April Sarasota Housing Trends

April Sarasota Housing Trends

April Sarasota Housing TrendsThe latest April Sarasota housing trends showed real estate is thriving with 1,242 properties sold for a total of over $935 Million in the county, including North Port, Sarasota, and Bradenton areas.

The luxury segment particularly stood out, with 201 properties being sold for $1 million or more.  Notably, the highest-priced sale was a bayfront estate in Southern Sarasota for $11,629,000. These figures indicate a robust real estate market in the Sarasota area, showcasing a strong demand for high-end properties.

The inventory report indicates a significant increase in properties available for sale, with a total of 5,429 listings at the end of the month, showing a notable rise from the 2,936 properties listed during the same period last year.

The analysis of April’s data reveals a nominal 1.2 percent decrease in inventory from the previous month, translating to a net reduction of 98 properties available for sale. Although there has been a decline in inventory, it is important to note that the current levels are significantly higher than those recorded at the same time last year. This surplus of inventory indicates a broader range of choices for potential buyers.

Sarasota County has emerged as a highly desirable place to reside, attracting a significant number of college-educated individuals to the Sarasota-Bradenton area, as highlighted in a report by HireAHelper, a reputable moving company. While certain regions are experiencing a decline in educated professionals, three cities in Florida, including Sarasota-Bradenton, witnessed a notable surge in college-educated residents. The report indicates a remarkable 135% increase in college-educated individuals relocating to the Sarasota-Bradenton area in 2023, with Jacksonville and the Tampa-St. Pete areas also experiencing substantial gains.

April Sarasota Housing Trends – Single-Family Homes

2024 April Sarasota Housing Trends for Single Family Homes

April 2024 versus April 2023 Single Family Home Highlights:

  • Closed sales increased 8.6 percent going from 747 transactions up to 811 sales.
  • Pending sales increased slightly from 768 last April compared to 779 this April, a 1.4 percent increase.
  • Inventory increased 81.2 percent up to 3,305 homes for sale compared to this same time last year when 1,824 homes were for sale.
  • New listings increased from 845 up to 991 which was a 17.3 percent jump.
  • Median days on market increased to 40 days which was a 90.5 percent increase versus April of 2023.
  • Available single-family home inventory ended April with a 5.1 months’ supply of homes for sale, up from 2.9 month’s supply during April of 2023.

Unlike previous months, inventory of single-family homes declined slightly, down 2 percent month-over-month. However, with inventory up significantly over the prior year. This current levels of inventory indicates a broader range of choices for potential buyers in the market, presenting them with increased opportunities to find properties that align with their preferences and requirements.

Additionally, for the fourth month in a row the average days on the market have remained steady at 40 days. This, coupled with a low 5.1 month supply of inventory, has continued to empower sellers in the market.

In April, the median sales price rose to $540,000 from $515,000 in March, and it was up from $520,000 a year ago. It is also worth noting that cash purchases accounted for just 48.6 percent of all single-family home sales, showing an increase from the previous month’s 44 percent.

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

April Sarasota Housing Trends – Condos and Townhomes

2024 April Sarasota Housing Trends for Condos

April 2024 versus April 2023 Condo Highlights:

  • Condo sales increased 12.5 percent going from 383 real estate transactions up to 431 sales.
  • Pending sales decreased 16.4 percent down from from 452 last April to 378 this April.
  • Inventory increased 91 percent to 2,124 condos for sale compared to last April when only 1,112 units were for sale.
  • New listings fell from 536 down to 496 or a 7.5 percent decline.
  • Median days to contract was 48 days, which was up from 22 days last year.
  • Available condo inventory ended April with a 6.7 months’ supply of properties for sale which was a 91.4 percent increase.

The condo market has seen a significant increase in inventory compared to the previous year. However, for the first time in 8 months inventory declined month-over-month. Overall, condo inventory saw a net decrease of 29 properties for sale. April ended the month with 2,124 condos available for sale, showing a 1.3 percent decrease from the previous month.

Despite the slight reduction in inventory, the market has maintained a balance, with a 6.7-month supply of condos for sale, down from 6.8 months supply in March. This surplus in inventory presents favorable conditions for buyers.

Sellers are advised to review their list prices to align with the current market dynamics. Furthermore, there has been a noticeable downtick in the days on market, decreasing from 51 days in March to 48 days in April.

Finally, cash sales accounted for 70 percent of transactions, which was similar to the previous month’s 70.3 percent.

Bottom Line

Bottom Line AnalysisAs the real estate market dynamics continue to evolve, it’s important to note that single-family homes remain highly sought after, resulting in a Seller’s market. Conversely, condominiums are experiencing a more balanced market environment.

Understanding these nuances is crucial as you delve into the realm of real estate exploration. Property availability varies significantly from one location to another, with some areas offering a plethora of housing options while others may have limited choices or none at all.

Whether you’re embarking on a property search or simply staying informed about neighborhood trends, now is the time to start monitoring properties that align with your preferences.

With new listings entering the market daily, staying informed is paramount, and we stand ready to support you by offering automated property alerts, ensuring you remain informed and poised to seize any pertinent opportunities that arise. Sign up for automatic property alerts.

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 unique market conditions of each neighborhood, ensuring a smooth and successful transaction process.

Which Community is Right for You?

Not sure which communityWhen it comes to finding the perfect community to call home, the process can often feel overwhelming. That’s where we come in. Reach out to 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 get in touch with us for detailed insights and guidance.

New Construction

Value of an Agent When Buying New constructionWhen it comes to being a buyer in the real estate market, it is important to take note of the increasing inventory, particularly the rise in new construction properties for sale.

With this surge in inventory, many builders are now offering attractive incentives to potential buyers.

If you are contemplating the idea of 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 ReportsSarasota real estate stats and headlines

2024 Sarasota County April Housing Market Stats – Single Family Homes

2024 Sarasota County April Housing Market Stats – Condos

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Results You Can Count On

The Naples Golf Guy Team, as seen on Forbes, will provide 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’re a buyer, we’ll help you find the community that will give you the ultimate Florida lifestyle in Paradise.

Luxury Real Estate AgentNaples Golf Guy aka Matt KlinowskiThe above information was written by Naples Golf Guy, Matthew Klinowski P.A., an expert for more than 20 years in Southwest Florida Luxury Golf Community real estate.

Contact Matt:  Matt@NaplesGolfGuy.com

or at 239-370-0892

May 30th, 2024 Posted by Matt