Sarasota Florida Real Estate Review

The latest Sarasota Florida Real Estate Review showed 899 properties sold for just over $578 Million during June in the North Port, Sarasota, and Bradenton areas.

The luxury market was strong, as evidenced by the 103 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home in San Remo Estates overlooking the Gulf of Mexico for $6,950,000.

Overall, inventory ended the month at 2,956 properties for sale, up from 2,170 listings during the same time last year. Similar to the prior month, inventory increased slightly month-over-month. There was only a net increase of 56 properties for sale from June to July.

Although inventory has increased significantly over the last year, we’re still well below our historical norms. In June 2019, the area had 4,157 homes for sale which is 40 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.

The Sarasota area continues to be a top destination for both people and businesses relocating. According to a recent report by Checkr – an employee background-check firm – Bradenton was among the top 25 Boomtowns in the U.S. Boomtowns are U.S. cities and metro areas attracting the most people – new business as well as movers looking for better jobs – that other areas of the country.

Further evidence Sarasota remains a top destination for people relocating is the addition of more new direct flights to Sarasota-Bradenton Airport. Starting in November, Avelo Airlines will add direct flights to Wilmington, Delaware. Avelo also flies to New Haven, Connecticut, and Raleigh-Durham, North Carolina, from SRQ.

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 Florida Real Estate Review – Single-Family Homes

July 2023 versus July 2022 Single Family Home Highlights:

• Closed sales decreased 6.6 percent going from 678 transactions down to 633 sales.
• Pending sales fell from 641 last July compared to 604 this July, a 5.8 percent reduction.
• Inventory increased 24.1 percent up to 1,923 homes for sale compared to this same time last year when 1,550 homes were for sale.
• New listings decreased from 959 down to 738 which was a 23 percent decline.
• Median days on market increased to 25 days which was a 150 percent increase versus July of 2022.
• Available inventory of single-family homes ended July with a 3.2 months’ supply of homes available for sale which was up from 2 month’s supply during July of 2022.

Single-family home inventory rose year-over-year, and unlike the previous month it decreased month-to-month. Sarasota single-family homes for sale end June at 1,943 compared to 1,923 at the end of July. The median sales price increased 1.9 percent over the same time last year up to $535,000. It also rose compared to the prior month when it was $522,500.

Additionally, unlike last month days on market increased up to 25 days. However, the number of days a property was listed until it went under contract was only 2 more days than the prior month.

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 Florida Real Estate Review – Condos and Townhomes

July 2023 versus July 2022 Condo Highlights:

• Condo sales decreased .8 percent going from 289 real estate transactions down to 266 sales.
• Pending sales increased 2.9 percent up from 280 last July to 288 this July.
• Inventory increased 65 percent up to 1,033 condos for sale compared to last July when there were only 626 units for sale.
• New listings fell from 377 down to 331 or a 12.2 percent decline.
• Median days to contract was 36 days which was up from 10 days last year.
• Available inventory of condos ended July with a 3.4 months’ supply of properties available for sale which was a 112.5 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. However, it actually fell for the third straight month down to 1,033 units for sale compared to 1,069 condos in June.

Similar to the last two months, we ended with just a 3.4 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 36 days up from 35 days in June and up from 10 days during July of 2022. Finally, the percentage of cash sales was 55.6 percent of all condo sales which was down from 60 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. In fact, Florida was ranked as the number one state for new home listings in the country.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling we have real estate specialists who cover Florida’s 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

July 2023 Sarasota County Single Family Home Sales

July 2023 Sarasota County Condo Sales

New Listings in Southwest Florida Golf Communities