Overall, inventory ended the month at 4,426 properties for sale, up from 2,431 listings during the same time last year. Inventory also rose 3.7 percent compared to the prior month, a net increase of 156 properties for sale. Supply remains below a balanced market level which is a 6-7 month’s supply. As a result, it is still a Seller’s market.

Demand for Sarasota real estate remains strong as evidenced by the Sarasota-Bradenton listed among seven Florida locales that dominated the 2023 U-Haul Growth Index. The area was ranked the 4th top area for relocations in the U.S. and the state had the highest percentage of growth for the seventh consecutive year.

Are you ready to relocate to the Sunshine State?

December Sarasota Housing Trends – Single-Family Homes

December 2023 versus December 2022 Single Family Home Highlights:

• Closed sales increased 6.6 percent going from 486 transactions up to 518 sales.
• Pending sales increased from 425 last December compared to 426 this December, a 0.2 percent increase.
• Inventory increased 64.3 percent up to 2,764 homes for sale compared to this same time last year when 1,682 homes were for sale.
• New listings increased from 594 up to 667 which was a 12.3 percent jump.
• Median days on market increased to 37 days which was a 60.9 percent increase versus December of 2022.
• Available inventory of single-family homes ended December with a 4.4 months’ supply of homes available for sale which was up from 2.5 month’s supply during December of 2022.

Single-family home inventory continued its upward trend. Similar to the previous two months, inventory increased month-over-month by 11.7 percent, giving Buyers more options.

Unlike last month when the number days from a new listing to contract decreased month-to-month, during December, it increased to 37 days. The low days on market combined with just a 4.4 months supply of inventory gave Seller’s the upper hand.

In addition, the median sales price increased to $519,000 which was up from $500,000 last month and up from $505,500 during December of the prior year. Also notable was the percentage of single-family home sales which were cash purchases. Just over 44 percent of all single-family home sales were a cash transaction which was similar to the prior month.

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

December Sarasota Housing Trends – Condos and Townhomes

December 2023 versus December 2022 Condo Highlights:

• Condo sales increased 15.6 percent going from 275 real estate transactions up to 318 sales.
• Pending sales increased 13 percent up from 223 last December to 252 this December.
• Inventory increased 121.9 percent up to 1,662 condos for sale compared to last December when there were only 749 units for sale.
• New listings rose from 310 up to 440 or a 41.9 percent increase.
• Median days to contract was 23 days which was up from 19 days last year.
• Available inventory of condos ended December with a 5.2 months’ supply of properties available for sale which was a 136.4 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. More importantly, inventory rose month-to-month for the fifth straight month. There were 1,662 condos for sale at the end of December compared to 1,562 units for sale at the end of November which was a 6.4 percent increase.

While we moved in the right direction adding 100 additional condos for sale, we ended with just a 5.2 months’ supply of condos for sale. The increase in inventory is good news for buyers as we’ve moved closer to a balanced market which is traditionally a 6-7 months’ supply of units for sale.

Additionally, unlike the previous two months, the days on market increased from 21 days in November up 23 days at the end of December. Notable was the percentage of cash sales which was 71 percent of all condo sales down slightly from 73.8 percent during the prior month. With low inventory, low days on market, and high buyer demand, the condo market remains a is still a Seller’s market.

Bottom Line

Overall, it remains a Seller’s market for BOTH condos and single-family homes. However, market conditions remain very neighborhood specific. For example, there is more than 130 listings Naples Park which makes it a Buyers market. On the flip side, Wyndemere Country Club has 1 single family home for sale which make’s it a Sellers market. Whether you are buying or selling, we will help you navigate the market conditions within each neighborhood.

If you are Buyer, in addition to the increasing inventory, there’s also been a notable increase in new construction inventory for sale. As we approach the end of the year, there are several builders offering significant Buyer incentives. If new construction is a consideration, we’ll help you navigate your various options and represent your best interest over the builder. Should I use a Realtor if I’m buying New Construction?

Not ready yet? Since real estate is truly local, inventory will vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from others will have little or no inventory.  Whether you are just beginning your search or you want to stay up to date on the latest trends in a particular neighborhood, now may be a good time to start watching for properties that meet your criteria. New listings are hitting the market every day, so if you want to stay up to date we can help you with automatic property alerts.

Which community is right for you and your family? Not sure? Contact us and we’ll help you identify the communities which will match the lifestyle you are seeking with the type of home of home you are looking for at your desired price point.

Whether you are buying or selling we have real estate specialists who cover Florida’s Gulf Coast from Sarasota to Naples, so if you are considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

2023 December Sarasota Housing Trends – Single Family Homes

2023 December Sarasota Housing Trends – Condos

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