142005 - 5592006 – 2512007 – 4562008 – 2252009 – 2562010 – 295past 12 calendar months -306 The sales for 2007 include 349 new construction contracts that all closed within a few days of each other. Similarly, in 2005, 144 such sales closed. While these sales do represent true demand, they don’t necessarily represent demand in those years. These contracts were signed across the two preceding years but are bunched up in the sales figures because they all closed as soon as the buildings were completed. If you those sales were spread out over the years the contracts were signed, the past 12 months would likely represent more sales than any year since 2004.
Inventory continues to fall, although at a gradually slowing pace. Look for a slight bump as we move into season. However, it would take a sizable percentage increase to have any impact. Even a 10% increase would still keep inventory levels below those of this past April. The 245 condos currently on the market in ZIP 34236 is the lowest level since October 2002.