July Sarasota Housing Trends – Single-Family Homes

July 2024 versus July 2023 Single Family Home Highlights:

• Closed sales increased 1.4 percent going from 633 transactions up to 642 sales.
• Pending sales increased slightly from 604 last July compared to 611 this July, a 1.2 percent increase.
• Inventory increased 59.5 percent up to 3,068 homes for sale compared to this same time last year when 1,923 homes were for sale.
• New listings increased from 738 up to 799 which was an 8.3 increase.
• Median days on market increased to 52 days which was a 108 percent increase versus July of 2023.
• Available single-family home inventory ended July with a 4.8-months supply of homes for sale, up from a 3.2-month supply a year ago.

Similar to the past three months, the inventory of single-family homes declined slightly, down 4.5 percent month-over-month. However, inventory has increased significantly compared to the previous year. This rise in inventory levels indicates a broader range of choices for potential buyers, presenting them with more opportunities than last year to find properties that match their preferences and requirements.

Additionally, for the third consecutive month, the average days on the market increased, going from 50 days to 52 days. This, combined with a low 4.8-month supply of inventory, has continued to empower sellers in the market.

In July, the median sales price fell to $470,000 from $535,000 a year ago, and it was also down from $495,000 in the prior month. It’s also worth noting that cash purchases only accounted for 37 percent of all single-family home sales, a decrease from the previous month’s 43.3 percent.

Bottom line: It remains a seller’s market for Sarasota single-family homes.

July Sarasota Housing Trends – Condos and Townhomes

July 2024 versus July 2023 Condo Highlights:

• Condo sales increased 7.1 percent going from 266 real estate transactions up to 285 sales.
• Pending sales decreased 20.5 percent down from 288 last June to 229 this July.
• Inventory increased 72 percent to 1777 condos for sale compared to last July when only 1,033 units were for sale.
• New listings increased from 331 up to 354 or a 6.9 percent increase.
• Median days to contract was 67 days, which was up from 36 days last year.
• Available condo inventory ended July with a 5.7 months’ supply of properties for sale which was a 67.6 percent increase.

The condo market has experienced a significant increase in inventory compared to the previous year. However, for the fourth consecutive month, inventory declined month-over-month, resulting in a net decrease of 164 properties for sale. July ended with 1,777 condos available, marking an 8.4 percent decrease from the previous month.

With the reduction in inventory, the market has shifted to a Seller’s market jus 5.7-months supply of condos for sale. A balanced market typically consists of a 6 to 7 months supply of homes.

Sellers are advised to review their list prices to align with the current market dynamics. Unlike the previous month, the average days on market increased from 59 days in June to 67 days in July.

Additionally, cash sales accounted for 60.7 percent of transactions, down from the previous month’s 66.4 percent.

Bottom Line

Regardless of whether you are looking to buy or sell a property, our team is dedicated to providing you with expert guidance. Most importantly, we’ll share the unique market conditions of each neighborhood, ensuring a smooth and successful transaction process.

Which Community is Right for You?

When it comes to finding the perfect community to call home, the process can often feel overwhelming. That’s where we come in. Reach out to us, and our team of experts will work with you to pinpoint the ideal community that aligns with your lifestyle preferences.

Whether you are in the market to buy or sell, our dedicated real estate specialists focus on the Florida Gulf Coast region spanning from Sarasota to Naples. If you are contemplating a move to this area, don’t hesitate to get in touch with us for detailed insights and guidance.

New Construction

The Sarasota area has several new construction developments. These new developments have contributed to the increase in inventory over the last year.

If you are a buyer, with this surge in inventory, many builders are now offering attractive incentives to potential buyers.

If you are contemplating the idea of purchasing a new construction property, our team is here to assist you in exploring the different options available to you. We are dedicated to guiding you through the process and ensuring that your best interests are represented when dealing with builders.

Why Should I use a Realtor if I’m buying New Construction?

Sarasota Real Estate Market Reports

2024 July Sarasota Housing Trends – Single Family Homes

2024 July Sarasota Housing Trends – Condos

Naples Golf Guy Monthly Market Report

New Listings in Southwest Florida Golf Communities

Results You Can Count On

The Naples Golf Guy Team, as seen on Forbes, will provide extraordinary customer service with an emphasis on detail. Professionalism, integrity and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. If you’re a buyer, we’ll help you find the community that will give you the ultimate Florida lifestyle in Paradise.