Finally, inventory conditions in the Sarasota Real Estate Market are improving at a pace that is closing in on demand for homes and condominiums. While the area is still sitting just above three months of supply, it has significantly recovered from last year’s scarcity of sub-one-month properties for sale. A balanced market is typically around six months of supply, which when reviewing historical data hasn’t been seen since early 2019, and then only for a brief time.
While March sales dipped some from prior year, they were considerably higher than the typical same-month pre-pandemic transactions volume. Prices remain on the rise because of the still tight inventory, and peak season demand.
In the chart here I have carved out data for the price point over $1,000,000, which is where most of my Sarasota area sales are.
It is impossible to miss the dramatic rise in inventory along with the pace of new listings. Sales over $1M in March exceeded last year and were an amazing 44% higher than March 2019 and 2020 combined! Demand for luxury properties in the Sarasota area continues to be very strong, with well-priced listings receiving multiple offers once again and average days on market continuing to be below 60 days.
In the upper-price tier, inventory of existing homes and condos for sale in the Sarasota Real Estate Market grew by 414 units, which facilitated sales growth in the sector of 11% over last year. Based on conversations with my network of luxury brokers in the area, we have a mutual belief that demand for and sales of properties in the higher price points will remain active in the months ahead.
While home sales across Florida dropped more than 20% from March 2022 and U.S. sales fell at an even higher pace, Sarasota’s transactions slipped just 7%. As we are now at the end of our peak spring buyer activity, I believe that when April and May data is released, we will see closings on contracts signed over these last few months show favorable sales figures, and in line with historical norms.
Median prices in Florida inched up slightly and U.S. prices declined 0.9% compared to March 2022. In Sarasota, our prices continued to grow steadily. If the rise in new listings continues and new construction keeps up its robust pace increasing availability of properties, it is likely that our price appreciation will moderate through the year.
As the Sarasota Real Estate Market continues to show positive signs, activity is still unpredictable with the country’s unstable financial markets and speculation of a looming recession. Partnering with an agent who understands the changing market, what that means for you and how it impacts your goals is critical. It is more important than ever to work with a highly experienced, locally as well as globally connected agent/broker, skilled negotiator, and advocate.
Having served clients in The Sarasota Real Estate Market for 40 years and carefully analyzing our business conditions, I have developed essential insight to assist both buyers and sellers in achieving their objectives. An understanding of the realities, the ability to evaluate and guide client expectations, and expert management in negotiating the purchase or sale of a home or condo, I ensure that your goals are realized.
It would be my privilege to work with you, your family, and friends in acquiring or selling your property.
Below is a snapshot using data compiled from the Florida Association of Realtors showing all existing homes and condos activity in March 2023 compared to March 2022:
And now for my statistical report on the March Sarasota Real Estate Market activity:
- Total market dollar volume in March was $835.5 million which increased by $18 million from a year ago.
- Broken down, single-family sales were $599.5 million and condo sales were $236 million for the month.
- The number of properties sold in March was 1,240, which is 88 less than a year ago. The sales total includes 826 houses and 414 condos. The monthly average in 2022 was 1,004, 1,369 in 2021 and 1,249 in 2020.
- Florida’s single-family sales decreased 15% from last year, and condo sales were 23.5% below last year.
- U.S. single-family sales declined 21.1% and condos down 28.6%.
- Of the closed sales in March, 161 were for over $1,000,000, 112 were houses (increase of 20.4%) and 49 were condominiums (5.8% less than prior year). In 2022 Sarasota averaged 111 sales per month over $1 million and in 2021 the average was 128.
- Florida homes sold for in excess of $1 million were 15.1% lower than March 2022 and condos closed at over $1 million fell 24.9%.
- In March 1,223 listings went to a pending contract, a decrease of 73 transactions from a year ago. There were 648 pending sales per month on average in 2022 and 961 in 2021.
- Florida’s single-family pending sales decreased 12% and condos fell 19.3% compared to last year.
- U.S. pending sales in March were 23.2% behind a year ago.
- Single-family homes were sold at a median price of $528,013. The 2022 it was $493,000 and in 2021 it was $394,000.
- In March, Florida median price for single-family homes was $405,000, a 2.1% increase over last year.
- The national median price for existing homes declined 1.4% to $380,000.
- The Sarasota condo median sale price was $423,245. The 2022 median price was $383,000 and in 2021 it was $317,000.
- Median price for a Florida condo last month was $320,000, a 3.9% increase over March 2022.
- U.S. median condo price grew 2.1% to $337,300.
- Sarasota houses sold on average for $725,807 for the month. The 2022 average was $683,000 and in 2021 it was $573,000.
- Condos sold for an average price of $570,067 in March. The 2022 monthly average was $563,000 and in 2021 it was $527,000.
- Currently there are 2,986 properties for sale in Sarasota. At the beginning of this year there were 2,431 listings, 829 at the beginning of 2022, 2,272 at the beginning of 2021, 4,086 at the beginning of 2020 and 5,401 at the beginning of 2018.
- The Sarasota market had 1,666 new listings in March. The market averaged 904 new listings monthly in 2022 and in 2021 it was 1,321.
- Current inventory results in 3.1 months of single-family homes for sale in Sarasota and 3.3 months of supply of condominiums.
- Florida has 2.7 months of single-family inventory and 3.4 months of supply of condominiums.
- U.S. inventory of existing single-family homes has grown 7.4% compared to last year and condo inventory has fallen 3.4%
Michael’s Featured Listing: