What’s happening in the Sarasota Real Estate Market?
The Sarasota FL. housing market statistics are changing every day. We compile and display the Sarasota housing market data IN REAL TIME! There are a lot of factors to consider when determining a listing price, or deciding on a purchase price you would like to offer as a buyer. Our goal is to help our clients make the best decisions which leads to meeting their goals, whether it is to pay as little as possible, or to get the highest price as a seller. Do not hesitate to contact us to discuss the current market for your area of interest!
January 2024 Market Update
In January, there was a further increase in the amount of available properties and the time it took for properties to sell, suggesting a gradual move towards a market that is more balanced and advantageous for buyers.
Prices
Both Sarasota and Manatee counties saw an increase in median sales prices. In Sarasota County, the median sale price for single-family homes went up by 16.3% to $535,000, while in Manatee County, median prices increased by 3.8% to $525,000. For Sarasota County condos, the median sale price went up by less than one percent to $420,000, and for Manatee County condos, it increased by 3.8% to $357,990.
Inventory
The total number of homes and condos for sale almost doubled compared to last year, giving buyers more choices. In Sarasota County, the number of homes for sale went up by 75.4% to 3,135 listings, and condos went up by 124% to 1,985 listings. In Manatee County, the number of homes for sale went up by 33.3% to 2,420 listings, and condos went up by 79.4% to 1,340 listings.
The amount of time it would take to sell all the homes and condos also increased. In Sarasota County, it would take 4.9 months to sell all the single-family homes, and 3.9 months in Manatee County, which was a 75% increase and 21.9% increase from last year, respectively. For condos, there was a 6.2-month supply in Sarasota, the highest since April 2019, and a 5.6-month supply in Manatee, the highest since February 2013, marking a 129.6% increase and 75% increase from last year, respectively.
Pending Sales
In Sarasota County, it took about 38 days for houses and condos to be sold, which was a 58.3% increase from last year. In Manatee County, houses and condos were on the market for around 41 days before they were sold, showing a 41.3% increase from January 2023.
Our Take
Sales were up in both Sarasota and Manatee county in January compared to last year, and fairly substantially for that matter. It’s not a free-fall market. However, insurance rates and interest rates are slowing things down to a more balanced market pace. If insurance rates and interest rates start to drop, a resurgence of market activity may occur. As it looks right now, inventory is thickening to pre-pandemic levels. Sellers are back to the times where they should be on top of their game with property condition, and price accurately for the market.
Most Recent Sarasota Statistics – Single Family Homes
January 2024 Report – Single Family Homes
Closed Sales
487 Homes
+18.5% Year-Over-Year
Days on Market
40 Days
+37.9% Year-Over-Year
Median Price
$535,000
+16.3% Year-Over-Year
Inventory
3,135 Homes
+75.4% Year-Over-Year
Average Price
$792,062
+17.4% Year-Over-Year
Months of Supply
4.9 Months
+75% Year-Over-Year
Most Recent Sarasota Statistics – Condominiums
January 2024 Report – Condominiums
Closed Sales
209 Condos
-4.6% Year-Over-Year
Days on Market
35 Days
+84.2% Year-Over-Year
Median Price
$420,000
+0.6% Year-Over-Year
Inventory
1,985 Condos
+124.0% Year-Over-Year
Average Price
$722,730
+8.6% Year-Over-Year
Months of Supply
6.2 Months
+129.6% Year-Over-Year
Sarasota Real Estate Market Performance Trends
Closed Sales
Average Sales Price
Median Days on Market
The Sarasota Homes Group Experience
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