Longboat Key, Florida | July 2nd, 2019 – Our Judy Kepecz-Hays Team continues to feel the vibrant mood of our region’s condominium market. Currently, we have a pending sales in the high-end condo L’Elegance in Lido Key, which confirms the recent market readings we’re getting.
In May, condo sales both in Sarasota and Manatee counties showed significant increases. Condominium residences sold in Sarasota during the month totaled 457 properties, a 1.1 percent increase compared with last year. In Manatee, the total was 295 properties, 6.1 percent over the county’s condo sales figures in May last year.
Prospective sellers though would need a reliable local realtor in order to avail of the opportunities in our upbeat condo market. Aspiring buyers of condominium residences now appear to be more discriminating as indicated by the higher number of days to wrap up a sale.
More Choices for Buyers
In Sarasota, the median time to sale in May was registered at 114 days, 9.6 percent longer than last year’s 104 days. The same is true in Manatee County where the median time to sale of 107 days for condo market listings was 15.1 percent over the 93 days registered in May 2018.
Buyers now have more choices (and thus more time spent weighing individual merits) on available condominium dwellings, particularly in Sarasota. There were 1,867 condos sales-listed in the county in May, a 14 percent increase from the 1,636 posted last year. The May active listing of condos in Manatee County, though marginally lower by 0.8 percent, still offer plenty of pickings at 955 residences.
Putting resale condos on the market these days likewise needs to contend with the market dynamics of more and more new condominium construction coming in, especially in Sarasota. The city’s 2019 first-quarter “Development Report” noted that 1,860 condos or townhouses were either being built, under development or already completed during the prior 12 months. Besides these new condo residences, also coming in are 1,416 apartments, 1,297 hotel rooms and 748,597 square feet of commercial space.
Mix of Buyers
As another consideration for sellers, they are now likely to encounter a mix of buyers requiring different approaches or market pitches. These crop of buyers include not only new residents aspiring to live either in Sarasota or Manatee County. Also now having an increasing presence on the condo market are the locals. These are mostly empty-nesters who are scaling down from their single family residences which are typically larger and require more attention on maintenance.
Recent condo sales data likewise indicate that buyers’ appetite is consistent on properties priced in the $200s range. Total sales recorded on this price spread during April and May were consistently on an upswing. Inventory and new listings of condo dwellings at this mid-priced segment are likewise on an uptrend in those months.
There are many pockets of opportunities both for buyers and sellers in the condominium markets of Sarasota and Manatee. This July 7, our team welcomes prospective buyers in an open house of our listing at the Islander Club on the southern side of Longboat Key. Eight residences have already been sold in this condominium during the past 12 months, and hence, prospects are indeed looking good for sales-listed Islander condos.
Drop us a line or call us if you’re interested on selling or buying a real estate property in Sarasota or Manatee County. The sustained uptrend in the local condo market is but a slice of spots where you could draw benefits. Prospects are as rich in the other sectors of our Florida real estate.
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