February Sarasota Housing Trends
February Sarasota Housing Trends
The latest February Sarasota housing trends showed 847 properties sold for just over $672 Million in the county, including North Port, Sarasota, and Bradenton areas.
Similar to other Florida cities, the number of all cash purchases remained near record highs. Sarasota County ended the month with 56.7 percent of their transactions being cash.
Overall, inventory ended the month at 5,456 properties for sale, up from 2,722 listings during the same time last year. Also, there was a modest increase in inventory compared to the prior month. Inventory rose 6.7 percent in February, a net increase of 336 properties for sale.
Ultimately, the condos supply ended the month in a balanced market. However, single-family home inventory ended February with a 5.2 months supply of homes for sale which means it remained a Seller’s market.
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February Sarasota Housing Trends – Single-Family Homes
February 2024 versus February 2023 Single Family Home Highlights:
- Closed sales increased 11 percent going from 520 transactions up to 577 sales.
- Pending sales increased slightly from 751 last February compared to 753 this February, a 0.3 percent increase.
- Inventory increased 86.1 percent up to 3,337 homes for sale compared to this same time last year when 1,793 homes were for sale.
- New listings increased from 852 up to 1,126 which was a 32.2 percent jump.
- Median days on market increased to 40 days which was a 90.5 percent increase versus February of 2023.
- Available inventory of single-family homes ended February with a 5.2 months’ supply of homes available for sale which was up from 2.9 month’s supply during February of 2023.
Single-family home inventory continued its upward trend. Similar to the previous four months, inventory increased month-over-month by 6.4 percent, giving Buyers more options.
Unlike last month when there was a slight increase in days on market, February remained the same as January at 40 days from listing to contract. Typically, The low days on market combined with just a 5.2 month supply of inventory continued to give Seller’s the upper hand.
However, the median sales price decreased to $507,500 compared to the previous month. Yet, it was up from a year ago when it was $495,000. Also notable was the percentage of single-family home sales which were cash purchases. Just under 49 percent of all single-family home sales were a cash transaction which was down from 53 percent the previous month.
Bottom line: It remains a Seller’s market for Sarasota single-family homes.
February Sarasota Housing Trends – Condos and Townhomes
February 2024 versus February 2023 Condo Highlights:
- Condo sales decreased 9.1 percent going from 297 real estate transactions down to 270 sales.
- Pending sales increased 2.1 percent up from 423 last February to 432 this February.
- Inventory increased 128.1 percent to 2,119 condos for sale compared to last February when there were only 929 units for sale.
- New listings rose from 533 up to 651 or a 22.1 percent increase.
- Median days to contract was 42 days, which was up from 19 days last year.
- Available inventory of condos ended February with a 6.7 months’ supply of properties available for sale which was a 139.3 percent increase.
Similar to single-family homes, condo inventory increased significantly over last year. More importantly, inventory rose month-to-month for the seventh straight month. There were 2,119 condos for sale at the end of February compared to 1,985 units for sale at the end of January which was a 6.8 percent increase.
With the increased inventory the condo market remained balanced with a 6.7 month supply of condos for sale which was up from a 6.2 months’ supply in January. The increase in the number of condos for sale is good news for buyers. If you are a Seller, you should evaluate your list price to ensure it reflects current market conditions.
Additionally, there was a modest increase in the days on market which went from 35 days in January up 42 days at the end of February. Notable was the percentage of cash sales which was 73.7 percent of all condo sales. Now, with a healthy level of inventory, an increase in the days on market both Buyers and Sellers are on a more even playing field.
Bottom Line
Overall, it remains a Seller’s market for single-family homes and a balanced market for condominiums. However, market conditions remain very neighborhood specific. There are some neighborhoods with no inventory and others with a year’s supply. Whether you are buying or selling, we will help you navigate the market conditions within each neighborhood.
If you are Buyer, in addition to the increasing inventory, there’s also been a notable increase in new construction inventory for sale. As we approach the end of the year, there are several builders offering significant Buyer incentives. If new construction is a consideration, we’ll help you navigate your various options and represent your best interest over the builder. Should I use a Realtor if I’m buying New Construction?
Not ready yet? Since real estate is truly local, inventory will vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from others will have little or no inventory. 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.
Which community is right for you and your family? Not sure? Contact us and we’ll help you identify the communities which will match the lifestyle you are seeking with the type of home of home you are looking for at your desired price point.
Whether you are buying or selling we have real estate specialists who cover Florida’s 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
2024 Sarasota County February Housing Market Stats – Single Family Homes
2024 Sarasota County February Housing Market Stats – Condos
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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 are a buyer, we are will help you find the community that will allow you to live the ultimate Florida lifestyle in Paradise.
April 1st, 2024 Posted by Matt
