David Zarghami presents the latest real-estate market information for the Sarasota area, including the Lakewood Ranch, Longboat Key, Siesta Key, Bird Key and Lido Key. This report summarizes market activity for the first quarter of 2019.
Just like the weather in Florida, real estate is hyper-local and there are huge variations from one segment of our market to another. In order to help you find the information that is most helpful to you, we’ve divided the Sarasota real estate market into six distinct segments.
Sarasota, Longboat Key & Lakewood Ranch
The market is shifting. Sales are down 12% from the first quarter of last year, while prices have dipped slightly as well. Time on market is increasing and inventory is up 7% over this time last year. With nearly seven months worth of supply available, the long run of the strong seller’s market appears to have come
to an end. However, it is important to note that this average inventory level across the market can be misleading, as inventory levels vary significantly from area to area (as is further outlined in this report).
Properties Selling Above $750,000
1Q19 saw a large decrease in sales compared to the first quarter of last year. This drop in sales was accompanied by lower average and median prices, while inventory levels of luxury properties has reached
nearly 15 months worth of supply, a 10% increase over this time last year.
Longboat Key, Lido Key, Bird Key & Siesta Key
The story in the keys is the same as the luxury market, as the majority of sales on the keys are over the $750k luxury threshold. The first quarter saw a big drop in sales in the keys, an accompanying decrease in prices, and inventory levels up a staggering 26% over this time last year. Buyers in the keys have all the leverage right now.
Downtown Sarasota and West of Tamiami Trail
Condo sales fell sharply compared to the first quarter of last year. This was due in part to some large condo developments which were completed and closed out in 1Q18, while several current downtown condo projects are still in development. Prices were down in 1Q19 and inventory is up 9% overall, driven by condo inventory rising 19% over this time last year.
Between US 41 and I-75
The lowest levels of inventory across our entire market were found in Central Sarasota, where there still exists just 4.8 months worth of supply. This number straddles the line between a slightly seller-favoring market and a balanced market. While closed sales were down slightly, prices continued to tick up.
East of I-75, including Lakewood Ranch
Here we saw the largest year-over-year increase in prices across our market. Inventory East of I-75 has crossed the 6 month mark, indicating a balanced market favoring neither buyers nor sellers. New construction continues to boom, and the market likely won’t stay balanced for long.