When it comes to the $500,000 price point in single family homes in Sarasota County you do have some choices. In fact, forty of them as of today. 37 are resales and 3 are new construction. You can find them in Sarasota proper and other surrounding areas. Here are the particulars.
First, Resales! 37 are in active status and the average days on market are 120. The average square footage of these homes is 2,573 at $203.79 per square foot on average. 3 bedroom and 3 bathroom homes make up the majority of the inventory.
12 homes are pending to close. Remember, about 10% will fall out of contract for a variety of reasons: inspections, appraisals and financing make up the majority of reasons that sales fail. These pending properties are an average of 2,743 square feet at $195.92 per square foot. Days on market are 126. That means from the time that they were listed to the time they went under contract it took 126 days. Looking back at the lower price points you’ll see the days on market for pending transactions are much less than that. Check out our other blogs for comparison. These pending homes are on average 4 bedrooms and 3 bathrooms.
What’s sold in the past 6 months? 9. They are typically 4 bedroom and 3 bathroom properties with an average of 2,869 square feet at $190.53 per square foot asking vs $176.10 per square foot based upon the actual sold price. The days on market go up to 149 which is expected as it does take 30 days or more to close with financing. The listing price vs the selling price is 92% on average which means that in the $500,000 plus price band you may be able to negotiate 8%. The maximum asking price on the sold properties was $599,000 list and it sold for $500,000. The minimum was a $510,000 list that sold for $500,000 – it was on the market for 14 days – priced well, in our opinion.
Next, New Construction! 3 properties are actively on the market with the square footage being 2,302 on average and featuring 3 bedrooms and 2 baths compared to more square footage and more rooms on the resale homes. AND the price per square foot is $220.59. Average days on market is 37.
There are no pending sales. Hmmmmm.
4 properties sold in the past 6 months at an average of $500,297 selling price vs a listing price of the same amount. So, it appears that builders are not negotiating on price. With representation from a strong negotiating Realtor you may find that at the very least you’ll get some options added! The average square footage of these homes is
2,604 and the price per square foot is $193.78. Average days on market are 17!
So, I hope that this makes you even smarter than you already are. TeamWorks is here to email you any reports you would like on specific areas and/or price points. We’re here to help guide you through it all.
TeamWorks Over and Out!