Since my last report on May’s Sarasota Real Estate Market, the overall landscape has remained relatively stable. Prices are holding steady, inventory levels continue to move the market closer to favoring buyers, and sales are demonstrating resilience.
In August, the most recent month for which data is available, there was a notable increase in pending sales compared to both previous months and the same period last year. According to information provided from TrendGraphix, the luxury sector saw a surge in buyer confidence, as evidenced by an 18% rise in homes and condominiums going under contract compared to August 2024.
Even buyers relying on financing were motivated, with pending sales in the $200,000 to $600,000 range 25% more than August 2024. Most of these contracts were likely signed during June and July, when mortgage rates were 50 basis points higher than they are this month. Considering that last year’s contracts and sales in September through the year’s end were heavily impacted by hurricanes, and with a slight decline in mortgage rates anticipated, it is expected that regional housing market activity will remain elevated by comparison.
Luxury tier Inventory growth seems to be stabilizing. TrendGraphix reported new listings in August were the lowest in the last two years, with just 151 properties added compared to the high of 470 recorded in January. Months of inventory of properties in the over $1 million price point is now 9.2.
A less active hurricane season is helping to boost buyer demand. Many potential buyers who had been waiting are now expressing renewed interest in areas that were previously affected by storms. New home construction on Sarasota’s barrier islands is active, and builders are going beyond basic code requirements by integrating resilient designs and innovative construction techniques to reduce long-term risks.
Market experts agree that 30-year fixed rates are unlikely to move from mid-6% for the foreseeable future. In this time of elevated inventory, buyers who will need financing are being advised to be prepared to move quickly on homes that check all the right boxes, as competition remains strong, especially in the Sarasota market for well-located and move-in ready properties.
Florida is reported to currently have 15% of all homes for sale in the U.S., the highest inventory of properties for sale nationwide. According to a recent report by the National Association of Realtors, U.S. homeowners are well-positioned to purchase homes, having benefited from a cumulative 49% increase in typical home values since mid-2019.
As we move into the region’s peak tourist and selling season, I believe the Sarasota Real Estate Market is primed for growth in sales.
The housing market and economic conditions are always shifting, and partnering with an agent who follows our nuanced local conditions is essential to make informed decisions based on your goals. My approach to serving my clients is tailored to offer discreet and attentive representation for each client’s unique requirements. And with Michael Saunders & Company’s Global Partners, I bring extraordinary opportunities to market your listings and attract international and domestic buyers.
My 40 years of experience in the Sarasota Real Estate Market adds valuable insight and a network of professionals to help both buyers and sellers achieve their goals. With a keen understanding of our market, deftly assessing and managing client expectations, and expertly negotiating property transactions, I ensure that your objectives are met. It would be a privilege to assist you, your family, and friends in buying or selling your property.
Below is a snapshot using data compiled from the Florida Association of Realtors showing August’s existing property market activity over $1,000,000 compared to prior year:
And, now for my statistical report on the August Sarasota Real Estate Market activity:
Sales
- Total market dollar volume in August was $542.4 million which decreased by $22 million from a year ago due to a decline in condominium median sale prices.
- The number of properties sold was 888; 145 more than a year ago – with 1.3% more single-family homes sold and 13.8% more condominiums. The monthly average for properties sold this year is 1,000. The monthly average in 2024 was 912, in 2023 was 953, and in 2022 it was 1,004.
- Florida’s single-family sales decreased 3.9% from last year, and condo sales were 6.0% less.
- U.S. sales of single-family homes rose 2.5% and condo sales were down 5.1%.
- Of the closed sales in August 104 were for over $1,000,000. In 2024 the monthly average was 124, during 2023 the average was 126 sales and in 2022 the average was 111.
- Florida’s homes sold for more than $1 million were 7.3% higher than August 2024 and condos closed at over $1 million fell 3.8%.
- In August 1,321 listings went to a pending contract, an increase of 322 transactions from a year ago. Year to date there has been an average of 1,014 pending sales per month. There was an average of 860 monthly pending transactions in 2024, 1,159 per month in 2023 and 968 per month in 2022.
- Florida’s single-family pending sales increased 9.9% and condominiums rose 4.9% compared to last year.
- U.S. pending sales in August were 3.8% higher than a year ago.
Prices
- Single-family homes were sold at a median price of $475,000. The average monthly median price for houses sold this year is $479,000. The average monthly median price for 2024 was $505,500, in 2023 it was $510,000 and in 2022 it was $493,0000.
- In August, Florida median price for single-family homes was $410,000, virtually equal to last year.
- The national median price for existing homes grew 1.9% to $427,800.
- The condominium median sale price was $300,000. The average monthly median price for condos sold is $333,000 this year. The average monthly median price for condominiums sold in 2024 was 382,000, in 2023 was $387,400 and in 2022 $383,000.
- The median price for a Florida condominium last month was $290,000, a 6.5% decline from August 2024.
- U.S. median condominium price grew 0.6% to $366,800.
- Sarasota houses sold on average for $684,000 for the month. The year-to-date monthly average is $695,000. The annual monthly average was $715,00 last year, $695,000 in 2023 and 2022 $683,000.
- Condominiums sold for an average price of $422,000 in August. The year-to-date monthly average is $521,000. The annual monthly average was $729,000 in 2024, $622,500 in 2023 and in 2022 $563,000.
Inventory
- Currently there are 5,189 properties for sale in Sarasota. At the beginning of this year there were 5,391 listings for sale, 4,426 in 2024 and 2,431 in 2023.
- The Sarasota market had 1,071 new listings in the past month. The market averaged 1,521 new listings monthly this year, 1,391 in 2024, 1,318 in 2023 and 904 in 2022.
- Current inventory results in 5.2 months of single-family homes for sale in Sarasota and 7 months’ supply of condominiums.
- Florida currently has 5.3 months of single-family inventory and 9.3 month’s supply of condominiums.
- U.S. inventory of existing single-family homes increased 11.7% and condo inventory was 12.3% higher.
