Sarasota Florida Housing Market Update

The latest Sarasota Florida housing market statistics showed 630 properties sold for just over $422 Million during January for the North Port, Sarasota, and Bradenton areas. The luxury market was strong as evidenced by the 81 properties which sold at $1 Million and above. The highest priced sale was for a single family home on Lido Key for $6,412,000.

Once again, inventory rose significantly compared to the same time last year. However, it is important to keep in mind inventory was extremely low last year. Similar to previous months, even though supply has increased, the greater Sarasota area ended the month with less than a 3 months’ supply of properties for sale. The good news is there was a notable increase in condos which is encouraging.

Overall, inventory ended the month at 2,673 properties for sale which is just 48 percent of normal inventory levels for this time of year. From a historical perspective, inventory prior to the pandemic was 5,612 in January of 2019. So, while we are moving in a positive direction to a more balanced market, we still have a long way to go.

Whether you are buying or selling a home, it is important to keep track of local market trends. What is happening in resort destinations such as Sarasota continues to be different than other areas of the country. If you have questions about a specific area or neighborhood, contact us for more information.

Sarasota Florida Housing Market Report – Single Family Homes

January 2023 versus January 2022 Single Family Home Highlights:

• Closed sales decreased 37.1 percent going from 653 transactions down to 411 sales.
• Pending sales decreased 16.6 percent down from 799 last January versus 666 this January.
• Inventory increased 238.4 percent up to 1,787 properties for sale compared to this same time last year when 528 homes were for sale.
• New listings increased from 811 up to 858 which was a 5.8 percent increase.
• Median days on market increased to remained at 29 days which was a 314.3 percent increase versus January of 2022.
• Available inventory of single-family homes ended January with a 2.8 months’ supply of homes available for sale which was up from less than one months’ supply during January of 2022.

Unlike previous months, the median sales price for single-family home was slightly lower than the prior January, down from $464,500 to $459,999 which was a 1 percent dip. Additionally, the median sales price fell month-to-month going from $505,000 in December down to $459,999.

Once again single-family home inventory rose significantly compared to last year, up more than 238 percent. However, inventory only rose 6 percent from December to January. Since we normally see a significantly increase in supply of homes for sale during season (January through April), it is notable there was only a minimal increase compared to the prior month.

However, once again the increase in single-family housing inventory is misleading. There is still just a 2.8 months’ supply of homes for sale. Since a healthy market would be at least 6 months’ worth of homes for sale, Sellers remain in the driver’s seat. From a historical perspective, in 2019 there were 3,548 single-family homes (5.4 months’ supply) available for sale. We currently have 50 percent of the inventory we used to have before the pandemic.

Also, the time it took for single-family homes to go to contract in creased from 23 days in December up to 29 days in January which is still fast compared to a normal market. Due to low inventory, prices continued to rise in December. As a result, overall, it remains a Seller’s market.

So, if you are thinking about selling your property in the Sarasota area, call, email or text us today – 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 chose 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 which 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 Florida Housing Market Report – Condos and Townhomes

January 2023 versus January 2022 Condo Highlights:

• Condo sales decreased 37.2 percent going from 349 real estate transactions down to 219 sales.
• Pending sales decreased 17.5 percent down from 429 last January to 354 this January.
• Inventory increased 248.8 percent up to 886 condos for sale compared to last January when there were only 254 units for sale.
• New listings increased from 424 up to 551 which was a 30 percent increase.
• Median days to contract was 19 days which was up from 7 days last year.
• Available inventory of condos ended January with a 2.7 months’ supply of properties available for sale which was a 350 percent increase.

Unlike single-family home sales, there was a notable increase in condo inventory in January. Year-over-year inventory increased 30 percent and it was up 18 percent over December. Definitely a step in the right direction towards a balanced market. Yet, once again, if you compare overall condo inventory to pre-pandemic levels of 2019 when we had 2,064 properties for sale, we ended January with 43 percent of what we usually have available for sale at this time of year.

Also noteworthy was the number of days on market which remained low at 19 days which was the same as December. Finally, cash sales remained significant at 63 percent of all condo sales. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, we are still in 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…

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.

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Sarasota Florida Housing Market Statistics – Single Family Homes January 2023

Sarasota Florida Housing Market Statistics – Condos January 2023

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Begin Your Own Search for a Southwest Florida Vacation Home or Second Home:

If you are ready to begin your search for your dream home or condominium in Southwest Florida, we encourage you to explore our website to find information about communities in the area.  If golf is your game, we specialize in golf community real estate.