Sarasota Real Estate Stats
March Sarasota Real Estate Stats
The latest Sarasota Real Estate stats showed 1,240 properties sold for just over $835.5 Million during March in the North Port, Sarasota, and Bradenton areas.
The luxury market was strong, as evidenced by the 164 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home in San Remo Estates for $8,350,000.
Overall, inventory ended the month at 2,986 properties for sale, which is up from 962 listings during the same time last year. Inventory also increased just over 11.5 percent compared to February of this year when there were 2,673 homes for sale. So, the good news is we continued to move in the right direction.
At the same time, inventory is still historically low. It is less than half the normal levels for this time of year. In March of 2019, we had 5,604 properties on the market. It is important to note, there are several new construction opportunities available. From luxury custom homes in Wild Blue at Waterside to bundled golf communities such as Esplanade at Azario, there are a wide array of options available. Should I use a Realtor if I’m buying New Construction?
Even brokers from the mid-west who have opened offices in Florida are lamenting about the high demand for homes and the limited supply. The consensus from executives in a recent panel discussion was, despite inventory challenges, Florida remains a hot spot for homebuyers. The biggest trend they noted was the desire for more space. Both inside the house and outside. Finally, modern is definitely the preferred style. The Mediterranean look is out of style.
Whether you are buying or selling a home, it is important to keep track of local market trends. What is happening in resort destinations such as Sarasota continues to be different from other areas of the country. If you have questions about a specific area or neighborhood, contact us for more information.
Sarasota Real Estate Stats – Single-Family Homes
March 2023 versus March 2022 Single Family Home Highlights:
- Closed sales decreased 3.8 percent going from 859 transactions down to 826 sales.
- Pending sales fell slightly from 825 last March compared to 803 this March.
- Inventory increased 177 percent up to 1,911 homes for sale compared to this same time last year when 690 homes were for sale.
- New listings decreased from 1,105 down to 1,044 which was a 5.5 percent decline.
- Median days on market increased to 25 days which was a 400 percent increase versus March of 2022.
- Available inventory of single-family homes ended March with a 3.1 months’ supply of homes available for sale which was up from less than one month’s supply during March of 2022.
The median sales price for single family homes continued its upward trend, rising to $528,013 in March of this year. Not only was it an 8.3 percent increase over this time last year, but it was also a 6.6 percent increase over the previous month. As long as supply remains limited, and there is high demand, prices will continue to rise.
Additionally, days on market remained low at just 25 days from the day a property was listed until it went under contract. While it was up slightly from February when it only took 21 days to go to contract. However, similar to last month it is marginally better than last year when it was just 5 days on market.
On a positive note, there are several new construction developments in the area including
Bottom line: It remains a Seller’s market.
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 Real Estate Stats – Condos and Townhomes
March 2023 versus March 2022 Condo Highlights:
- Condo sales decreased 11.7 percent going from 469 real estate transactions down to 414 sales.
- Pending sales decreased 10.8 percent down from 471 last March down to 420 this March.
- Inventory increased 295.2 percent up to 1,075 condos for sale compared to last March when there were only 272 units for sale.
- New listings increased from 532 up to 622, a 16.9 percent increase.
- Median days to contract was 18 days which was up from 5 days last year.
- Available inventory of condos ended March with a 3.3 months’ supply of properties available for sale which was a 450 percent increase.
Inventory continues to move in the right direction. There was a 15.5 percent increase over February’s inventory of condos for sale. From a historical perspective, pre-pandemic condo inventory during March of 2019 was more than double with 2,089 units for sale. Yet, we are moving in the right direction.
Also noteworthy was the number of days on market which actually decreased from 19 days down to 18 days. Finally, cash sales remained high at 66 percent. The good news is it wasn’t quit as high as the previous month when it was 71 percent of all condo sales. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, we are still in 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…
Whether you are buying or selling we have real estate specialists who cover the 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
Naples Golf Guy Monthly Market Report – NEW!!
March 2023 Sarasota Real Estate Stats – Single Family Homes
March 2023 Sarasota Real Estate Stats – Condos
New Listings in Southwest Florida Golf Communities
Begin Your Search for a Southwest Florida Vacation Home or Second Home:
There are more than 150 golf communities in our area, and most of them have a private golf course in our area and most of them have a private golf course within the community. It can be challenging to navigate the plethora of communities, membership options, golf course design, amenities, and more. We will help provide you with a list of the top private golf communities which match your lifestyle.
Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. We may be able to help you save money and negotiate for extras that the builder may not let you know about.
Lastly, we will manage all contract negotiations via paperless transactions for your property from offer to close!
Time to Sell Your Home?
It is a seller’s market so why should you work with a realtor? Do you have the time? There are over 180 actions required to complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies, and a mountain of paperwork.
With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.
As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only come every so often.
Call, email , or text us today for all of your real estate needs – 239.370.0892.
Results You Can Count On
The Naples Golf Guy Team, as seen on Forbes, is committed to extraordinary customer service with an emphasis on detail. Professionalism, integrity, and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. If you are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.
April 27th, 2023 Posted by Matt
