First Quarter Sarasota Market Update - Prices Up!
Posted by Marc Rasmussen on Tuesday, April 3rd, 2012 at 3:32pm.
We keep hearing about the strength of the Sarasota real estate market. Here are few interesting updates.
- Area Pending Sales Near 12 Month High
- Pending Sales Rise to 11 Month High
- Lakewood Ranch Ranked a Top Selling U.S. Community
- Pending Sales Spike in January 2012
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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