Latest Sarasota FL Housing Market Statistics

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!

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First Quarter Report

The housing market in Sarasota and Manatee counties has changed a lot in the first part of 2024. This is because of how the economy is doing and how people are buying and selling houses. This press release talks about these changes and what they might mean for the rest of the year.

Here are the main things that happened in the first part of 2024:

• There are a lot more houses for sale now. In Sarasota and Manatee counties, there are 64.6% more single-family homes for sale and 90.9% more townhomes and condos compared to the first part of 2023. This has made the housing market very different.
  
• It’s taking longer for houses to be sold. In the first part of 2024, it took about 43 days for a single-family home to be sold in Sarasota County and 51 days in Manatee County. This means it’s taking longer for houses to be sold.
  
• The prices of houses have changed. In March 2024, the prices of single-family homes went down by 0.6%, and the prices of townhouses and condos went down by 6.1% in Sarasota and Manatee counties.
  
• More people are buying houses with cash. In the first part of 2024, there was a 5.9% increase in cash sales for single-family homes and condos in Sarasota and Manatee counties. This means a lot of people are buying houses without getting a loan from the bank.

The information shows that the housing market is changing to be more favorable for buyers. This means buyers have more power to negotiate because there are more houses for sale. However a lot of people are buying houses with cash, which might make it harder for first-time buyers or people who need a loan to buy a house.

March 2024 Monthly Report

Prices

The typical price for a single-family home in Sarasota County went down by 2.5% to $515,000 compared to last year, and for townhomes and condos, it went down by 8.9% to $385,775. In Manatee County, condo prices went down by 2.8% to $342,988, while single-family home prices went up by 1.4% to $498,805.

In March 2024, many houses were bought with cash. In Sarasota County, 44.5% of single-family homes and 70.3% of townhomes and condos were paid for in cash. In Manatee County, 33.4% of single-family homes and 51.8% of townhomes and condos were paid for in cash.

Inventory

The number of homes available for sale has more than doubled in both counties compared to March of 2023. In Sarasota County, the number of homes for sale went up by 76.6% to 3,374 for single-family homes and by 100.3% to 2,153 for condos. In Manatee County, the number of homes for sale went up by 51.3% to 2,581 for single-family homes and by 78.9% to 1,519 for condos.

In March, the months supply of inventory (MSI) for single-family homes increased to 5.3 months in Sarasota County and 4.1 months in Manatee County. For townhomes and condos, the MSI increased to 6.8 months in Sarasota County and to 6.4 months in Manatee County. Florida Realtors® says that 5.5 months of inventory is the benchmark for a balanced market, which means it’s good for both buyers and sellers.

Pending Sales and Closings

In Sarasota County, it took about 40 days for single-family homes and 51 days for condos to be sold, which is 60% and 183.3% longer compared to last year. In Manatee County, it took 51 days for single-family homes to be sold, which is 10.9% longer, and 54 days for townhomes and condos, which is 134.8% longer.

There were 1,453 closed sales for single-family homes in Sarasota and Manatee, which is an 8.2% decrease from the same time last year. Closed sales for condos decreased by less than one percent to 686 sales.

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

March 2024 Report – Single Family Homes

Most Recent Sarasota Statistics – Condominiums

March 2024 Report – Condominiums

Sarasota Real Estate Market Performance Trends

Closed Sales

Average Sales Price

Median Days on Market