Sarasota Housing Market Update
Sarasota Housing Market Update
The latest Sarasota housing market update showed 1,178 properties sold for just over $793.4 Million during June for the North Port, Sarasota, and Bradenton areas. Like the rest of Southwest Florida, inventory saw a significant increase, up by 109 percent compared to the same time last year. However, it is important to note inventory was extremely low last year. Therefore, although we have more supply, the greater Sarasota area ended the month with less than a 2 months’ supply of properties for sale. A healthy market would be at least 6 months.
While we are starting to see demand slow a bit, how much of it is due to seasonality and how much is due to demand is difficult to determine. The median sales price for single-family homes rose 25 percent and condos rose 34.4 percent over the same time last year. While the analysts expect home appreciation to slow, we’ve yet to see that reflected in the numbers. So, if supply remains at these levels, prices will continue to rise.
Also, we have fielded several questions from potential home buyers about the impact of rising interest rates on the real estate market. Certainly, there will be homebuyers impacted by the rate increases, the question is how much of the market do they represent in Southwest Florida?
The answer will be different depending on location and the price point. Resort towns which are a prime destination for vacation home buyers who are well-to-do will be less impacted as they are more likely to pay cash for a home. A good example is Sarasota County which saw 56 percent of the real estate transactions in June posted as cash sales.
Whether you are buying or selling a home, it is important to keep track of local market trends. If you have questions about a specific area or neighborhood, contact us for more information.
Sarasota Housing Market Update – Single Family Homes
June 2022 versus June 2021 Single Family Home Highlights:
- Closed sales decreased 26.9 percent going from 1,097 transactions down to 802 sales.
- Pending sales decreased 25.3 percent down from 822 last June versus 614 this June.
- Inventory rose 123.2 percent up to 1,377 properties for sale compared to this same time last year when just 617 homes were for sale.
- New listings increased from 915 up to 1,091 which was a 19.2 percent increase.
- Median days on market fell to 7 days which was up from 6 days during last June.
- Available inventory of single-family homes ended May with 1.7 months’ supply of homes available for sale which was up 142.9 percent increase over this time last year.
With the low supply and high demand, sellers continue to have the advantage in the Sarasota housing market. Yet, this market will not last forever. If you are considering selling, contact us today for a complimentary market analysis. Call, email or text us today – 239.370.0892.
If you are considering buying a property, now may be a suitable time to start watching for properties which meet your criteria. New listings are hitting the market every day, we can help you with automatic property alerts.
Sarasota Housing Market Update – Condos and Townhomes
June 2022 versus June 2021 Condo Highlights:
- Condo sales decreased 34.6 percent going from 575 real estate transactions down to 376 sales.
- Pending sales decreased 23.5 percent down from 404 last June to 309 this June.
- Inventory increased 104.6 percent up to 577 condos for sale compared to last June when there were only 282 units for sale.
- New listings increased from 386 up to 491 which was a 27.2 percent increase.
- Median days to contract was 7 days which was down from 8 days last year.
- Available inventory of condos ended May with 1.5 months’ supply of properties available for sale which was a 150 percent increase.
Between closed sales and pending sales, inventory remains extremely low despite the new listings added. As a result, the median sales price continued its upward trend, ending the month with a 34.4 percent increase year-over year. Like single-family homes, as long as inventory remains low, prices will continue to rise.
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.
Contact us today to learn your home’s true value – 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
July 23rd, 2022, Posted by NaplesGolfGuy