The luxury condo market in Sarasota county is on fire! Almost 3 times as many condos over $600k are selling each month as last year, and there are less condos for sale than there were a year ago. At current sales rates, there is only about four months of inventory out there. It is definitely a seller’s market.
When you compare luxury condos to luxury single family homes in Sarasota County, the markets are night and day. If you are looking to buy a luxury single family home, you are fortunate to still be in a solid buyer’s market, with over 14 months of inventory on the market at current sales rates. However, the deals will be few and far between if you are looking to buy a luxury condo. As you get over $1M in price, the difference between condos and single family homes gets even wider.
While much of the Sarasota and Manatee county real estate markets tend to move in lockstep, its not happening with luxury condos. In Manatee county, it is still a challenge to sell a luxury condo as there is about 27 months of inventory of $600k+ condos in Manatee. Regardless, I don’t want to scare you with all of these statistics. We are confident we can sell your property or find the right property for you to buy regardless of your situation. It’s just important to understand the market, and utilize the expert advice available to make the best out of any situation.