Sarasota Housing Market Report
Sarasota Housing Market Report
The latest Sarasota housing market report showed 770 properties sold for just over $506 Million during October for the North Port, Sarasota, and Bradenton areas. The highest price sale was for a single family home on Longboat Key for $11,500,000.
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. Like the previous month, even though supply has increased, the greater Sarasota area ended the month with just 2 months’ supply of properties for sale. In fact, there was only a net gain of 70 properties added to the market from September to October which is only a 3 percent increase.
Overall, inventory is less than half of what we normally have at this time of year. Since a healthy market would be at least 6 months’ worth of homes for sale, Sellers are still in the driver’s seat.
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 is quite different than the suburbs of a major metropolitan area. If you have questions about a specific area or neighborhood, contact us for more information.
Sarasota Housing Market Report – Single Family Homes
October 2022 versus October 2021 Single Family Home Highlights:
- Closed sales decreased 34 percent going from 788 transactions down to 520 sales.
- Pending sales decreased 58.2 percent down from 843 last October versus 352 this October.
- Inventory rose 123.8 percent up to 1,265 properties for sale compared to this same time last year when just 804 homes were for sale.
- New listings decreased from 829 down to 559 which was a 32.6 percent decrease.
- Median days on market increased to 20 days which was up from 7 days during last October.
- Available inventory of single-family homes ended October with a 2.2 months’ supply of homes available for sale which was up 175 percent increase over this time last year.
Both closed sales and pending declined due to the lack of inventory in the greater Sarasota region. Of the 520 home sales during the month, 42 percent were all cash transactions.
While it is good news for buyers that single-family home inventory increased over this time last year, it barely changed from September when there were 1,591 homes for sale. So the net increase in single-family homes for sale was 4 homes. As we head into season, we normally see a notable increase in inventory and we have yet to see a significant increase in new listings.
Also, the time it took for single-family homes to go to contract remained at 20 days which is still fast compared to a normal market. With just a 2.2 month’s supply of homes for sale it is still 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 Housing Market Report – Condos and Townhomes
October 2022 versus October 2021 Condo Highlights:
- Condo sales decreased 21.6 percent going from 319 real estate transactions down to 250 sales.
- Pending sales decreased 50.4 percent down from 361 last October to 179 this October.
- Inventory increased 109.5 percent up to 660 condos for sale compared to last October when there were only 315 units for sale.
- New listings decreased from 366 down to 295 which was a 19.4 percent decrease.
- Median days to contract was 28 days which was up from 6 days last year.
- Available inventory of condos ended October with a 1.8 months’ supply of properties available for sale which was a 157.1 percent increase.
There was a notable increase in inventory for condos compared to single-family homes. The increase in condos for sale between September and October went from 575 units up to 660 units or a 14.5 percent increase.
Also noteworthy was the change in days on market which increased from 18 days during September up to 28 days during October. At the same time, 63 percent of the transactions were cash deals.
While the increase in condo inventory and days on market is a step in the right direction for a more balanced market, with less than a 2 months’ supply of condos for sale we are still in a Seller’s market.
Bottom line, it remains a seller’s market for both condos and single-family homes. So now would be a great time to cash in on the high buyer demand. You might be surprised to learn how much your home is worth in today’s market. 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
Begin Your Own Search for a Southwest Florida Vacation Home or Second Home:
There are more than 150 different golf communities in our area and most of them have a private golf course within the community. It can be challenging to navigate the plethora of communities, membership options, golf course design, amenities and more. We will help provide you with a list of the top private golf communities which match your lifestyle.
Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. In fact, we may be able to help you save money and negotiate for extras which the builder may not let you know about.
Lastly, we will manage all contract negotiations via paperless transactions for your property from offer to close!
Time to Sell Your Home?
It is a seller’s market so why should you work with a realtor? Do you have the time? There are over 180 actions required to successfully complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies and a mountain of paperwork.
With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.
As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.
Call, email or text us today for all of your real estate needs – 239.370.0892.
Results You Can Count On
The Naples Golf Guy Team is committed to 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 committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.
Contact Matt: Matt@NaplesGolfGuy.com
November 27th, 2022, Posted by NaplesGolfGuy