Is now a good time to sell your downtown condo?

Sarasota's real estate market is highly affected by "The Season," that nebulous timeframe from October to April during which we see a spike in both tourism and relocation to the area.  There are a multitude of reasons to sell your home during off-peak times: perhaps you want to take advantage of the slight dip in the market as a buyer and swap out your residence for another; perhaps a job is going to take you out of the Sarasota area; perhaps you drew a tarot card that told you it's time.  Whatever the reason, if you're thinking of listing your house during the summer, we've got a fullscale analysis to help you make that decision!

Inventory is low.

As of the end of May, there are 82 downtown condos on the market in the above-$800,000 price range.  That's the lowest it's been all year and over a 22% decrease over this time last year.  This is a good thing if you're listing your property; it means there isn't as many options for buyers.  They'll be selecting from a smaller pool, so your likelihood of standing out is greater and potentially easier than peak Season (Jan, Feb, Mar) where the numbers hover around 115 listings.

Average number of days on market is high.

While your likelihood of standing out to potential buyers is better during this time of year, the number of those looking for property also appears to be lower, as during the summer, the average number of days a house sits on the market before being sold is at its highest all year: nearly 6 months!  Quite likely you've noticed that 6 months from now is.... you guessed it!  Season.  So, if you absolutely must list now, have realistic expectations on the time it will take to sell your place.

You'll get the most out of your property during Season.

Buyers get the least for their money when the demand is the highest, so for Sarasota, that time is mid-winter, when they are scraping ice off their cars, pulling on jackets, and dreaming of palm trees.  During the most recent season - barring the anomoly of June 2016, where the price was at its second-highest all year - November, January, and December, respectively, were the months that garnered the highest price per square foot for sellers.

So what do we do in the summer?

Well, that's our next topic.  If you're going to list now, keeping realistic expectations is key to success.  Now is a great time to prepare your home so that it is ready to enter the market around mid-fall.  What you can do to prepare is our next topic, so stay tuned!

*all statistical information was gathered by Trendgraphix, with data supplied from the Mid-Florida MLS, for zip code 34236 condos over $800,000, at the end of May 2017.