Downtown Sarasota Condo Market Update November 2011
Across ZIP code 34236, 30 condos sold in the month of November 2011. That is 10% (or just 3 more) than the previous November. For the last 12 months, sales have been essentially flat with 308 residences selling compared to 311 in the previous 12 month period.
Although inventory has ticked up slightly in the past 2 months, levels are still very low by historical standards. The number of residences listed for sale in downtown Sarasota is 13% less than the same time last year and only slightly higher than we ended season with this past winter.
Looking at the market price point shows that most of the interest is at the extremes – properties below $300k and above $1 million are both up double digits in the past 12 months compared to prior 12 month period. The near opposite is true of everything in between- in all 3 categories between $300k and $1 million, sales have declined (most by double digits).
The inventory by price point shown in the first 2 columns of the chart above illustrates just how thin things are. Most buyers start with a price range and the ranges are typically tighter that the categories I have charted above. That means the starting point, before talking about view, updates, features, location within downtown, etc., is going to be a very low number.
Results by building
The chart below provides sales and inventory information for some of the more popular buildings in downtown. As you study the chart be carefull about any assumptions regarding the sales per square foot numbers shown. In most cases, there aren’t enough data points (i.e. sale transactions) to conclude anything about the numbers. One thing that is clear from the chart, however, is that the current volume of distressed inventory for sale downtown is virtually nil.
