We know you're savvy, in-the-know people who want the most up to date information on your homes and investments, and we are happy to oblige! We just added a new feature to our website, Current Market, and we want you to have a look.
Every month, as soon as we have the stats on the prior month, so will you! Take a look at this month's current market update below, and anytime you want the freshest, most current data on downtown Sarasota condos, visit seetheviewfromthetop.com/downtown-current-market!
downtown real estate
A market update just for your neighborhood, downtown Sarasota, as of the end of June 2018.
downtown condo inventory is down, but pending sales are up.
The seasonality of downtown Sarasota means we typically see a drop in sales and contracts over the summer. Consequently, less people typically choose to list during this time because of the decreased buyer traffic. This year, that still seems to be true, but 40% more houses have gone to contract in June than in May of this year, and this year is 20% up over 2017.
price per square foot is down, but consistent.
Downtown condo prices historically rise to their highest heights during Season in the first few months of the year. June's average is a bit lower than last month (by about 8%), but is up nearly 20% over last June's. All in all, the year-over-year increase has been consistent in 2018, and we are happy with that!
number of days on the market is down, but so is list price to sale price ratio.
In short, this means that listed downtown condos are spending less time on the market, but sellers are getting a lower percentage of their asking price. Over the past 12 months, the LP:SP ratio was closely tied to seasonality, with sellers getting nearly 100% of their asking price during high season. We have dipped to 84% as of June, which is a 9% decrease from May, and an 8% decrease from last June. Days on market is down about a month from this time last summer, and down 4% from May.
What does this mean for you?
The downtown Sarasota condo market breathes with the season, and we are stopping for inhale right now. The summer can be a great time to prepare your condo for sale (we have suggestions on how to do that here) so it is fresh and ready to be listed in the mid-fall, when season begins picking back up.
If you are anxious to sell right now, there is less competition on the market against you, but buyers are on the lookout for a good buy. Be prepared to negotiate and stay realistic on your expected sale price.
If you are interested in buying right now, know your options might be more limited during the summer, but for the next couple of months, it's a good time to be a buyer.