Sarasota Housing Report

The latest Sarasota housing report showed 784 properties sold for just over $525 Million during October in the county which includes North Port, Sarasota, and Bradenton areas. Year-to-date, there has been $6.5 Billion in closed sales.

The luxury market was strong, as evidenced by the 97 properties sold at $1 Million and above. The highest-priced sale was for a single-family home on Casey Key overlooking the Gulf of Mexico for $9,000,000.

Overall, inventory ended the month at 3,795 properties for sale, up from 2,247 listings during the same time last year. Inventory also rose 13.5 percent compared to the prior month, a net increase of 447 properties for sale. While we are moving in the right direction, inventory is just above 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.

The Sarasota area is unlike other areas of the country where home sales are declining. Sarasota has seen an increase in sales, new listings, overall inventory and longer days on the market, all of which point toward a more balanced market.

Will it continue? There is no way to know for sure. However, we do know Florida’s economy remains strong. Once again, the state exceeded expectations with tax revenue collections, bringing in $215 Million more than projected during September. Additionally, the Sunshine State remains a prime destination for wealthy and ultra-high-net-worth individuals to buy homes. Jeff Bezos is the latest to make the move to South Florida. He is just one of many looking for a tax-friendly state.

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 Report – Single-Family Homes

October 2023 versus October 2022 Single Family Home Highlights:

Closed sales increased 3.5 percent going from 520 transactions up to 538 sales.
Pending sales increased from 352 last October compared to 509 this October, a 44.6 percent increase.
Inventory increased 52.7 percent up to 2,424 homes for sale compared to this same time last year when 1,587 homes were for sale.
New listings increased from 559 up to 949 which was a 69.8 percent jump.
Median days on market increased to 29 days which was a 45 percent increase versus October of 2022.
Available inventory of single-family homes ended October with a 3.9 months’ supply of homes available for sale which was up from 2.2 month’s supply during October of 2022.

Single-family home inventory continued its upward trend. Similar to the previous month, inventory increased month-over-month by 12.5 percent, giving Buyers more options.

Unlike last month when the number days from a new listing to contract fell month-to-month, during October, it increased slightly up to 29 days. The low days on market combined with just a 3.9 months supply of inventory gave Seller’s the upper hand.

Also, the median sales price rose for the first time in 4 months going from $494,000 in September up to $520,000 in October. Also notable was the percentage of single-family home sales which were cash purchases. Almost 46 percent of all single-family home sales were a cash transaction which was up from 45 percent during the prior month.

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

Sarasota Housing Report – Condos and Townhomes

October 2023 versus October 2022 Condo Highlights:

Condo sales decreased 1.6 percent going from 250 real estate transactions down to 246 sales.
Pending sales increased 29.6 percent up from 179 last October to 232 this October.
Inventory increased 107.7 percent up to 1,371 condos for sale compared to last October when there were only 660 units for sale.
New listings rose from 295 up to 493 or a 67.1 percent increase.
Median days to contract was 32 days which was up from 28 days last year.
Available inventory of condos ended October with a 4.4 months’ supply of properties available for sale which was a 144.4 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. More importantly, inventory rose month-to-month for the third straight month. There were 1,371 condos for sale at the end of October compared to 1,189 units for sale at the end of September which was a 15 percent increase.

While we moved in the right direction adding 182 additional condos for sale, we ended with just a 4.4 months’ supply of condos for sale. We’ve moved closer to a balanced market which is traditionally a 6-7 months’ supply of units for sale.

Additionally, days to contract fell from 39 days during the prior month down to 32 days in October. Notable was the percentage of cash sales which was 67 percent of all condo sales up from 58.2 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 construction inventory for sale. As we approach the end of the year, there are several builders offering significant 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

October 2023 Sarasota Housing Report – Single Family Homes

October 2023 Sarasota Housing Report – Condos

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