downtown real estate
A market update just for your neighborhood, downtown Sarasota, as of the end of October 2018.
downtown condo inventory and pending sales are trending up.
October is a transitory month. We see the number of downtown condos on the market increase in anticipation of Season, and pending sales have followed suit. But always 30-60 days behind are sales, and those showed a slight decrease last month following September, which is typically one of the slowest months in our year as summer plows into its 5th month and snowbirds have yet to fly down.
price per square foot continues to rise.
The price per square foot in sold homes is at a low point during the summer & fall, as we saw last year also. As our weather cools down, our market heats back up. We see an ongoing trend UP over the past few months that will, for the most part, continue until the early parts of spring.
everything is heading in the right direction here!
List-price-to-sale-price ratio INCREASED, which means sellers are getting closer to asking price when they sell; and number of days on the market DECREASED, which means properties are selling quicker. All good things here for now! We typically see the days on market increase again around the holidays as people slow their home-shopping in favor of the celebrations of the season, but our ratio should stay in this range for the bulk of Season.
What does this mean for you?
October means gearing up for season. People are getting their homes ready to be listed or are listing now in anticipation of our incoming seasonal visitors. Every trend is heading in the right direction except sales, which will follow but with a slight delay. All in all, things for downtown condo owners are looking GOOOOOOOOOD! :-)
If you are anxious to sell right now, the scales are beginning to even out. Know that with the increase of buyers comes an increase in inventory, so keep your condo in tip-top shape and be accommodating when it comes to showings to keep an edge with the competition! (Hiring the best downtown Realtor certainly doesn’t hurt either! 😉)
If you are interested in buying right now, then you will be enjoying the increase in downtown condo options on the market now, but the price leverage you enjoyed over the summer is slipping away. Make a smart offer when you find the right place.
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. :-)