Sarasota FL Real Estate Review
Sarasota FL Real Estate Review
The latest Sarasota FL Real Estate Review showed 1,150 properties sold for just over $778 Million during June in the North Port, Sarasota, and Bradenton areas.
The luxury market was strong, as evidenced by the 141 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home on Siesta Key overlooking the Gulf of Mexico for $12,600,000.
Overall, inventory ended the month at 3,012 properties for sale, which is up from 1,954 listings during the same time last year. Similar to the prior month, inventory increased slightly month-over-month. There was a net increase of 115 properties for sale from May to June.
Although inventory has increased significantly over the last year, we’re still well below our historical norms. In June 2019, the area had 4,514 homes for sale which is 33 percent more than what we have now. So even though we’ve moved in the right direction, we still have just over a 3 months supply of homes for sale leaving us in a solid Seller’s market.
As for demand? It remains strong for the luxury lifestyle Sarasota and other Southwest Florida cities have to offer. Sarasota was recently named the Best City to Retire by Travel + Leisure magazine. Additionally, Naples and Ft. Myers also made the list.
Further evidence Sarasota remains a top destination for people relocating is the latest study released by PODS Enterprises, a Clearwater-based portable moving and storage company, which ranked Sarasota the 2nd Top Destination for Movers.
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 Review – Single-Family Homes
June 2023 versus June 2022 Single Family Home Highlights:
- Closed sales decreased 4.1 percent going from 802 transactions down to 769 sales.
- Pending sales fell from 614 last June compared to 592 this June, a 3.6 percent reduction.
- Inventory increased 41.1 percent up to 1,943 homes for sale compared to this same time last year when 1,377 homes were for sale.
- New listings decreased from 1,091 down to 836 which was a 23.4 percent decline.
- Median days on market increased to 23 days which was a 228.6 percent increase versus June of 2022.
- Available inventory of single-family homes ended June with a 3.2 months’ supply of homes available for sale which was up from 1.7 month’s supply during June of 2022.
Single-family home inventory rose year-over-year, and unlike the previous month it also increased month-to-month. Sarasota single-family homes for sale end May at 1,824 compared to 1,943 at the end of June. The median sales price increased 4.5 percent over the same time last year up to $522,500. It also rose compared to the prior month when it was $510,000.
Additionally, days on market actually fell to 23 days compared to may when it was 25 days from the day a property was listed until it went under contract.
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 Review – Condos and Townhomes
June 2023 versus June 2022 Condo Highlights:
- Condo sales increased 1.3 percent going from 376 real estate transactions up to 381 sales.
- Pending sales decreased 4.5 percent down from 309 last June to 295 this June.
- Inventory increased 85.3 percent up to 1,069 condos for sale compared to last June when there were only 577 units for sale.
- New listings fell from 491 down to 379 or a 22.8 percent decline.
- Median days to contract was 35 days which was up from 7 days last year.
- Available inventory of condos ended June with a 3.5 months’ supply of properties available for sale which was a 133.3 percent increase.
Similar to single-family homes, condo inventory increased significantly over last year. However, it actually fell for the second straight month down to 1,069 units for sale compared to 1,073 condos in May.
Similar to the last two months, we ended with just a 3.5 months’ supply of condos for sale. 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 35 days up from 27 days in May and up from 7 days during June of 2022. Finally, the percentage of cash sales was 60 percent of all condo sales which was down from 68 percent during the prior month. With low inventory, low days on market, and high buyer demand, 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 a brand NEW world-class golf community Soleta, 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
June 2023 Sarasota County Single Family Homes
June 2023 Sarasota County Condo Sales
New Listings in Southwest Florida Golf Communities
Time to Sell Your Home?
It is a seller’s market so why should you work with a realtor? Do you have the time? There are over 180 actions required to complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies, and a mountain of paperwork.
With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.
As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only come every so often.
Call, email, or text us today for all of your real estate needs – 239.370.0892.
Results You Can Count On
The Naples Golf Guy Team, as seen on Forbes, is committed to extraordinary customer service with an emphasis on 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 are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.
July 26th, 2023 Posted by Matt
