May Sarasota FL Real Estate Report

The latest Sarasota FL Real Estate Report showed 1,263 properties sold for just over $831 Million during May in the North Port, Sarasota, and Bradenton areas.

The luxury market was strong, as evidenced by the 159 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home on Manasota Key overlooking the Gulf of Mexico for $8,000,000.

Overall, inventory ended the month at 2,897 properties for sale, which is up from 1,452 listings during the same time last year. However, unlike the prior month, inventory did increase slightly month-over-month. There was a net increase of 39 properties for sale from April to May. Yet, Sarasota County ended the month with just over 3 months’ supply of homes for sale leaving us in a solid Seller’s market.

Where are prices headed? While we can’t predict the future, the basic rule of supply and demand continues to prove true in Southwest Florida. Either supply would need to increase significantly or demand to fall. From the supply side, the U.S. needs more than 4 Million homes to catch up to demand. New construction will help, however, it’s a slow process to build new homes.

From the Demand side, Florida remains a popular destination for retirement. Travel & Leisure recently revealed the 15 Best Places to Retire in the Sunshine State. Southwest Florida was at the top of the list, with Tampa and Sarasota leading the way.

Also, the Sarasota and Bradenton area remains a popular destination for travel as evidenced by the 15 percent increase in passenger traffic compared to the first 5 months of last year. There were 4.12 Million passengers through the airport over the past 12 months. Due to the growth in traffic, the airport already broke ground on a $73 million terminal and airport expansion.

Sarasota is now even easier to get to with more than 50 direct flights from cities mostly from the mid-west, north-east, and south-east making it an ideal destination for a vacation home or second home. The area continues to receive accolades including being ranked the 5th Best Cities to Live by U.S. News & World Report.

So, between low supply and high demand, prices are expected to rise. Just not at the same pace as the past couple of years.

Sarasota FL Real Estate Report – Single-Family Homes

May 2023 versus May 2022 Single Family Home Highlights:

• Closed sales decreased 9.7 percent going from 910 transactions down to 822 sales.
• Pending sales fell from 812 last May compared to 665 this May, an 18.1 percent reduction.
• Inventory increased 75.7 percent up to 1,824 homes for sale compared to this same time last year when 1,234 homes were for sale.
• New listings decreased from 1,111 down to 813 which was a 26.8 percent decline.
• Median days on market increased to 25 days which was a 316.7 percent increase versus May of 2022.
• Available inventory of single-family homes ended May with a 3 months’ supply of homes available for sale which was up from 1.2 month’s supply during May of 2022.

Although single-family home inventory rose year-over-year, it remained the same as April. The median sales price increased 3 percent over the same time last year up to $510,000. However, it fell slightly from April when it was $520,000.

Additionally, days on market remained low at just 25 days from the day a property was listed until it went under contract. Unlike the prior month, the days on market increased slightly up to 25 days in May compared to 21 days in April.

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

So, if you are thinking about selling your property in the Sarasota area, call, email, or text us today – at 239.370.0892 for a complimentary market analysis.

On the other hand, since real estate is truly local, it could vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from.  Whether you are just beginning your search or you want to stay up to date on the latest trends in a particular neighborhood, now may be a good time to start watching for properties that meet your criteria. New listings are hitting the market every day, so if you want to stay up to date we can help you with automatic property alerts.

Or, if you’re not sure which community is right for you, contact us and we’ll help you identify the communities which will match the lifestyle you are seeking.

Sarasota FL Real Estate Report – Condos and Townhomes

May 2023 versus May 2022 Condo Highlights:

• Condo sales decreased 17.1 percent going from 532 real estate transactions down to 441 sales.
• Pending sales decreased 13.3 percent down from 384 last May to 333 this May.
• Inventory increased 159.2 percent up to 1,073 condos for sale compared to last May when there were only 414 units for sale.
• New listings fell from 479 down to 384 or a 19.8 percent decline.
• Median days to contract was 27 days which was up from 5 days last year.
• Available inventory of condos ended May with a 3.5 months’ supply of properties available for sale which was a 250 percent increase.

Condo inventory increased significantly over last year. However, it actually fell from April when there were 1,112 units to sell down to 1,073 condos in May which represented a 3.5 percent reduction in condos for sale.

Similar to the prior month, we ended with just a 3.5 months’ supply of condo inventory. We’re still only halfway to a balanced market which is traditionally a 6-7 months’ supply of units for sale.

Additionally, days to contract increased to 27 days up from 22 days in April and up from just 5 days during May of 2022. Finally, cash sales remained high at 68 percent of all condo sales up from 62 percent during the prior month. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, the condo market remains a strong Seller’s market.

Bottom Line

It remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. From ultra-luxury waterfront condos at The Ritz-Carlton Residences at Sarasota Bay to bundled golf communities such as Esplanade at Azario, there are a wide array of options available.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Sarasota to Naples, so if you are considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

May 2023 Sarasota Real Estate Stats – Single Family Homes

May 2023 Sarasota Real Estate Stats Condos

New Listings in Southwest Florida Golf Communities