February Sarasota Real Estate Market Trends – Single-Family Homes

February 2025 versus February 2024 Single Family Home Highlights:

• Closed sales increased 2.1 percent, going from 577 transactions to 589 sales.
• Pending sales increased from 753 last February to 768 this February, a 2 percent increase.
• Inventory increased 28.6 percent to 3,337 homes for sale, compared to 4,292 last year.
• New listings increased from 1,126 to 1,283, a 13.9 percent jump.
• Median days on market increased to 46 days, a 15 percent increase, versus February of 2024.
• Available single-family home inventory ended February with a 6.8-month supply of homes for sale, up from a 5.2-month supply a year ago.

Like the last four months, the inventory of single-family homes increased month over month. As expected, now that we are in season inventory increased by 7.5 percent compared to the prior month. There was a net increase of 300 single-family homes for sale from January to February.

Notably, the days on the market increased to 46 from 45 during the previous month. With the increased inventory of both single-family homes (4,292) and condos (2,618), it is now a Buyer’s market.

In February, the median sales price fell to $499,990 from $529,750 the month before. Additionally, it decreased year-over-year from $507,500 a year ago to $499,990.

Bottom line: With a total inventory of single-family homes and condos above 6,910, we now have an 8.5-month supply of properties for sale, which is a Buyer’s market. A balanced market is typically between a 6-7-month supply.

February Sarasota Real Estate Market Trends– Condos and Townhomes

February 2025 versus February 2024 Condo Highlights:

• Condo sales increased 12.2 percent, from 270 real estate transactions to 237.
• Pending sales decreased 13.4 percent from 432 last February to 374 this February.
• Inventory increased 23.5 percent to 2,618 condos for sale compared to last February, when only 2,119 units were for sale.
• New listings decreased from 651 to 628, or a 3.5 percent decrease.
• Median days to contract were 44 days, up from 42 days last year.
• Available condo inventory ended February with a 9.1-month supply of properties for sale, a 17.4 percent increase.

For the fifth straight month, inventory increased month over month. Ultimately, there was a 6.3 percent increase or net addition of 155 condos for sale compared to January.

Due to the increased inventory, it remains a Seller’s market with a 9.1-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 the market fell from 53 days to 44 days compared to the previous month. However, this was also a slight increase from the previous year, when it took 42 days to go to contract.

Finally, cash sales accounted for 71.7 percent of condo sales, up from 67.8 percent the previous month.