FIND YOUR Dream Home
Back to Blog postingsOctober Sarasota Housing Trends
October Sarasota Housing Trends
The latest October Sarasota housing trends showed 715 properties sold for over $578 Million in the county, including North Port, Sarasota, and Bradenton areas. Year-to-date, 6.6 billion worth of residential properties have been sold throughout the county.
Despite two hurricanes and a presidential election that had many buyers sitting on the sidelines pending the outcome’s uncertainty, Sarasota’s luxury real estate market remained strong, with 100 properties selling for $1 million or more in October. Once again, the highest-priced sale was a spectacular luxury waterfront condo on the Gulf of Mexico that netted $13,000,000. One hundred percent of the top 10 sales were new construction luxury highrise condominiums on Longboat Key.
Sarasota and Southwest Florida continue to shine as premier destinations for both living and retiring, consistently earning national recognition. In the latest U.S. News & World Report rankings, Sarasota secured the fourth spot on the “Best Places to Retire” list and eleventh on the “Best Places to Live” list. For those seeking the best places to live, Sarasota stood out for its exceptional value, desirable location, robust job market, and unparalleled quality of life. Meanwhile, for retirees, key factors such as happiness, low taxes, excellent healthcare, strong desirability, and affordability contributed to its high ranking.
Overall, the state’s economy continues to thrive. Once again, Florida’s general revenue exceeded expectations by $28.4 million in September. With all the accolades and a robust state economy, it should be no surprise that a new report from the National Association of Realtors shows more people are moving to Florida than anywhere else in the country. The net migration to the Sunshine State in 2023 was 372,870, based on data from the U.S. Census analyzed by the association. Texas had the next highest net migration, with more than 315,300 people moving there in 2023.
Are you ready to buy a home in the Sunshine State?
October Sarasota Housing Trends – Single-Family Homes
October 2024 versus October 2023 Single Family Home Highlights:
- Closed sales decreased 4.3 percent, going from 538 transactions down to 515 sales.
- Pending sales decreased from 509 last October to 414 this October, an 18.7 percent decline.
- Inventory increased 21.8 percent to 2,952 homes for sale, compared to 2,424 homes for sale last year.
- New listings decreased from 949 to 761, a 19.8 percent drop.
- Median days on market increased to 49 days, a 69 percent increase, versus October of 2023.
- Available single-family home inventory ended October with a 4.7-month supply of homes for sale, up from a 3.9-month supply a year ago.
Unlike the previous six months, the inventory of single-family homes increased month-over-month. As expected, as we progressed towards season, inventory increased slightly compared to the prior month. There was a net increase of 111 single-family homes for sale from September to October.
Additionally, as inventory increased, providing more competition, the average days on the market increased from 48 to 49. Yet, with a low 4.7-month supply of inventory, sellers remain empowered.
In October, the median sales price remained the same as the prior month at $490,000, although it was down from $520,000 a year ago.
Bottom line: It remains a seller’s market for Sarasota single-family homes.
October Sarasota Housing Trends – Condos and Townhomes
October 2024 versus October 2023 Condo Highlights:
- Condo sales decreased 18.7 percent, from 246 real estate transactions to 200 sales.
- Pending sales decreased 13.8 percent from 232 last October to 200 this October.
- Inventory increased 19.7 percent to 1,641 condos for sale compared to last October when only 1,371 units were for sale.
- New listings decreased from 493 to 366, or a 25.8 percent decrease.
- Median days to contract was 60 days, up from 32 days last year.
- Available condo inventory ended October with a 5.5-month supply of properties for sale, a 25 percent increase.
There was an increase in month-over-month for the first time in six months. Similar to the single-family home inventory, we expected to see an increase as we moved towards season. Ultimately, there was a net increase of 24 condos for sale compared to September.
Despite the increase in inventory, the market remains a Seller’s market with just a 5.5-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 was 60 days, just three more days than the prior month. Therefore, this is another indication that we remain in a Seller’s market.
Finally, cash sales accounted for 67.5 percent of transactions, up notably from the previous month’s 59.5 percent.
Bottom Line
The real estate market is constantly evolving, yet demand for both single-family homes and condos remains strong, keeping it a competitive Seller’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.
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?
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 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 October Sarasota Housing Trends – Single Family Homes
2024 October Sarasota Housing Trends – Condos
Naples Golf Guy Monthly Market Report – NEW!
New Listings in Southwest Florida Golf Communities
Results You Can Count On
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.
October Sarasota Housing Trends
October Sarasota Housing Trends
The latest October Sarasota housing trends showed 715 properties sold for over $578 Million in the county, including North Port, Sarasota, and Bradenton areas. Year-to-date, 6.6 billion worth of residential properties have been sold throughout the county.
