November Sarasota Housing Trends
The latest November Sarasota housing trends showed 675 properties sold for over $482 Million in the county, including North Port, Sarasota, and Bradenton areas. Year-to-date, 7.1 billion worth of residential properties have been sold throughout the county.
Sarasota’s luxury real estate market remained strong, with 111 properties selling for $1 million or more in November, up from 100 in October. The highest-priced sale was a spectacular single family home on Casey Key that netted $9,350,000.
Furthmore, seventy percent of the top 10 sales were condominiums built from 2020 to 2024. Why is this important? Stringent building codes require elevated newer homes and extensive hurricane protection.
Overall, the state economy is strong, as evidenced by the revenue exceeding expectations again! According to the Legislature’s Office of Economic and Demographic Research report, the state brought in $161.8 million more than anticipated in general tax revenue.
Florida remains a top destination for people to relocate or buy a second home. What more could you ask for with plenty of sunshine, a healthy state economy, and no state income tax? Are you ready to buy a home in the Sunshine State?
November Sarasota Housing Trends – Single-Family Homes
November 2024 versus November 2023 Single Family Home Highlights:
- Closed sales decreased 18.9 percent, going from 549 transactions down to 139 sales.
- Pending sales increased from 459 last November to 516 this November, a 12.4 percent jump.
- Inventory increased 18.9 percent to 3,220 homes for sale, compared to 2,708 homes for sale last year.
- New listings increased from 920 to 971, a 5.5 percent bump.
- Median days on market increased to 53 days, a 112 percent increase, versus November of 2023.
- Available single-family home inventory ended November with a 5.2-month supply of homes for sale, up from a 4.3-month supply a year ago.
Similar to last month, the inventory of single-family homes increased month over month. As expected, as we progressed towards season, inventory increased by 9 percent compared to the prior month. There was a net increase of 268 single-family homes for sale from October to November.
Additionally, as inventory increased, providing more competition, the average days on the market also increased from 49 to 53. Yet, with a low 5.2-month supply of inventory, sellers remain empowered.
In November, the median sales price remained the same as the last two months at $490,000, although it was down slightly from $500,000 a year ago.
Bottom line: With a total inventory of single-family homes and condos above 5,063, we now have a 7.5-month supply of properties for sale. A balanced market is typically between a 6-7-month supply.
November Sarasota Housing Trends – Condos and Townhomes
November 2024 versus November 2023 Condo Highlights:
- Condo sales decreased 19.7 percent, from 294 real estate transactions to 236 sales.
- Pending sales decreased 24.6 percent from 313 last November to 236 this November.
- Inventory increased 18 percent to 1,843 condos for sale compared to last November when only 1,562 units were for sale.
- New listings decreased from 493 to 366, or a 25.8 percent decrease.
- Median days to contract was 65 days, up from 21 days last year.
- Available condo inventory ended November with a 6.3-month supply of properties for sale, a 28.6 percent increase.
For the second consecutive month, there was an increase in month-over-month. Similar to the single-family home inventory, we expected to see an increase as we moved towards season. Ultimately, there was a 12.3 percent increase or net addition of 202 condos for sale compared to October.
As a result of the increased inventory, it is a more balanced market with a 6.3-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 were 65 days, just five more days than the prior month. However, it increased significantly over the prior year when it was just 21 days.
Finally, cash sales accounted for 60.2 percent of transactions, down from the previous month’s 67.5 percent.
Bottom Line
The Sarasota housing market has shifted to a balanced market based on overall inventory levels. As we start season, we expect more inventory to hit the market, which could create a buyer’s market.
Understanding these shifts is essential to making informed choices in real estate. Availability varies widely from one area to another—some neighborhoods have a range of options, while others are highly limited.
Whether you’re actively looking to buy or staying updated on local market trends, now is a prime time to track properties aligning with your interests.
Whether you are looking to buy or sell a property, our team is dedicated to providing 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?
Finding the perfect community to call home can often feel overwhelming. That’s where we come in. Contact 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 contact us for detailed insights and guidance.
New Construction
Several new construction developments in the Sarasota area 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 purchasing a new construction property, our team is here to help you explore your options. 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 November Sarasota Housing Trends – Single Family Homes
2024 November Sarasota Housing Trends – Condos
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The Naples Golf Guy Team will provide extraordinary customer service, emphasizing detail. Professionalism, integrity and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. If you’re a buyer, we’ll help you find the community to give you the ultimate Florida lifestyle in Paradise.
