Longboat Key, Florida | August 8th, 2018 – Currently with two pending sales of luxury condos, our Judy Kepecz-Hays team in Longboat Key expects to see more activity overall in the Sarasota condominium scene. The upward momentum on sales in this residential property sector has been very strong as shown in the 2,380 condo residences sold during the first half of 2018, a 12.6 percent increase from the first six months of 2017.
Aspiring sellers would be glad to note too that median condo sales prices in Sarasota continue to rise at a healthy clip. During the 2018 first semester, Sarasota’s median condo price stood at $224,000, up 4 percent from a year earlier.
From a buyer’s standpoint, the market trend looks encouraging nonetheless, as the price uptick has decelerated to a 2.7 percent gain in June to $221,250. This pace at the end of this year’s first half compares with the peak 9.3 percent rise to $235,000 registered in April 2018.
It would be smart for prospective buyers though to avoid waiting too long in firming up a deal on their condo choice, because others may beat them to it. In June, the median time to contract for Sarasota condos for sale has dropped significantly by 13.4 percent to 58 days. For the entire first semester, the median time to contract was reckoned at 55 days, a slide of 1.8 percent from last year’s first half.
It is likewise important to consider that sellers continue to have the upper hand in the Sarasota condo market, with the sustained decline in market inventory. As of June, the condo stock in Sarasota was estimated at a 4.5-month supply, 6.3 percent below last year’s level. This stock is a full month below the 5.5-month industry benchmark for a balanced market favoring neither seller nor buyer.
Significantly, new market listings of Sarasota condos were down 3.7 percent to 338 residences in June. Among the price points laggards in new listings are condos priced upwards of $1 million which dropped a hefty 27.3 percent to just 24 newly available properties.
Given this scenario, we are looking forward to even more buying inquiries on our team’s two high-end condo listings at the Ritz-Carlton Residences in downtown Sarasota. We put one of these condos on the market just last June, and currently, it is the No. 1 on the list of available properties at the Ritz-Carlton, with its tag price of $3.45 million.
New Developments Hum Along
The asking prices of recently sold residences in this luxury condominium on 1111 Ritz-Carlton Drive are in the $800s‒$3.6 million range. Notably, the Quay Sarasota Waterfront District, a mixed-use property development, is now well underway just north of this condominium.
This project of Jacksonville-based GreenPointe Communities should inject added vigor to Sarasota’s condo market. This fall, vertical construction is set to begin on The Grande, an 18-story condominium tower with 73 residences. This condo project is expected to be finished in two years.
Besides the Quay, another development on the bayfront north of the Sarasota Ritz-Carlton is shaping up on a 53-acre city-owned property. There’s certainly more to learn about other weighty factors dictating the tempo of the Sarasota condo market. Call or e-mail our team, whether you’re buying or selling a local property, for more insights on our market.