June Sarasota Housing Trends

The latest June Sarasota housing trends showed real estate is thriving with 975 properties sold for a total of over $641 Million in the county, including North Port, Sarasota, and Bradenton areas.

The luxury segment particularly stood out, with 117 properties being sold for $1 million or more. Notably, the highest-priced sale was a waterfront estate overlooking New Pass in Lido Shores for $12,800,000. These figures indicate a robust real estate market in the Sarasota area, showcasing a strong demand for high-end properties.

The analysis of June’s data reveals a nominal 1.8 percent decrease in inventory from the previous month, translating to a net reduction of 92 properties available for sale. Although there has been a decline in inventory, it is important to note that the current levels are significantly higher than those recorded at the same time last year. This surplus of inventory indicates a broader range of choices for potential buyers.

Sarasota remains a top destination for those looking to relocate, as evidenced by its population growth, which now exceeds 23 million residents. Projections show a robust annual growth of 319,109 people over the next four years, underscoring the city’s appeal.

In CNBC’s latest annual report on The Best States to Buy and Sell a Home, Florida ranks at the top, highlighting the state’s dynamic real estate market. The Greater Sarasota area, in particular, attracts those seeking luxurious living combined with a wide array of activities. From world-class golfing and beautiful beaches to cultural attractions and a vibrant arts scene, Sarasota has something for everyone.

Moreover, Sarasota boasts some of the finest healthcare in Southwest Florida. US News & World Report recently placed Sarasota National Hospital as the fifth-best hospital in the state. With accolades like this, it’s no wonder people are choosing Sarasota as their home.

June Sarasota Housing Trends – Single-Family Homes

June 2024 versus June 2023 Single Family Home Highlights:

Closed sales decreased 10 percent going from 769 transactions down to 692 sales.
Pending sales decreased slightly from 592 last June compared to 590 this June, a 0.3 percent decline.
Inventory increased 65.3 percent up to 3,211 homes for sale compared to this same time last year when 1,943 homes were for sale.
New listings decreased from 836 down to 828 which was a 1 percent decrease.
Median days on market increased to 50 days which was a 117.4 percent increase versus June of 2023.
Available single-family home inventory ended June with a 5-month supply of homes for sale, up from a 3.2-month supply a year ago.

Similar to the past two months, the inventory of single-family homes declined slightly, down 0.01 percent month-over-month. However, inventory has increased significantly compared to the previous year. This rise in inventory levels indicates a broader range of choices for potential buyers, presenting them with more opportunities than last year to find properties that match their preferences and requirements.

Additionally, for the second consecutive month, the average days on the market increased, going from 43 days to 50 days. This, combined with a low 5-month supply of inventory, has continued to empower sellers in the market.

In June, the median sales price fell to $495,000 from $522,500 a year ago, and it was also down from $530,000 in the prior month. It’s also worth noting that cash purchases accounted for 43.3 percent of all single-family home sales, an increase from the previous month’s 41.5 percent.

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

June Sarasota Housing Trends – Condos and Townhomes

June 2024 versus June 2023 Condo Highlights:

Condo sales decreased 25.7 percent going from 381 real estate transactions down to 283 sales.
Pending sales decreased 16.3 percent down from 295 last June to 247 this June.
Inventory increased 871.6 percent to 1941 condos for sale compared to last June when only 1,069 units were for sale.
New listings decreased from 379 down to 358 or a 5.5 percent decline.
Median days to contract was 59 days, which was up from 35 days last year.
Available condo inventory ended June with a 6.3 months’ supply of properties for sale which was an 80 percent increase.

The condo market has experienced a significant increase in inventory compared to the previous year. However, for the third consecutive month, inventory declined month-over-month, resulting in a net decrease of 69 properties for sale. June ended with 1,941 condos available, marking a 3.4 percent decrease from the previous month.

Despite this reduction in inventory, the market has maintained a balance with a 6.3-month supply of condos for sale. A balanced market typically consists of a 6 to 7 months’ supply of homes.

Sellers are advised to review their list prices to align with the current market dynamics. Unlike the previous month, the average days on market decreased from 61 days in May to 59 days in June.

Additionally, cash sales accounted for 66.4 percent of transactions, up from the previous month’s 63.8 percent.

Bottom Line

As the real estate market continues to shift, single-family homes are still in high demand, creating a Seller’s market. On the other hand, condominiums are experiencing a more balanced market environment.

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 Sarasota County June Housing Market Stats – Single Family Homes

2024 Sarasota County June Housing Market Stats – Condos

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