First Quarter Sarasota Market Update - Prices Up!

Posted by Marc Rasmussen on Tuesday, April 3rd, 2012 at 3:32pm.

Downtown Sarasota Florida



We keep hearing about the strength of the Sarasota real estate market. Here are few interesting updates.

Pending sales in the Sarasota real estate market hit an 11-month high in February, demonstrating once more the health of the local industry as the buying season heats up.

Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another positive sign for a successful home buying season.

I thought it would be useful to put together a market update on the first quarter sales in Sarasota, Florida. I ran these searches today on My Florida MLS. I broke it down to barrier islands, Lakewood Ranch and general Sarasota.

 

Bird Key

        2012      2011
    Homes   Homes
# Sold   8   10
Lowest Sales Price   $505,000   $407,000
Highest Sales Price   $3,300,000   $4,500,000
Avg. Sales Price   $1,397,500   $1,285,950
Median Sales Price   $1,125,000   $1,022,500

The average price of a Bird Key home rose slightly from 2011 to 2012. Currently, there are 9 condos pending.

 

Longboat Key

        2012     2011     2012     2011
    Homes   Homes   Condos   Condos
# Sold     12    24    91    84
Lowest Sales Price     $250,000    $145,000    $150,000    $45,000
Highest Sales Price     $2,675,000    $3,550,000    $2,475,000    $2,635,000
Avg. Sales Price     $1,067,854    $924,513    $596,174    $552,139
Median Sales Price     $841,000    $687,500    $430,000    $425,000

Interesting to see the difference in the number of single family homes from 2011 to 2012. Currently, there are 20 homes pending and waiting to close on Longboat Key. The average sales price of both homes and condos increased from 2011 to 2012.

 

Siesta Key

        2012     2011     2012     2011
    Homes   Homes   Condos   Condos
# Sold   35   40   91   62
Lowest Sales Price   $217,500   $211,000   $136,000   $165,000
Highest Sales Price   $4,450,000   $5,900,000   $4,000,000   $1,395,000
Avg. Sales Price   $1,272,638   $960,368   $502,509   $441,423
Median Sales Price   $815,000   $525,000   $372,500   $375,000

The same seems to hold true on Siesta Key as well - sales of single family homes down but the average price of properties is going up. Take a look at how many more condos on Siesta Key sold in 2012 vs. 2011.

 

Lido Key & St. Armands Circle

        2012      2011      2012      2011
    Homes   Homes   Condos   Condos
# Sold   5   3   12   16
Lowest Sales Price   $725,000   $440,000   $300,000   $210,000
Highest Sales Price   $2,800,000   $1,250,000   $3,900,000   $1,455,000
Avg. Sales Price   $1,639,000   $896,667   $864,118   $460,719
Median Sales Price   $1,120,000   $1,000,000   $600,000   $374,500

The sample size for homes on Lido Key and St. Armands Circle is pretty low so the average sales price jump from $896,667 in 2011 to $1,639,000 in 2012 isn't a true representation of the market. Take a look at the jump in average price in condos from 2011 to 2012.

 

Lakewood Ranch

        2012      2011
    Homes & Condos   Homes & Condos
# Sold   156   134
Lowest Sales Price   $40,000   $40,000
Highest Sales Price   $2,750,000   $1,040,000
Avg. Sales Price   $341,451   $306,679
Median Sales Price   $299,950   $256,837

The search above is for the 34202 zip code which include Lakewood Ranch and surrounding neighborhoods. With a nice sample size of 156 sales it is interesting to see the average sales price jump from $306,679 in 2011 to $341,451 in 2012.

 

Casey Key

        2012       2011
    Homes & Condos   Homes & Condos
# Sold   6   5
Lowest Sales Price   $700,000   $90,000
Highest Sales Price   $4,100,000   $2,600,000
Avg. Sales Price   $2,041,667   $965,400
Median Sales Price   $1,825,000   $235,000

Casey Key prices remain strong. The 2011 numbers are skewed by some inexpensive condos sales. Right now there is only 1 home under contract.

 

Sarasota

       2012      2011     
    Homes & Condos   Homes & Condos  
# Sold   1066   1171  
Lowest Sales Price   $4,000   $9,000  
Highest Sales Price   $4,630,000   $2,900,000  
Avg. Sales Price   $223,160   $196,204  
Median Sales Price   $145,900   $130,000

 

The above numbers represent a large chunk of Sarasota excluding the areas above. I did not do the whole county because I wanted to exclude south county like Venice and North Port. It is best to run numbers on those areas separately.

Key Takeaways:

  • Average sales prices are up everywhere
  • The sales results are mixed
  • Single family home sales are down on Longboat Key, Siesta Key and Bird Key
  • Condo sales are up on Longboat Key and Siesta Key
  • Lakewood Ranch sales are up 

Give us a call at 941.812.6272 if we can help you buy or sell a property in the Sarasota area.


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