Lido Key Condo Market Update

Lido Key is a small barrier island off the coast of Sarasota, Florida. The island is chock full of luxurious single family homes as well as condominiums. If you are looking for a relaxed lifestyle where your days are filled with beach, dining, boating, golfing, shopping or numerous other fun activities you should explore the lifestyle that a condo on Lido Key will provide you.

Lido Key has an easy-going, laid back tropical island feel. Shopping and restaurants add a certain charm that makes Lido Key appealing. Several galleries and museums are in the area as well as a considerable amount of parks that offer nature trails and picnic shelters. Numerous golf courses are in the area as well as tennis courts for the athletic minded. Casual dockside restaurants and beach bars dot the island while upscale fine dining can be found high above in the tops of several buildings. Enjoy marine life at the Mote Marine Laboratory/aquarium. St. Armands Circle offers world class shopping where everyone will be able to find something. Car and art shows are frequently held here in the inner circle.

Lido Key Condo Market Update

Below is a chart showing activity in the 34236 zip code. This includes both Lido Key and downtown Sarasota.

The chart shows activity for the last 5 years. It is great to see the decline in inventory. The light green bars represent properties for sale, the dark green shows closed sales and the red line are pending sales.

In April of 2007 we had over 750 condos for sale in the 34236 zip code. Now we are hovering around 300.

Average Price of Lido Key Condos

The chart above shows the average price for Lido Key condos for sale and Lido Key condos sold

The red line indicates the average price of sold condos on Lido Key. In 2007 the average price was ranging from $650,000 to as high as $1,350,000. Today, the average price ranges from $250,000 to $750,000. That makes sense - as prices decline buyers get more interested and eat up the inventory. Sellers also lose interest in selling because the prices are lower.

Downtown Sarasota Condo Market Update

The downtown Sarasota condo market has been pretty active in 2010. Let's compare 2010 vs 2009 downtown condo sales.

2010 Downtown Sarasota Condo Sales

• 172 sales
• Lowest sales price - $51,000
• Highest sales price - $3,350,000
• Average sales price - $482,594
• Median sales price - $354,000
• Average days to contract - 145

2009 Downtown Sarasota Condo Sales 

• 141 sales
• Lowest sales price - $42,000
• Highest sales price - $3,300,000
• Average sales price - $435,944
• Median sales price - $365,000
• Average days to contract  - 170

It is good to see the volume increase from 2009 to 2010 (172 sales vs 141 sales). The average sales price also increased from 2009 to 2010 while the median sales price decreased a little bit.  Average days to contract also decreased as well. The Sarasota real estate market does not seem to be as sick as other real estate markets around the country.

If you want to buy or sell a property around Sarasota give Marc Rasmussen a call at 941.812.6272.