Siesta Key Condo Sales up 18%
(Sarasota - November 8, 2011) Fueled by lower prices, Siesta Key Condo sales are up 18% this year as compared to 
the same period last year. Lower interest rates are also making owning a condominium on Siesta Key more attractive. A weak dollar helps the international buyers even more. Bargain hunters are out and the numbers show it.
Other positive factors include a rise in Longboat Key sales by 26% and Bird Key Sales are up 50% over last year. All indicattions point towards good things are coming to the Sarasota Real Estate Market.
| 2010 | 2011 | % Change | |
| Units Sold | 202 | 238 | +18% |
| Avg. Sq. Ft. | 1,319 | 1,129 | -14% |
| Avg. Sales Price | $471,447 | $418,917 | -11% |
| Avg List Price / sq. ft. | $391.04 | $365.64 | -6% |
| Avg. Sold Price / sq. ft. | $353.12 | $328.15 |
-7%
|
| Median List Price | $434,450 | $399,000 | -8% |
| Median Sales Price | $400,000 | $350,000 | -12.5% |
| Median List Price / sq. ft. | $352,78 | $328.68 | -7% |
| Median Sold Price / sq. ft. | $324.53 | $297.96 | -8% |
Further analysis shows that the average buyer is interested in a smaller unit (14% smaller) yet, the average cost per square footage price did not drop as much. This is most likely showing resistance to further decreases in pricing. The 18% jump in total units sold also confirms that a bottom is forming right now.
There are 277 available condominiums for sale and 35 now under contract representing over 11% of the condos which should close by year's end.
Siesta Key Beach ranked #1 this year by Stephen Lederman's (aka Dr. Beach) annual survey of US beaches. Since the May 27th announcement, there has been a definite uptick in both rental and sales activity on the key. What pushed it into the #1 spot after a #2 ranking in 2009 and 2010 was Sarasota County’s new ordinance making our beach a smoke free beach.
Siesta Key is an eight-mile long barrier island whose powdery white sand is 99% quartz. Visitors from around the world and local residents flock to the laid-back atmosphere and casual dining offered to all in Siesta Village.
We are the experts when it comes to finding that special beach condo on Siesta Key. Give us a call and John Woodward and his team are ready to help at 941-922-8400.
John Woodward
Broker/Owner
Sarasota Real Estate Group
941-922-8400
