Sarasota Housing Market Review

The latest Sarasota housing market review showed 930 properties sold for just over $603 Million during September in the North Port, Sarasota, and Bradenton areas. Year-to-date there has been $5.9 Billion in closed sales.

The luxury market was strong, as evidenced by the 114 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home on Lido Key overlooking the Gulf of Mexico for $13,950,000.

Overall, inventory ended the month at 3,348 properties for sale, up from 2,177 listings during the same time last year. Inventory also rose 9 percent compared to the prior month which was a net increase of 282 properties for sale. While we are moving in the right direction, inventory remains below a 4 months supply of homes for sale. Since a balanced market is a 6-7 months supply of housing, we ended the month in a solid Seller’s market.

Additionally, Sarasota was noted as The Top U.S. Home Market to watch by Insurify. In-part due to the 1,500 residential units under construction in the area which helps offset the shortage in supply and gives Buyers more options. Also, the city’s population has increased 6.9 percent since 2020 which is the second highest compared to other cities on their list. Three other Florida cities made the list as well. Fort Myers came in 4th, Orlando 5th and Jacksonville 9th.

Will demand continue? Florida continues to be a prime destination for people looking to relocate. According to a recent Redfin report, Florida’s metro areas remain strongly desired by buyers looking outside their current state, with 5 of the nation’s top 10 highest-ranked metro areas for relocation. The Sarasota-North Port area, Orlando, Tampa, Cape Coral and Miami all made the list.

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 Housing Market Review – Single-Family Homes

September 2023 versus September 2022 Single Family Home Highlights:

• Closed sales increased 39.3 percent going from 458 transactions up to 638 sales.
• Pending sales increased from 452 last September compared to 483 this September, a 8.2 percent reduction.
• Inventory increased 35.7 percent up to 2,159 homes for sale compared to this same time last year when 1,591 homes were for sale.
• New listings increased from 608 up to 835 which was a 37.3 percent decline.
• Median days on market increased to 27 days which was a 35 percent increase versus September of 2022.
• Available inventory of single-family homes ended September with a 3.5 months’ supply of homes available for sale which was up from 3.5 month’s supply during September of 2022.

Single-family home inventory continued its upward trend. Similar to the previous month, inventory increased month-over-month by 9 percent, giving Buyers more options.

However, the days to contract fell month-to-month going from 31 days down to 27 days. The low days on market combined with just a 3.5 months supply of inventory gave Seller’s the upper hand.

The median sales price fell for the 3rd month in a row down to $494,000. Also notable was the percentage of single-family home sales which were cash purchases. Almost 43 percent of all single-family home sales were a cash transaction which was down from 45 percent during the prior month.

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

Sarasota Housing Market Review – Condos and Townhomes

September 2023 versus September 2022 Condo Highlights:

• Condo sales increased 24.3 percent going from 235 real estate transactions up to 292 sales.
• Pending sales increased 7.1 percent up from 211 last September to 226 this September.
• Inventory increased 102.9 percent up to 1,189 condos for sale compared to last September when there were only 586 units for sale.
• New listings rose from 244 up to 408 or a 67.2 percent increase.
• Median days to contract was 39 days which was up from 18 days last year.
• Available inventory of condos ended September with a 3.8 months’ supply of properties available for sale which was a 137.5 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. More importantly, inventory rose month-to-month for the second straight month. There were 1,189 condos for sale at the end of September compared to 1,083 units for sale at the end of August which was a 9 percent increase.

While we moved in the right direction adding 106 additional condos for sale, similar to the last four 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 fell from 46 days during the prior month down to 39 days in September. Finally, the percentage of cash sales was 58.2 percent of all condo sales which was down slightly from 60 percent during the prior two months. 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. 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

If you are Buyer, in addition to the increasing inventory, there’s also been a notable increase in new home inventory for sale. As we approach the end of the year, there are several builders offering Buyer incentives. If new construction is a consideration, we’ll help you navigate your various options and represent your best interest over the builder. Should I use a Realtor if I’m buying New Construction?

Not ready yet? Since real estate is truly local, inventory will vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from others will have little or no inventory.  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.

Which community is right for you and your family? Not sure? Contact us and we’ll help you identify the communities which will match the lifestyle you are seeking with the type of home of home you are looking for at your desired price point.

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

2023 Sarasota September Housing Market Review – Single Family Homes

2023 Sarasota September Housing Market Review – Condos

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Naples Golf Guy Monthly Market Report