Sarasota Housing Market Trends

The latest Sarasota housing market trends showed 924 properties sold for just over $618 Million during August in the North Port, Sarasota, and Bradenton areas. Year-to-date there has been $3.8 Billion in closed sales.

The luxury market was strong, as evidenced by the 111 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home on Case Key overlooking the Gulf of Mexico for $12,000,000.

Overall, inventory ended the month at 3,066 properties for sale, up from 2,165 listings during the same time last year. Similar to the prior month, inventory increased slightly month-over-month. There was a net increase of 110 properties for sale from July to August. So even though we’ve moved in the right direction, we still have just a 3.4 months supply of homes for sale leaving us in a solid Seller’s market.

Additionally, the greater Sarasota area continues to make national headlines. A new study from an insurtech company named Sarasota the top housing market to watch in the country — designating it the market most “primed for success in the next few years.” One reason is the 24 percent increase in new construction homes in anticipation of the projected population growth.

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 Trends – Single-Family Homes

August 2023 versus August 2022 Single Family Home Highlights:

• Closed sales decreased 4.9 percent going from 678 transactions down to 645 sales.
• Pending sales fell from 674 last August compared to 583 this August, a 13.5 percent reduction.
• Inventory increased 25.7 percent up to 1,983 homes for sale compared to this same time last year when 1,577 homes were for sale.
• New listings decreased from 847 down to 822 which was a 3 percent decline.
• Median days on market increased to 31 days which was a 121.4 percent increase versus August of 2022.
• Available inventory of single-family homes ended August with a 3.3 months’ supply of homes available for sale which was up from 2 month’s supply during August of 2022.

Single-family home inventory rose year-over-year, ending the month at the highest level of homes for sale year-to-date. And, unlike the previous month it increased month-to-month. Sarasota single-family homes for sale ended August at 1,983 properties up from the end of July when it was 1,923 homes for sale.

The median sales price increased 9.2 percent over the same time last year up to $519,000. However, it fell slightly from the prior month when it was $535,000.

Also notable was the percentage of single-family home sales which were cash purchases. Just over 45 percent of all single-family home sales were a cash transaction which was up 5.1 percent over this same time last year.

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 Housing Market Trends– Condos and Townhomes

August 2023 versus August 2022 Condo Highlights:

• Condo sales decreased 5.7 percent going from 296 real estate transactions down to 279 sales.
• Pending sales decreased 20.7 percent down from 309 last August to 245 this August.
• Inventory increased 84.2 percent up to 1,083 condos for sale compared to last August when there were only 588 units for sale.
• New listings rose from 333 up to 380 or a 14.1 percent increase.
• Median days to contract was 46 days which was up from 14 days last year.
• Available inventory of condos ended August with a 3.5 months’ supply of properties available for sale which was a 118.8 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. More importantly, unlike the previous three months, inventory also rose month-to-month. There were 1,083 condos for sale at the end of August compared to to 1,033 units for sale at the end of July.

However, like the last three 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 46 days up from 36 days in July and up from 10 days during July of 2022. Finally, the percentage of cash sales was 60.9 percent of all condo sales which was up 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. 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

2023 Sarasota August Housing Market – Single Family Homes

2023 Sarasota August Housing Market – Condos

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