Despite two hurricanes and a presidential election that had many buyers sitting on the sidelines pending the outcome’s uncertainty, Sarasota’s luxury real estate market remained strong, with 100 properties selling for $1 million or more in October. Once again, the highest-priced sale was a spectacular luxury waterfront condo on the Gulf of Mexico that netted $13,000,000. One hundred percent of the top 10 sales were new construction luxury highrise condominiums on Longboat Key.
Sarasota and Southwest Florida continue to shine as premier destinations for both living and retiring, consistently earning national recognition. In the latest U.S. News & World Report rankings, Sarasota secured the fourth spot on the “Best Places to Retire” list and eleventh on the “Best Places to Live” list. For those seeking the best places to live, Sarasota stood out for its exceptional value, desirable location, robust job market, and unparalleled quality of life. Meanwhile, for retirees, key factors such as happiness, low taxes, excellent healthcare, strong desirability, and affordability contributed to its high ranking.
Overall, the state’s economy continues to thrive. Once again, Florida’s general revenue exceeded expectations by $28.4 million in September. With all the accolades and a robust state economy, it should be no surprise that a new report from the National Association of Realtors shows more people are moving to Florida than anywhere else in the country. The net migration to the Sunshine State in 2023 was 372,870, based on data from the U.S. Census analyzed by the association. Texas had the next highest net migration, with more than 315,300 people moving there in 2023.
Are you ready to buy a home in the Sunshine State?
October Sarasota Housing Trends – Single-Family Homes
October 2024 versus October 2023 Single Family Home Highlights:
- Closed sales decreased 4.3 percent, going from 538 transactions down to 515 sales.
- Pending sales decreased from 509 last October to 414 this October, an 18.7 percent decline.
- Inventory increased 21.8 percent to 2,952 homes for sale, compared to 2,424 homes for sale last year.
- New listings decreased from 949 to 761, a 19.8 percent drop.
- Median days on market increased to 49 days, a 69 percent increase, versus October of 2023.
- Available single-family home inventory ended October with a 4.7-month supply of homes for sale, up from a 3.9-month supply a year ago.
Unlike the previous six months, the inventory of single-family homes increased month-over-month. As expected, as we progressed towards season, inventory increased slightly compared to the prior month. There was a net increase of 111 single-family homes for sale from September to October.
Additionally, as inventory increased, providing more competition, the average days on the market increased from 48 to 49. Yet, with a low 4.7-month supply of inventory, sellers remain empowered.
In October, the median sales price remained the same as the prior month at $490,000, although it was down from $520,000 a year ago.
Bottom line: It remains a seller’s market for Sarasota single-family homes.
October Sarasota Housing Trends – Condos and Townhomes
October 2024 versus October 2023 Condo Highlights:
- Condo sales decreased 18.7 percent, from 246 real estate transactions to 200 sales.
- Pending sales decreased 13.8 percent from 232 last October to 200 this October.
- Inventory increased 19.7 percent to 1,641 condos for sale compared to last October when only 1,371 units were for sale.
- New listings decreased from 493 to 366, or a 25.8 percent decrease.
- Median days to contract was 60 days, up from 32 days last year.
- Available condo inventory ended October with a 5.5-month supply of properties for sale, a 25 percent increase.
There was an increase in month-over-month for the first time in six months. Similar to the single-family home inventory, we expected to see an increase as we moved towards season. Ultimately, there was a net increase of 24 condos for sale compared to September.
Despite the increase in inventory, the market remains a Seller’s market with just a 5.5-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 was 60 days, just three more days than the prior month. Therefore, this is another indication that we remain in a Seller’s market.
Finally, cash sales accounted for 67.5 percent of transactions, up notably from the previous month’s 59.5 percent.
Bottom Line
The real estate market is constantly evolving, yet demand for both single-family homes and condos remains strong, keeping it a competitive Seller’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.
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?
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 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 October Sarasota Housing Trends – Single Family Homes
2024 October Sarasota Housing Trends – Condos
Naples Golf Guy Monthly Market Report – NEW!
New Listings in Southwest Florida Golf Communities
Results You Can Count On
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.
About Naples Golf Guy
For expert guidance in Southwest Florida real estate, contact Naples Golf Guy, Matt Klinowski P.A. Whether you’re looking to buy a single-family home or condo in Naples, Bonita Springs, Estero, Ft. Myers or Sarasota I can help. With over 20 years of experience, I offer valuable market information and insights into individual communities to help you find the perfect home and lifestyle in the best golf community to fit your needs. Reach out to me today to get started!
Contact Matt: Matt@NaplesGolfGuy.com or at 239-370-0892
