downtown real estate
A market update just for your neighborhood, downtown Sarasota, as of the end of 2018.
downtown condo inventory is down but so are sales year-over-year.
Hello, Buyer’s Market! There is a 2% decrease in inventory (this is a good thing for sellers), but the number of sales is down 40% from last month and about 75% from this time last year. The [sorta] good news? Pending sales are up nearly 50% from November, so the sales figure should start to rebound in 30-60 days as these close. The bad news? The number of pending sales was about 65% higher last year. This is all great for our downtown buyers this Season in Sarasota!
price per square foot is moving up, but...
Just like above, these numbers are moving in the right direction compared to the oh-so-slow months in the fall, but year-over-year, the price per square foot is down over 20% from last year. This is most likely due to the increasing number of newly constructed (or pre-construction) condo options now on the market.
number of days on market took a nose dive!
The average time on the market for a downtown condo now is 88 days, which is the same as year end 2017 but a drop of nearly 50(!!!) days from November’s average ADOM (active days on market) of 132. List price to sale price ratio is holding steady at last month’s 92%, which is lower than average and well below last year’s 99%.
What does this mean for you?
Our market has shifted. We’ve finally tipped the scale to a Buyer’s Market, thanks to a tremendous amount of new construction and pre-construction condominium options in the Downtown Sarasota area.
If you are anxious to sell right now, you are losing your advantage. Be prepared to be patient when your property enters the market. There are a lot of options for incoming buyers. It is more important ever that you are pricing right, you keep your property in tip-top shape, and you hire someone who has resale records downtown! (Like we do, in both VUE and Q!)
If you are interested in buying right now, lucky, lucky you! Options a-plenty and a market that is encouraging sellers to be both reasonable and patient.
For sale, under contract, and just sold feature homes are not necessarily listed by us and are intended to feature residences that we find truly special. :-)