March Sarasota Real Estate Market Trends – Single-Family Homes

March 2025 versus March 2024 Single Family Home Highlights:

• Closed sales increased 13 percent, going from 723 transactions to 817 sales.
• Pending sales increased from 816 last March to 837 this March, a 2.6 percent increase.
• Inventory increased 30.8 percent to 4,412 homes for sale, compared to 3,374 last year.
• New listings increased from 1,055 to 1,226, a 16.2 percent jump.
• Median days on market was 40 days, a 0 percent increase, versus March of 2024.
• Available single-family home inventory ended March with a 6.9-month supply of homes for sale, up from a 5.3-month supply a year ago.

Like the last five months, the inventory of single-family homes increased month over month, increasing by 2.8 percent compared to the prior month. There was a net increase of 120 single-family homes for sale from February to March.

Notably, the days on the market decreased to 40 from 46 during the previous month. With the increased inventory of both single-family homes (4,412) and condos (2,714), it is now a Buyer’s market.

In March, the median sales price fell from $529,750 the month before to $469,450. Additionally, it decreased year-over-year from $515,000 a year ago.

Bottom line: With a total inventory of single-family homes and condos above 7,126, we are in a Buyer’s market. A balanced market is typically between a 6-7-month supply.

March Sarasota Real Estate Market Trends– Condos and Townhomes

March 2025 versus March 2024 Condo Highlights:

• Condo sales decreased 19.8 percent, from 404 real estate transactions to 324.
• Pending sales decreased 12.9 percent from 427 last March to 372 this March.
• Inventory increased 42.6 percent to 2,714 condos for sale compared to last March, when only 2,153 units were for sale.
• New listings increased from 574 to 634, or a 10.5 percent increase.
• Median days to contract were 46 days, down from 51 days last year.
• Available condo inventory ended March with a 9.7-month supply of properties for sale, a 42.6 percent increase.

For the sixth straight month, inventory increased month over month. Ultimately, there was a 3.7 percent increase or net addition of 96 condos for sale compared to February.

Due to the increased inventory, it remains a Seller’s market with a 9.7-month supply of condos for sale. A balanced market typically consists of a 6 to 7-month supply of homes.

Unlike the prior month, the average days on the market increased from 44 days to 46 days compared to the previous month. However, this was also a slight decrease from the previous year, when it took 51 days to go to contract.

Finally, cash sales accounted for 68.5 percent of condo sales, down from 71.7 percent the previous month.