Sarasota Real Estate Statistics
Sarasota Real Estate Statistics for February 2023
The latest Sarasota Real Estate statistics showed 817 properties sold for just over $547 Million during February in the North Port, Sarasota, and Bradenton areas.
The luxury market was strong, as evidenced by the 111 properties which sold at $1 Million and above. The highest-priced sale was for a single-family Siesta Key home for $6,650,000.
Overall, inventory ended the month at 2,673 properties for sale, which is only a 1.8 percent increase over January. And it is less than half the normal inventory levels for this time of year. Historically, inventory before the pandemic was 5,749 in February 2019.
Demand remains strong. According to a recent Redfin report, a record one-quarter of users nationwide looked to move to a different metro as remote work and elevated housing costs drove homebuyers to relocate. Half of the 10 most popular destinations are in Florida with the North Port-Sarasota making the list.
So, I’m not saying homes in Florida are cheap. However, they are more affordable than other major metropolitan areas such as New York City, Chicago, Los Angeles, Seattle, and San Francisco. Plus, the overall cost of living is lower with no state income tax.
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 From other areas of the country. If you have questions about a specific area or neighborhood, contact us for more information.
Sarasota Real Estate Statistics – Single-Family Homes
February 2023 versus February 2022 Single Family Home Highlights:
- Closed sales decreased 24.7 percent going from 691 transactions down to 520 sales.
- Pending sales remained the same as last February at 751 homes.
- Inventory increased 264.4 percent up to 1,793 properties for sale compared to this same time last year when 492 homes were for sale.
- New listings increased from 788 to 851 which was an 8.1 percent increase.
- Median days on market increased by 21 days which was a 250 percent increase versus February of 2022.
- Available inventory of single-family homes ended February with a 2.9 months’ supply of homes available for sale which was up from less than one month’s supply during February of 2022.
Yes, inventory increased significantly over last year. However, month-to-month, the net increase in single-family homes for sale was only 6 additional properties. We went from 1,787 homes for sale in January up to 1,793 in February. Even though new properties are hitting the market every day, just as many are going to contract to leave inventory at historically low levels. At the end of the month, we had just 2.9 months’ supply of single-family homes for sale. A balanced market would have at least a 6 month’s supply of homes available.
Due to low inventory, we saw the median sales price increase again. It rose to $495,000 which was a 10 percent increase over the same time last year and a 9.2 percent increase over January of this year.
Additionally, days on market went back down compared to last month. In January the median days from a listing going live to contract were 29 and in February it dropped down to 21 days. Again it is better than last year when it was just 6 days from a listing going live to contract.
There were some notable market shifts in February compared to previous months.
Bottom line: 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 – at 239.370.0892 for a complimentary market analysis.
On the other hand, since real estate is truly local, it could vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from. 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.
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 Real Estate Statistics – Condos and Townhomes
February 2023 versus February 2022 Condo Highlights:
- Condo sales decreased 5.4 percent going from 314 real estate transactions down to 297 sales.
- Pending sales decreased 17.3 percent down from 896 last February to 741 this February.
- Inventory increased 311.1 percent up to 929 condos for sale compared to last February when there were only 226 units for sale.
- New listings increased from 459 to 533, a 16.1 percent increase.
- Median days to contract was 19 days which was up from 6 days last year.
- Available inventory of condos ended February with a 2.8 months’ supply of properties available for sale which was a 460 percent increase.
Unlike last month when there was a notable increase in condo inventory between December and January, February only showed a 4.8 percent increase over the prior month. Yet, still a step in the right direction toward a balanced market. However, if you look at condo inventory to pre-pandemic levels of 2019 when we had 2,168 properties for sale, we ended February with 43 percent of what we usually have available for sale at this time of year.
Also noteworthy was the number of days on market remaining 19 days for the third month. Finally, cash sales remained significant at 71 percent of all condo sales up from 63 percent during the prior month. 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
Monthly Naples Golf Guy Report – NEW!
2023 Sarasota County Real Estate Statistics – Single Family Homes
2023 Sarasota County Real Estate Statistics – Condos
New Listings in Southwest Florida Golf Communities
Begin Your Search for a Southwest Florida Vacation Home or Second Home:
If you are ready to begin your search for your dream home or condominium in Southwest Florida, we encourage you to explore our website to find information about communities in the area. If golf is your game, we specialize in golf community real estate.There are more than 150 golf communities in our area, and most of them have a private golf course 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. We may be able to help you save money and negotiate for extras that 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!
Should I use a Realtor if I’m buying New Construction?
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 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 come 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, as seen on Forbes, 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.
