Sarasota Housing Trends

Sarasota Housing Trends

The latest Sarasota housing trends showed 805 properties sold for just over $605 Million during Novemberin the county, including North Port, Sarasota, and Bradenton areas. Year-to-date, there has been $7 Billion in closed sales.

Sarasota Housing Trends – Single-Family Homes

November 2023 versus November 2022 Single Family Home Highlights:

• Closed sales increased 31 percent going from 413 transactions up to 541 sales.
• Pending sales increased from 454 last November compared to 459 this November, a 1.1 percent increase.
• Inventory increased 60.9 percent up to 2,708 homes for sale compared to this same time last year when 1,683 homes were for sale.
• New listings increased from 650 up to 920 which was a 41.5 percent jump.
• Median days on market increased to 25 days which was an 8.7 percent increase versus November of 2022.
• Available inventory of single-family homes ended November with a 4.3 months’ supply of homes available for sale which was up from 2.4 month’s supply during November of 2022.

Single-family home inventory continued its upward trend. Similar to the previous two months, inventory increased month-over-month by 11.7 percent, giving Buyers more options.

Unlike last month when the number days from a new listing to contract increased month-to-month, during November, it decreased to 29 days. The low days on market combined with just a 4.3 months supply of inventory gave Seller’s the upper hand.

Also, the median sales price was almost the same as it was the prior year at $500,000. However, it was down from the prior month when it was $520,000. Also notable was the percentage of single-family home sales which were cash purchases. Almost 44 percent of all single-family home sales were a cash transaction which was down slightly from 46 percent during the prior month.

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

Sarasota Housing Trends – Condos and Townhomes

November 2023 versus November 2022 Condo Highlights:

• Condo sales increased 30.7 percent going from 225 real estate transactions up to 294 sales.
• Pending sales increased 21.3 percent up from 258 last November to 313 this November.
• Inventory increased 114.9 percent up to 1,562 condos for sale compared to last November when there were only 727 units for sale.
• New listings rose from 368 up to 583 or a 58.4 percent increase.
• Median days to contract was 21 days which was up from 13 days last year.
• Available inventory of condos ended November with a 4.9 months’ supply of properties available for sale which was a 133.3 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. More importantly, inventory rose month-to-month for the fourth straight month. There were 1,562 condos for sale at the end of November compared to 1,371 units for sale at the end of October which was a 13.9 percent increase.

While we moved in the right direction adding 191 additional condos for sale, we ended with just a 4.9 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 on market fell for the 2nd straight month down to 21 days to contract, down from 32 days in October. Notable was the percentage of cash sales which was 73.8 percent of all condo sales up from 67 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. 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

2023 Sarasota November Housing Market Report – Single Family Homes

2023 Sarasota November Housing Market Report – Condos

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