Sarasota FL Housing Market Update

The latest Sarasota FL housing market statistics showed 731 properties sold for just over $483 Million during December for the North Port, Sarasota, and Bradenton areas. The luxury market was strong as evidenced by the 89 properties which sold at $1 Million and above. The highest priced sale was for a single family home in Lido Shores for $6,600,000.

Once again, inventory rose significantly compared to the same time last year. However, it is important to keep in mind inventory was extremely low last year. Similar to previous months, even though supply has increased, the greater Sarasota area ended the month with just over a 2 months’ supply of properties for sale. Most notable was the minimal increase in inventory from November to December when a net of 21 properties were added which is less than 1 percent.

Overall, inventory ended the month at 2,431 properties for sale which is just over half of what we normally have at this time of year. From a historical perspective, inventory prior to the pandemic was 4,086 in December 2019 and 5,043 in December of 2018. We have a long way to go to get to a balanced market.

Whether you are buying or selling a home, it is important to keep track of local market trends. What is happening in resort destinations such as Sarasota continues to be different than other areas of the country. If you have questions about a specific area or neighborhood, contact us for more information.

Sarasota FL Housing Market Report – Single Family Homes

December 2022 versus December 2021 Single Family Home Highlights:

• Closed sales decreased 41.9 percent going from 837 transactions down to 486 sales.
• Pending sales decreased 32 percent down from 625 last December versus 425 this December.
• Inventory increased 196.1 percent up to 1,682 properties for sale compared to this same time last year when 568 homes were for sale.
• New listings decreased from 630 down to 594 which was a 5.7 percent decline.
• Median days on market increased to remained at 23 days which was a 187.5 percent increase versus December of 2021.
• Available inventory of single-family homes ended December with a 2.5 months’ supply of homes available for sale which was up from less than one months’ supply during December of 2021.

Once again, the median sales price for single-family homes showed a significant increase over last December, up from $435,788 to $505,500 which was a 16 percent jump. However, the median sales price only increased slightly month-to-month going from $499,000 in November up to $505,500 in December.

Although single-family home inventory rose significantly compared to last year, up more than 196 percent, available inventory only increased by 1 property from November to December. Since we normally see a jump in homes for sale as we near season (January through March), it is notable there was virtually no increase in single-family homes for sale.

Additionally, there is still just a 2.5 months’ supply of homes for sale. Since a healthy market would be at least 6 months’ worth of homes for sale, Sellers are still in the driver’s seat.From a historical perspective, in 2019 there were 2,526 homes (3.5 months’ supply) on the market and in 2018 there were 3,150 (4.8 months’ supply) single-family homes available for sale.

Also, the time it took for single-family homes to go to contract remained as October and November at 23 days which is still fast compared to a normal market. Due to low inventory, prices continued to rise in December. As a result it remains a Seller’s market. So, if you are thinking about selling your property in the Sarasota area, call, email or text us today – 239.370.0892 for a complimentary market analysis.

On the other hand, if you have been sitting on the sidelines waiting to buy a property, now may be a good time to start watching for properties which meet your criteria. Keep in mind there are new listings hitting the market every day, they are just going to contract rather quickly. If you want to stay up to date we can help you with automatic property alerts.

Or, if you’re not sure which community is right for you, contact us and we’ll help you identify the communities which will match the lifestyle you are seeking.

Sarasota FL Housing Market Report – Condos and Townhomes

December 2022 versus December 2021 Condo Highlights:

• Condo sales decreased 33.3 percent going from 421 real estate transactions down to 275 sales.
• Pending sales decreased 33.6 percent down from 336 last December to 223 this December.
• Inventory increased 187 percent up to 749 condos for sale compared to last December when there were only 261 units for sale.
• New listings decreased from 315 down to 310 which was a 1.6 percent decrease.
• Median days to contract was 19 days which was up from 7 days last year.
• Available inventory of condos ended December with a 2.2 months’ supply of properties available for sale which was a 266.7 percent increase.

Similar to single family homes, there was a significant increase in inventory compared to last December. However, once again the increase is misleading. The number of condos for sale between November and December went from 727 units up to 749 which was less than 1 percent increase. So although inventory increased significantly year-over-year, the rate at which properties are listed has slowed to a crawl.

Also noteworthy was the number of days on market which remain low at 19 days. Finally, 65 percent of condo sales were cash deals. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, we are still in a strong Seller’s market.

Bottom line, it remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

Whether you are buying or selling we have real estate specialists who cover the 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

Naples Golf Guy Monthly Newsletter – NEW!

Sarasota Real Estate Stats December 2022 – Single Family Homes

Sarasota Real Estate Stats December 2022 – Condos

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