Condo Sales Spike in November

Real Estate

BY JACOB OGLES SRQ DAILY FRESHLY SQUEEZED CONTENT EVERY MORNING THURSDAY DEC 21, 2017

Realtors report healthy sales in the market leading into the holiday season, particular in the condominium market. 

According to November statistics released by the Realtor Association of Sarasota and Manatee, the condo market in Sarasota say a 26 percent surge in sales, and Manatee and saw a jump of 16.3 percent.The supply of condos in the region also continues to rise. New listings for condos increases 22.8 percent in Sarasota and 9.6 percent in Manatee.

Sarasota condos are selling quickly and at a higher price with the dollar volume of sales showing a 92.7-percent increase from last year,” says Xena Vallone, 2017 president of the Realtor association. “This could be pointing to the lower volume of condo sales in the past two months.”

At the same time, real estate agents in the region reported a 3.3-percent decrease in sales for single-family homes in Sarasota, even as Manatee saw a 7.5 percent increase. Both counties, though, have a low inventory of homes, with a 4.1-month supply available in Sarasota and a 4.3-month inventory in Manatee, marking a seller’s market in both counties. Manatee also has just a 4.3-month inventory of condo and townhouse units, and Sarasota has a 5.2 month supply.

Agents working in the area say the most important thing they see are signs of a healthy market where prices continue to rise but there isn’t the type of rapid escalation of activity seen in the build-up to the housing bust preceding the Great Recession.

“We are definitely seeing a strong, healthy market and looking forward to a good season,” says Michelle Crabtree, an agent at Premier Sotheby’s International Realty. “There are very few distressed properties. We’re seeing a nice, easy, gradual appreciation, and are not seeing the skyrocketing of back when we had the boom.”

The media sales price for homes in Sarasota is $285,000, and in Manatee $289,000, both increases over last year. In the condo market, the median sales price rose to $240,000 in Sarasota and  $181,250 in Manatee.

Graphic courtesy Realtor Association of Sarasota and Manatee.

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