August Sarasota Housing Trends

The latest August Sarasota housing trends showed real estate slowed a bit with 850 properties sold for over $520 Million in the county, including North Port, Sarasota, and Bradenton areas.

Sarasota’s luxury real estate market remains strong, with 92 properties selling for $1 million or more in August, including a stunning $16,995,000 waterfront estate on the Gulf of Mexico. Waterfront homes remain highly sought after, making up 70 percent of the top sales for the month.

Despite a slight 5.5 percent dip in inventory from the previous month, buyers still have a wide range of options, with current inventory levels well above last year’s.

Florida remains a top destination for both retirees as well as business owners. The Sunshine State was recently ranked, the best state to start a business due to a low corporate tax rate (5.5%) and the mass migration of consumers and companies to Florida. So, whether you’re looking to buy, sell, or explore your options, now is the time to connect with our expert team and discover why so many choose to make Sarasota their home.

August Sarasota Housing Trends – Single-Family Homes

August 2024 versus August 2023 Single Family Home Highlights:

Closed sales decreased 1.9 percent going from 645 transactions down to 633 sales.
Pending sales decreased slightly from 583 last August to 575 this August, a 1.4 percent decline.
Inventory increased 46.6 percent up to 2,907 homes for sale compared to last year when 1,983 homes were for sale.
New listings decreased from 822 to 739, a 10.1 percent drop.
Median days on market increased to 45 days, a 45.2 percent increase, versus August of 2023.
Available single-family home inventory ended August with a 4.6-month supply of homes for sale, up from a 3.3-month supply a year ago.

For the 5th straight month, the inventory of single-family homes declined slightly. Inventory fell 5.5 percent month-over-month. Yet, it is important to know it is common for Sellers to remove their property from the market for the summer and relist in the fall.

Unlike the prior month, the average days on the market increased, going from 52 days to 45 days. This, combined with a low 4.6-month supply of inventory, has continued to empower sellers in the market.

In August, the median sales price decreased to $475,000 from $519,000 a year ago, however, it was up from $470,000 in the prior month.

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

August Sarasota Housing Trends – Condos and Townhomes

August 2024 versus August 2023 Condo Highlights:

Condo sales decreased 22.2 percent going from 279 real estate transactions down to 217 sales.
Pending sales decreased 25.3 percent down from 245 last August to 183 this August.
Inventory increased 54.4 percent to 1,672 condos for sale compared to last August when only 1,083 units were for sale.
New listings decreased from 380 down to 297 or a 21.8 percent decrease.
Median days to contract was 72 days, which was up from 46 days last year.
Available condo inventory ended July with a 5.5 months’ supply of properties for sale which was a 57.1 percent increase.

The condo market has experienced a significant increase in inventory compared to the previous year. However, for the fifth consecutive month, inventory declined month-over-month, resulting in a net decrease of 105 properties for sale.

Ultimately, August ended with 1,1672 condos available, marking a 6.3 percent decrease from the previous month. Once again it’s important to know we anticipate an uptick in listings as we head into fall.

With the inventory reduction, the market remains a Seller’s market with just a 5.5-month supply of condos for sale. A balanced market typically consists of a 6 to 7-month supply of homes.

Also, similar to the previous month, the average days on market saw a notable increase from 67 days in July to 72 days in August. So, while it is a Seller’s market, with the increase in days on market and anticipation of more inventory to come, Sellers are advised to review their list prices to align with the current market dynamics.

Finally, cash sales accounted for 58.5 percent of transactions, down from the previous month’s 60.7 percent.

Bottom Line

As the real estate market changes, both single-family homes and condos are still in high demand, creating a Seller’s market.

Grasping these nuances is vital as you navigate the real estate landscape. Property availability can vary greatly depending on the location—some areas have abundant options, while others may have limited or no availability.

Whether you are actively searching for a property or simply keeping up with neighborhood trends, now is the perfect time to start monitoring properties that match your preferences.

With new listings appearing daily, staying informed is essential. We are here to assist you by providing automated property alerts, ensuring you stay updated and ready to seize any relevant opportunities. Sign up for automatic property alerts.

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 August Sarasota Housing Trends – Single Family Homes

2024 August Sarasota Housing Trends – Condos

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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.