January Sarasota Real Estate Market Trends – Single-Family Homes

January 2025 versus January 2024 Single Family Home Highlights:

• Closed sales increased 6.8 percent, going from 487 transactions to 520 sales.
• Pending sales increased from 655 last January to 690 this January, a 5.3 percent increase.
• Inventory increased 27.3 percent to 3,992 homes for sale, compared to 3,135 last year.
• New listings increased from 1,196 to 1,452, a 21.4 percent jump.
• Median days on market increased to 45 days, a 12.5 percent increase, versus January of 2024.
• Available single-family home inventory ended December with a 5.5-month supply of homes for sale, up from a 4.4-month supply a year ago.

Like the last three months, the inventory of single-family homes increased month over month. As expected, now that we are in season inventory increased by 17.3 percent compared to the prior month. There was a net increase of 588 single-family homes for sale from December to January.

Notably, the days on the market increased to 45 from 43 during the previous month. With the increased inventory of both single-family homes (3,992) and condos (2,463), it is now a Buyer’s market.

In January, the median sales price rose to $529,750 from $528,700 the month before. However, it decreased year-over-year from $535,000 a year ago to $529,750.

Bottom line: With a total inventory of single-family homes and condos above 6,455, 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.

January Sarasota Real Estate Market Trends– Condos and Townhomes

January 2025 versus January 2024 Condo Highlights:

• Condo sales increased 15.8 percent, from 209 real estate transactions to 242 sales.
• Pending sales decreased 17.8 percent from 337 last January to 277 this January.
• Inventory increased 24.1 percent to 2,463 condos for sale compared to last January when only 1,985 units were for sale.
• New listings increased from 728 to 849, or a 16.6 percent increase.
• Median days to contract was 53 days, up from 35 days last year.
• Available condo inventory ended January with an 8.5-month supply of properties for sale, a 37.1 percent increase.

For the fourth straight month, inventory increased month over month. Ultimately, there was a 24 percent increase or net addition of 476 condos for sale compared to December.

Due to the increased inventory, it is now a Sellers market with an 8.5-month supply of condos for sale. A balanced market typically consists of a 6 to 7-month supply of homes.

Also, unlike the previous month, the average days on the market fell from 67 to 53 days compared to the previous month. However, this was still a significant increase from the previous year, when it took just 35 days to go to contract.

Finally, cash sales accounted for 67.8 percent of condo sales, up from the previous month’s 67.5 percent.