The Sarasota Real Estate Market may seem less active to many, but in key price-points sales continue to march higher, as do prices. Inventory in the mid-range of $250,000-500,000 has reached nearly 8 months of supply, normalizing list-to-sale periods. In the luxury tier, above $1 million, sales also remain steady.
February 2024 included an additional day of sales due to the leap year, but when comparing year-to-year sales volume was similar on a daily average basis. In the luxury price category, daily sales in February 2025 averaged 12% higher than the previous year, with a total increase of 15% in property transactions.
The financial markets, geopolitical events, and global macroeconomic policies are dominating our news cycles. Some believe the housing market is at risk of significant decline due to these concerns. I do not. And highly respected market experts and analysts that I follow also believe otherwise. Their opinions are consistent in predicting that while the pace of sales and price increases have slowed, both will continue to grow at a normal rate of 2-3% in the next two years.
Also affecting the real estate market are perceived stubbornly high mortgage rates, and the pandemic related rocketed price escalations of 2021-22. As of 3/27, 30-year fixed-rate mortgages were at 6.77%. Rates have fluctuated from under 3% in 2021 to a high of 8% in 10/23. It is expected that rates will remain in the mid-6% through 2025, reducing the concern over mortgage rates.
As inventory has recovered from the extreme mid-pandemic lows, home prices are expected to remain stable with slight growth over the year for most price points. At the luxury level, Sarasota continues to have robust development in ultra-luxury condominiums and single-family homes, and the completion of these will have staggered impact on sales volumes and average sold pricing as they are released to market.
Sarasota’s even-keeled Real Estate Market and continued high demand, as evidenced by the total pending sales contracts signed in all price points in February exceeding prior month by 26%, should lead to sustained sales volume, prices, and balanced inventory over the next few months.
The housing market and economic conditions are always shifting and 2025 will be no different. Partnering with an agent who follows our nuanced local conditions is essential in navigating these changes to make informed decisions based on your goals. The Michael Saunders & Company Global Partners bring extraordinary opportunities to market our listings and attract international and domestic buyers. My approach to serving my clients is tailored to offer discreet and attentive representation for each client’s unique requirements.
With 40 years of experience in the Sarasota Real Estate Market, I offer valuable insights to help both buyers and sellers achieve their goals. With a keen understanding of market conditions, skillfully assessing and managing client expectations, and expertly negotiating property transactions, I ensure that your objectives are met. Furthermore, my extensive network of professionals, including architects, designers, contractors, and service providers, delivers additional concierge-like benefits. 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 February’s existing property market activity over $1,000,000 compared to prior year:
And now for my statistical report on the February Sarasota Real Estate Market activity:
Sales
- Total market dollar volume in February was $531 million, which decreased by $41 million from a year ago.
- The number of properties sold in February was 826, 21 less than a year ago, but up 8.4% over the prior month. The monthly average in 2024 was 912, in 2023 was 953, and in 2022 it was 1,004.
- Florida’s single-family sales decreased 7% from last year, and condo sales were 13% below last year.
- U.S. single-family home sales fell marginally, and condos were down 9.8%.
- Of the closed sales in Sarasota in February, 106 were for over $1,000,000. In 2024 the monthly annual average was 124, during 2023 the average was 126 sales and in 2022 the average was 111.
- Florida homes sold for more than $1 million were 5.2% higher than February 2024 and condos closed at over $1 million were almost equal to last year.
- In February 1,142 listings went to a pending contract, a decrease of 43 transactions from a year ago, but up 26% from January. 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 decreased 6.6% and condominiums fell 14.8% compared to last year.
- U.S. pending sales in February fell 3.6% from of a year ago.
Prices
- Single-family homes were sold at a median price of $500,000. The average monthly median price for 2024 was $505,500, in 2023 was $510,000, and in 2022 it was $493,0000.
- In February, Florida median price for single-family homes was $415,000, virtually unchanged from last year.
- The national median price for existing homes increased 3.7% to $402,500.
- The condominium median sale price in Sarasota was $342,000. The average monthly median price for condominiums sold in 2024 was 382,00, in 2023 was $387,400, and in 2022 $383,000.
- The median price for a Florida condominium in February was $315,000, a 3.1% decline from February 2024.
- U.S. median condominium price grew 3.5% to $355,100.
- Sarasota houses sold on average for $715,000 for the month. The annual monthly average was $715,000 last year, $695,000 in 2023 and 2022 $683,000.
- Condominiums sold for an average price of $464,000 in February, compared to $732,000 in January.
- This large month-to-month change is a direct result of more than $33 Million in sales at the new St. Regis project closing in January, as well as nearly twice the total $1M+ Sarasota condos sold that month.
- The annual monthly average for condominiums sold was $729,000 in 2024, $622,500 in 2023 and in 2022 $563,000.
Inventory
- Currently there are 6,910 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. At the beginning of 2024 there were 4,426 listings and in the beginning of 2023 2,431.
- The Sarasota market had 1,911 new listings in February. The market averaged 1,391 new listings monthly in 2024, 1,318 in 2023 and 904 in 2022.
- Current inventory results in 6.8 months of single-family homes for sale in Sarasota and 9.1 months’ supply of condominiums.
- Florida currently has 5.3 months of single-family inventory and 9.7 month’s supply of condominiums. Inventory of Florida properties selling for over $1 million have grown approximately 20% over last year.
- U.S. inventory of existing single-family homes has grown 17.2% over last year and condo inventory is up 12.9%.
