May Sarasota Housing Trends

May Sarasota Housing Trends

2024 May Sarasota Housing TrendsThe latest May Sarasota housing trends showed real estate is thriving with 1,273 properties sold for a total of over $862 Million in the county, including North Port, Sarasota, and Bradenton areas.

The luxury segment particularly stood out, with 163 properties being sold for $1 million or more.  Notably, the highest-priced sale was a gulf-front estate in Sanderling Club for $14,500,000. 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 5,249 listings at the end of the month, showing a notable rise from the 2,897 properties listed during the same period last year.

The analysis of May’s data reveals a nominal 3.3 percent decrease in inventory from the previous month, translating to a net reduction of 180 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.

U.S New & World Report has ranked Sarasota as the 11th best place to live and the 18th best place to retire. No wonder Sarasota County is among the fastest growing cities in Florida. With a vibrant arts scene, a beachy atmosphere, and a wide array of outdoor activities including golf and plenty of sunshine, Sarasota offers something for everyone.

May Sarasota Housing Trends – Single-Family Homes

2024 May Sarasota Housing Market Trends - Single Family Homes

May 2024 versus May 2023 Single Family Home Highlights:

  • Closed sales increased 3.4 percent going from 822 transactions up to 850 sales.
  • Pending sales increased slightly from 665 last May compared to 697 this May, a 4.8 percent increase.
  • Inventory increased 77.6 percent up to 3,239 homes for sale compared to this same time last year when 1,824 homes were for sale.
  • New listings increased from 813 up to 920 which was a 13.2 percent jump.
  • Median days on market increased to 43 days which was a 72 percent increase versus May of 2023.
  • Available single-family home inventory ended May with a 5-month’ supply of homes for sale, up from 3 month supply during May of 2023.

Similar to the previous month, inventory of single-family homes declined slightly, down 2 percent month-over-month. However, inventory is up significantly over the prior year. The current levels of inventory indicate 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 first time in five months, there was an increase in the average days on the market which increased from 40 days up to 43 days. This, coupled with a low 5 month supply of inventory, has continued to empower sellers in the market.

In May, the median sales price rose to $530,000 from $510,000 a year ago. However, it was down slightly from $540,000 during the prior month. It is also worth noting that cash purchases accounted for just 4.5 percent of all single-family home sales, showing a decrease from the previous month’s 48.6 percent.

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

May Sarasota Housing Trends – Condos and Townhomes

2024 May Sarasota Housing Market Trends - Condos

May 2024 versus May 2023 Condo Highlights:

  • Condo sales decreased 4.1 percent going from 441 real estate transactions down to 423 sales.
  • Pending sales decreased 14.7 percent down from 333 last May to 284 this May.
  • Inventory increased 87.3 percent to 2,010 condos for sale compared to last May when only 1,073 units were for sale.
  • New listings increased from 384 up to 397 or a 3.4 percent increase.
  • Median days to contract was 61 days, which was up from 27 days last year.
  • Available condo inventory ended May with a 6.3 months’ supply of properties for sale which was a 80 percent increase.

The condo market has seen a significant increase in inventory compared to the previous year. However, for the second month in a row, inventory declined month-over-month. Overall, condo inventory saw a net decrease of 114 properties for sale. May ended the month with 2,010 condos available for sale, showing a 5.4 percent decrease from the previous month.

Despite the reduction in inventory, the market has maintained a balance, with a 6.3-month supply of condos for sale, down from 6.7 months supply in April. 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 uptick in the days on market, increasing from 48 days in April to 61 days in May.

Finally, cash sales accounted for 63.8 percent of transactions, which was down from the previous month’s 70 percent.

Bottom Line

Bottom Line Analysis

As the real estate market continues to shift, single-family homes are still in high demand, creating a Seller’s market. On the other hand, condominiums are experiencing a more balanced market environment.

Grasping these nuances is vital as you navigate the real estate landscape. Property availability can vary greatly depending on the location—some areas have abundant options, while others may have limited or no availability.

Whether you are actively searching for a property or simply keeping up with neighborhood trends, now is the perfect time to start monitoring properties that match your preferences.

With new listings appearing daily, staying informed is essential. We are here to assist you by providing automated property alerts, ensuring you stay updated and ready to seize any relevant opportunities. 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 May Sarasota Housing Market Statistics – Single Family Homes

2024 May Sarasota Housing Market Statistics – 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 over 20 years in Southwest Florida Luxury Golf Community real estate.

Contact Matt:

or at 239-370-0892

June 27th, 2024 Posted by Matt