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.
I wanted to share this incredible listing we have in University Park Country Club. If you are in the market, but haven’t considered University Park, you should. I love the location as it is close to University Town Center Mall, but you avoid the traffic of Lakewood Ranch. Situated west of 75 off University Parkway, its minutes from all the dining you could ever want, and still close enough to downtown Sarasota and the beaches to be extremely convenient. While it borders Sarasota, it is in Manatee County, so you save on property taxes.
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Balancing the Market
For the past few years, we have seen quite a bit of change in the real estate market in Sarasota and Manatee counties. The two markets have sometimes moved together and have sometimes diverged. However, one fact has remained constant in both counties through the rest of the change. The market has remained balanced for single family homes selling between $400,000 and $599,999. What do I mean by balanced?
In the past two months, we have seen average mortgage rates jump up from 4.09% to 4.51%. That may not sound like much, but it really makes a difference. For every $100,000 you borrow today, you will be paying almost $25 more per month in interest than you would have been just 60 days ago.