At present, there are over 500 or more actively listed condos in the Sarasota MLS with prices ranging from a low of $259,000 for a one bedroom, one bathroom 600 sq.ft. condo at Casa Siesta to a high of $3,595,000 for a 3824 sq.ft three-level residence built in 2006 and offering superb gulf views.
Overview Of The Present State Of Sarasota’s Real Estate Market
The Sarasota Board of Realtors recently announced that property sales figures for February went up, considerably by 28 percent in this area. The figures pointed out that pending sales are also very high, which is a good indicator for stronger real estate market ahead.
According to the Sarasota MLS figures, the local property markets saw a considerable rise in February for overall property sales. There were 423 property sales reported in the Sarasota MLS, as compared to only 329 sales for January 2008. In addition, pending sales went up 654 in February, which analysts say is the highest level in nearly a year According to the SAR President, "we've been receiving strong anecdotal evidence from brokers that traffic has picked up significantly."
There were 294 single family homes sold by SAR members, and this included 129 condominium units. While sales numbers were strong, the median sale price for homes and condos continued to fluctuate. Single family homes saw a small rise in the median sale price, from $265,000 in January 2008 up to $285,000 in February 2008, representing a 7 percent increase. However, the condo market saw a downward trend in the median sale price from $303,500 in January 2008 to only $230,500 in February 2008, which represent a 24 percent drop.
Siesta Key Condo Market Updates
Most travel and area reviews have said that the true beauty of Sarasota lies in the areas near the water. At present, there are about 100 or more Siesta Key condos on the selling block, and these offer waterfront views of the Gulf of Mexico. In the recent real estate boom, the condos in this region have risen in prices, as the city and Siesta Key made very destination list on the Internet. Prices have dropped, inventory is up and interest rates are down.
In the Saraosta MLS data, when searching for condos which offer views of the Gulf of Mexico, it reports that condos available for sale in these area include the beachfront condos of Sandy Cove, Our House at the Beach, Crescent, Casarina, Crystal Sands, Gulf and Bay Club, Sarasota Surf & Racquet, Siesta Dunes, Crescent Arms and Jamaica Royale. Prices for the condos in this area range from $489,000 for a two bedroom and two bathroom dwelling. Buyers could expect to pay over $1 million for units that offer exhilirating views of the Gulf of Mexico.
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