March Sarasota Housing Trends
March Sarasota Housing Trends
The latest March Sarasota housing trends showed real estate is thriving with 1,127 properties sold for a total of over $834 Million in the county, including North Port, Sarasota, and Bradenton areas.
The inventory report indicates a significant increase in properties available for sale, with a total of 5,527 listings at the end of the month, showing a notable rise from the 2,985 properties listed during the same period last year.
Furthermore, there was a slight uptick in inventory compared to the previous month, with a 1.3 percent increase in March, equating to a net addition of 71 properties for sale. This data suggests a growing market with more options for potential buyers and provides valuable insights for stakeholders in the real estate industry to make informed decisions.
Sarasota County continues to attract a diverse range of individuals, from business owners to tourists and second homeowners. In a recent recognition by Wallethub, Sarasota, Bradenton, and South Bradenton were acknowledged as one of the Best Small Cities to Start a Business in America. This accolade highlights the region’s appeal and potential for entrepreneurial ventures, further solidifying its reputation as a favorable destination for those seeking opportunities for growth and prosperity.
March Sarasota Housing Trends – Single-Family Homes
March 2024 versus March 2023 Single Family Home Highlights:
- Closed sales decreased 12.5 percent going from 826 transactions down to 723 sales.
- Pending sales increased slightly from 803 last March compared to 816 this March, a 1.6 percent increase.
- Inventory increased 76.6 percent up to 3,374 homes for sale compared to this same time last year when 1,911 homes were for sale.
- New listings increased from 1,044 up to 1,055 which was a 1.1 percent uptick.
- Median days on market increased to 40 days which was a 60 percent increase versus March of 2023.
- Available single-family home inventory ended March with a 5.3 months’ supply of homes for sale, up from 3.1 month’s supply during March of 2023.
The inventory of single-family homes has shown a consistent upward trajectory in recent months, with a 1.1 percent increase month-over-month, providing buyers with a wider range of options.
Additionally, over the past three months, the average days on the market have remained steady at 40 days. This, coupled with a low 5.3 month supply of inventory, has continued to empower sellers in the market.
In March, the median sales price rose to $515,000 from $507,500 in February but saw a slight decrease from $528,013 a year ago. It is also worth noting that cash purchases accounted for just over 44 percent of all single-family home sales, showing a decrease from the previous month’s 49 percent.
Bottom line: It remains a Seller’s market for Sarasota single-family homes.
March Sarasota Housing Trends – Condos and Townhomes
March 2024 versus March 2023 Condo Highlights:
- Condo sales decreased 2.4 percent going from 414 real estate transactions down to 404 sales.
- Pending sales increased 1.7 percent up from 747 last March to 765 this March.
- Inventory increased 100.3 percent to 2,153 condos for sale compared to last March when only 1,075 units were for sale.
- New listings fell from 622 down to 574 or a 7.7 percent decline.
- Median days to contract was 51 days, which was up from 18 days last year.
- Available condo inventory ended March with a 6.8 months’ supply of properties for sale which was a 106.1 percent increase.
The condo market has seen a significant increase in inventory compared to the previous year, with a notable rise in availability for the eighth consecutive month. By the end of March, there were 2,153 condos available for sale, showing a 1.6 percent increase from the previous month.
Despite this growth, the market has maintained a balance, with a 6.8-month supply of condos for sale, up from 6.7 months in February. This surplus in inventory presents favorable conditions for buyers.
Sellers are advised to review their list prices to align with the current market dynamics. Furthermore, there has been a noticeable uptick in the days on market, increasing from 42 days in February to 51 days in March.
Finally, cash sales accounted for 70.3 percent of transactions, showing a slight decrease from the previous month’s 73.7 percent.
Bottom Line
In the current real estate landscape, single-family homes continue to be in high demand, creating a Seller’s market. However, condominiums are experiencing a more balanced market.
As you venture into the realm of real estate exploration, it’s vital to grasp the nuanced dynamics of the market, where the availability of properties can vary drastically from one locale to another. While certain areas may overflow with housing choices, others might present scarce or even nonexistent options.
Whether you are at the threshold of your property quest or simply seeking to stay abreast of the latest trends in a particular neighborhood, the present moment beckons you to kickstart the process of monitoring properties that resonate with your preferences.
With new listings entering the market daily, staying informed is paramount, and we stand ready to support you by offering automated property alerts, ensuring you remain informed and poised to seize any pertinent opportunities that arise. 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 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
When it comes to being a buyer in the real estate market, it is important to take note of the increasing inventory, particularly the rise in new construction properties for sale.
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 Sarasota County March Housing Market Stats – Single Family homes
2024 Sarasota County March Housing Market States – Condos
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April 27th, 2024 Posted by Matt
