September Sarasota Housing Trends
September Sarasota Housing Trends
The latest September Sarasota housing trends showed real estate slowed a bit with 743 properties sold for over $592 Million in the county, including North Port, Sarasota, and Bradenton areas.
Sarasota’s luxury real estate market remains strong, with 103 properties selling for $1 million or more in September, including a stunning $21,244,000 luxury waterfront condo on the Gulf of Mexico. Ninety percent of the top 10 sales were new construction luxury highrise condominiums on the Gulf of Mexico.
Additionally, Florida’s economy continues to thrive, with state revenue outperforming projections driven by robust sales tax receipts and strong investment returns. Despite recent storms, the insurance market remains resilient. Thanks to reinsurance measures, Florida’s insurers are well-prepared to manage current and future storm impacts.
The luxury real estate market in Florida is equally robust, with affluent buyers actively investing in high-end properties. In a recent discussion, billionaire investor Jeff Greene and CNBC’s Robert Frank highlighted the ongoing appeal and potential of real estate investment in Florida, pointing to its strong upside for growth.
September Sarasota Housing Trends – Single-Family Homes
September 2024 versus September 2023 Single Family Home Highlights:
- Closed sales decreased 19.6 percent, going from 638 transactions down to 513 sales.
- Pending sales increased slightly from 489 last September to 518 this September, a 5.9 percent increase.
- Inventory increased 31.6 percent to 2,841 homes for sale, compared to 2,159 homes for sale last year.
- New listings decreased from 835 to 749, a 10.3 percent drop.
- Median days on market increased to 48 days, a 77.8 percent increase, versus September of 2023.
- Available single-family home inventory ended September with a 4.5-month supply of homes for sale, up from a 3.5-month supply a year ago.
For the sixth straight month, the inventory of single-family homes declined slightly, falling 2.3 percent month-over-month. Yet, it is important to know that it is common for Sellers to remove their property from the market for the summer and relist in the fall. We anticipate inventory to start increasing again over the next couple of months.
Similar to last month, the average days on the market increased, going from 45 days to 48 days. This, combined with a low 4.5-month supply of inventory, has continued to empower sellers in the market.
In September, the median sales price decreased slightly to $490,000 from $494,000 a year ago. However, it was up from $475,000 in the prior month.
Bottom line: It remains a seller’s market for Sarasota single-family homes.
September Sarasota Housing Trends – Condos and Townhomes
September 2024 versus September 2023 Condo Highlights:
- Condo sales decreased 21.2 percent, from 292 real estate transactions to 230 sales.
- Pending sales increased 1.3 percent from 226 last September to 229 this September.
- Inventory increased 36 percent to 1,617 condos for sale compared to last September, when only 1,189 units were for sale.
- New listings decreased from 408 down to 366, or a 10.3 percent decrease.
- Median days to contract was 57 days, which was up from 39 days last year.
- Available condo inventory ended September with a 5.4 months’ supply of properties for sale, which was a 42.1 percent increase.
The condo market has experienced a significant increase in inventory compared to the previous year. However, for the sixth consecutive month, inventory declined month-over-month, resulting in a net decrease of 55 properties for sale.
Ultimately, September ended with 1,167 condos available, marking a 3.3 percent decrease from the previous month. Once again it’s important to know we anticipate an uptick in listings as we head into fall.
With the inventory reduction, the market remains a Seller’s market with just a 5.4-month supply of condos for sale. A balanced market typically consists of a 6 to 7-month supply of homes.
Also, unlike the previous month, the average days on the market saw a notable decrease from 72 days in August to 57 days in September. Therefore, this is another indication that we remain in a Seller’s market.
Finally, cash sales accounted for 59.5 percent of transactions, up slighly from the previous month’s 58.5 percent.
Bottom Line
The real estate market is constantly evolving, yet demand for both single-family homes and condos remains strong, keeping it a competitive Seller’s market.
Understanding these shifts is essential to making informed choices in real estate. Availability varies widely from one area to another—some neighborhoods have a range of options, while others are highly limited.
Whether you’re actively looking to buy or simply staying updated on local market trends, now is a prime time to track properties that align with your vision.
Regardless of whether you are looking to buy or sell a property, our team is dedicated to providing you with expert guidance. Most importantly, we’ll share the unique market conditions of each neighborhood, ensuring a smooth and successful transaction process.
Which Community is Right for You?
Finding the perfect community to call home can often feel overwhelming. That’s where we come in. Contact us, and our team of experts will work with you to pinpoint the ideal community that aligns with your lifestyle preferences.
Whether you are in the market to buy or sell, our dedicated real estate specialists focus on the Florida Gulf Coast region, spanning from Sarasota to Naples. If you are contemplating a move to this area, don’t hesitate to contact us for detailed insights and guidance.
New Construction
Several new construction developments in the Sarasota area have contributed to the increase in inventory over the last year.
If you are a buyer, with this surge in inventory, many builders are now offering attractive incentives to potential buyers.
If you are contemplating purchasing a new construction property, our team is here to assist you in exploring the different options available to you. We are dedicated to guiding you through the process and ensuring that your best interests are represented when dealing with builders.
Why Should I use a Realtor if I’m buying New Construction?
Sarasota Real Estate Market Reports
2024 September Sarasota Housing Trends – Single Family Homes
2024 September Sarasota Housing Trends – Condos
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The Naples Golf Guy Team will provide extraordinary customer service emphasizing 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’re a buyer, we’ll help you find the community that will give you the ultimate Florida lifestyle in Paradise.
