With the cooler weather comes an influx of additional people in our area: tourists, snowbirds, and visiting friends and family for the holidays. Consequently, we in real estate are gearing up for the busier season and so should you if you are interested in selling your home! The data speaks for itself…
Information here comes from Trendgraphix
The Statistics of Downtown Condo Sales
Consistently & across the board, the six months from October to April perform better than the summer months, but different price points are stronger in different times of this cycle. Let’s take a closer look at the downtown condo market by price point.
Up to $499,999
If your condo is valued under $500K, now and the next couple months are a good time for you to sell!
Most condos go to contract in February, March, and April.
Average number of days a downtown condo in this price point is going to take to go to contract is about 128, which is just over 4 months.
Homes selling in December, January, and February garner the highest list-price-to-sale-price ratio, meaning you get more of your asking price if you sell in these months.
The highest price per square foot is garnered in January and February.
October is the month with the most inventory typically. Whew! Glad that’s behind us—no one likes to be lost in a sea of inventory!
VERDICT: Now is the best time to begin marketing.
$500,000 to $999,999
If your downtown condo is valued between half a million and a million dollars, there is a lot of variation in your market, but consistency where it counts.
Most condos of this range go to contract in November, March, and June. There is a lot of variation here, so how about some positives?
The average number of days a condo of this price range is spending on the market is 91 days, or about 3 months. That’s the lowest of these four price ranges!
The list-price-to-sales-price ratio is pretty darn consistent here in the mid-90s almost all year. By a slim margin, November, January, and May were slightly better than the rest.
Also pretty consistent, the best price per square foot has a very small range (apart from a couple outliers), but the highest (by a small margin) is garnered in October & November.
August has the most inventory.
VERDICT: This market is consistent where it counts: you’re likely to get a good price for your condo almost all year. Summer is the hardest, so avoid listing late spring through about now!
$1,000,000 to $2,500,000
Now, this range runs in a trend that is exactly what we expect:
Most condos in this price range go to contract in November, December, and January.
The average amount of time a condo in this range is going to spend on the market is 101 days. When we remove a couple high outliers, this drops to 53 days, which is less than 2 months!
The highest percentage of list price is received in October, and December through March.
The highest price per square foot is over the summer, most likely because of lack of inventory, followed closely by February and March.
The entire fall season has the most inventory available in this price range, as sellers prepare for seasonal visitors that have yet to show up.
VERDICT: This range rolls with the season for sure. Do not miss marketing your million-dollar property during season: January and February are both great months to list to get the best % of your list price and the most $ per square foot.
$2,500,000 and above
Similar to $1-2.5 million range, the ultra-luxury market unsurprisingly follows the season, when visitors from all over the country and world are leaving the snow for some much-needed sunshine.
More condos in this range go to contract in January than any other month.
Condos in this price range are on the market longer, as there are not as many buyers in the ultra-luxe budget bracket. Average number of days on market is just over 4 months, at 125 days.
Sellers get the highest percentage of asking price December through March. In fact, in 2017, ALL of these months averaged 100% of asking price OR MORE!
The price per square foot is pretty consistent in this market. Given the small number of condos that sell in this price range each month, one sale seriously affects the average. December through March are consistently highest, but not by much.
Quelle surprise! The most inventory is available in this market when our snowbirds are away, from April through August.
VERDICT: Seasonality reigns supreme here. Market during the early parts of season to accommodate the longer time on market sometimes required of this price point.
Finding the exact right time to put your condo on the market is a bit of a science, as you can see. It depends on the ever-competing priorities of time vs. money. We hope this little cheat sheet gives you a guideline to look at when considering next steps for your downtown property. Please give us a call today if we may help you value your downtown condo and help you find a time to sell. :-)
As always, we work not only in the downtown Sarasota market, but all over this wonderful town of ours, so as your seasonal visitors fly down and decide they need a place, please keep us in mind—we can help them find their dream vacation home too!