Sarasota Housing Market

Sarasota Housing Market Update

The latest Sarasota housing market reports showed 1,442 properties sold for just over $932.5 Million during May for the North Port, Sarasota, and Bradenton areas. Unlike the previous month when both single family home and condo sales year-over-year decreased 25 percent in Sarasota County, during May closed sales were only down slightly at 5.5 percent.

Similar to the previous two months, 57 percent of transactions were cash sales. If you find yourself in a multiple bid situation, in most cases the seller will consider a cash offer a stronger offer than one with financing.

On another note, even though inventory remains historically low, 1,590 new properties hit the market during the month. Most importantly, inventory of single family homes increased 67.4 percent and condo inventory increased 27.8 percent during May.

However, it’s important to note, the median days to contract for both single family homes and condos remained at just 5 to 6 days. Once again, as new properties hit the market, they were snapped up quickly provided they were priced properly. As long as demand remains high and supply low, prices will continue to rise.

If you are planning to sell, the increased inventory may start to impact how high of a sales price you will be able to obtain depending on the community.

Sarasota Housing Market Report – Single Family Homes

May 2022 versus May 2021 Single Family Home Highlights:

Closed sales decreased 7.6 percent going from 985 transactions down to 910 sales.
Pending sales decreased 12.7 percent down from 930 last May versus 812 this May.
Inventory rose 67.4 percent up to 1,038 properties for sale compared to this same time last year when just 620 homes were for sale.
New listings increased from 947 up to 1,111 which was an 17.3 percent increase.
Median days on market fell to 6 days which was the same as last May and last month.
Available inventory of single family homes ended May with 1.2 months’ supply of homes available for sale which was up 71.4 percent over this time last year.

Single family home prices showed a significant increases in the median sales price, up 21.6 percent when compared to last year at the same time. Even though industry experts continue to say growth will slow, we have yet to see that reflected in the actual local market data.

With the low supply and high demand, seller’s continue to have the advantage in the Sarasota housing market. Yet, this market will not last forever. If you are considering selling, contact us today for a complimentary market analysis. Call, email or text us today – 239.370.0892.

If you are considering buying a property, now may be a good time to start watching for properties which meet your criteria. New listings are hitting the market every day, we can help you with automatic property alerts.

Sarasota Housing Market Report – Condos and Townhomes

May 2022 versus May 2021 Condo Highlights:

Condo sales decreased 1.7 percent going from 541 real estate transactions down to 532 sales.
Pending sales decreased 25.7 percent down from 517 last May to 384 this May.
Inventory increased 27.8 percent up to 414 condos for sale compared to last May when there were only 324 units for sale.
New listings increased from 437 up to 479 which was a 9.6 percent increase.
Median days to contract remained at 5 days which was the same as April of this year as well as May of last year.
Available inventory of condos ended May with 1 months’ supply of properties available for sale which was a 42.9 percent increase.

Unlike April, both new listings and inventory of condos increased. We now have a months’ supply of homes available for sale. While we are trending in the right direction, we’re still a ways away from a normal balanced market which would be a 6 to 7 months supply of housing.

Between closed sales and pending sales, inventory remains very low despite the new listings added. As a result, the median sales price continued it’s upward trend, ending the month with a 29 percent increase year-over year. Similar to single family homes, as long as inventory remains low, prices will continue to rise.

Bottom line, it remains a seller’s market for both condos and single family homes. So now would be a great time to cash in on the high buyer demand. You might be surprised to learn how much your home is worth in today’s market. 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’re considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

2022 Sarasota County Housing Market – Single Family Homes

2022 Sarasota County Housing Market – Condos

Naples Golf Guy Monthly Newsletter – NEW!

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Should I use a Realtor if I’m buying New Construction?

Time to Sell Your Home?

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