Overall, inventory ended the month at 5,120 properties for sale, up from 2,673 listings during the same time last year. There was a notable increase in inventory compared to the prior month. Inventory rose 15.7 percent in January, a net increase of 694 properties for sale, compared to the prior month when it only rose 3.7 percent. While the supply of condos has increased to the point where we have a balanced market, single-family homes are still low and therefore it is still a Seller’s market.

Florida remains a top destination for homebuyers and businesses. The Sunshine State was recently ranked the 2nd Best Small Business State in the country according to a Simplify LLC Study. Additionally, the state remains among the Top 5 States with the most inbound relocations according to a report by the Allied Van Line one of the nation’s largest moving companies.

Further, our state was ranked the Best State for Retirement according to WalletHub due to low taxes and miles of shoreline.

Are you ready to relocate to the Sunshine State?

January Sarasota Housing Trends – Single-Family Homes

January 2024 versus January 2023 Single Family Home Highlights:

• Closed sales increased 18.5 percent going from 411 transactions up to 487 sales.
• Pending sales decreased from 1,057 last January compared to 815 this January, a 22.9 percent decline.
• Inventory increased 75.4 percent up to 3,135 homes for sale compared to this same time last year when 1,787 homes were for sale.
• New listings increased from 858 up to 1,196 which was a 39.4 percent jump.
• Median days on market increased to 40 days which was a 37.9 percent increase versus January of 2023.
• Available inventory of single-family homes ended January with a 4.9 months’ supply of homes available for sale which was up from 2.8 month’s supply during January of 2023.

Single-family home inventory continued its upward trend. Similar to the previous three months, inventory increased month-over-month by 13.4 percent, giving Buyers more options.

Like last month, there was a slight increase in days on market compared to the prior month. January ended at 40 days from listing to contract compared to 37 days in December. Typically, The low days on market combined with just a 4.9 month supply of inventory continued to give Seller’s the upper hand.

In addition, the median sales price increased to $535,000 which was up from $519,000 last month and up from $459,999 during January of the prior year. Also notable was the percentage of single-family home sales which were cash purchases. Just over 53 percent of all single-family home sales were a cash transaction which was up from 44 percent the previous month.

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

January Sarasota Housing Trends – Condos and Townhomes

January 2024 versus January 2023 Condo Highlights:

• Condo sales decreased 4.6 percent going from 219 real estate transactions down to 209 sales.
• Pending sales decreased 4.8 percent down from 354 last January to 337 this January.
• Inventory increased 124 percent to 1,985 condos for sale compared to last January when there were only 886 units for sale.
• New listings rose from 310 up to 440 or a 41.9 percent increase.
• Median days to contract was 35 days, which was up from 19 days last year.
• Available inventory of condos ended January with a 6.2 months’ supply of properties available for sale which was a 129.6 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. More importantly, inventory rose month-to-month for the sixth straight month. There were 1,985 condos for sale at the end of January compared to 1,662 units for sale at the end of December which was a 19.5 percent increase.

With the increased inventory the condo market is now considered balanced with a 6.2 month supply of condos for sale which was up from a 5.2 months’ supply in December. 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 significant increase in the days on market which went from 23 days in December up 35 days at the end of January. Notable was the percentage of cash sales which was 71 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 January Housing Market Stats – Single Family Homes

2024 Sarasota County January Housing Market Stats – Condos

New Listings in Southwest Florida Golf Communities

Naples Golf Guy Monthly Market Report