More neutral conditions in the Sarasota Real Estate Market, which began in 2024 and are continuing into 2025, have shifted the balance of power from a strong seller’s market to one where buyers are now enjoying more control in negotiations. The substantial increase in inbound migration – peaking in 2022 with more than 444,000 new Florida residents according to the US Census – has calmed to under 100,000 in 2024. The average net migration into the state for the 10 prior years to 2022 was 279,000.
The reduction in new residents has finally provided those living in the state, who were sitting on the sidelines during the pandemic induced intense demand period, to reenter the market. While home values grew more than 50%, less demand is causing sellers to rethink their pricing expectations and leading to many listing price reductions.
Wealthy buyers, where most of my clients are positioned, still see real estate as a safe harbor. These transactions are nearly all cash deals, so mortgage rate fluctuations are not a concern. And while there are no guarantees, real estate values generally grow and are less volatile than other higher risk investments.
As you can see from the attached chart, properties trading at over $1 million continue to show healthy conditions. Property transactions and new listings are stable, sale prices per square foot are also relatively steady, and days on market from listing to sale remain below historic norms. It is important to note that the luxury tier can have unusually large swings based on when new condo projects are available for occupancy, and new homes in highly coveted locations hit new market records. Just one $20 million sale can have a remarkable impact on one month’s data.
Despite the considerable rise in prices, Florida’s west coast, and especially Sarasota, is considered one the more undervalued real estate markets according to market experts. Sarasota is regularly rated among the country’s best places to live and retire based on affordability, beaches, culinary scene, world-class museums, galleries and performing arts, active lifestyle and amenities.
Also recognized as one of the top cities in Florida to start a business, entrepreneurs and young professionals are finding opportunities in healthcare, technology, and the creative industries. Developers have recognized the demand for more lifestyle rich options, and the growth in rental properties, condominium developments, and new homes closer to downtown is markedly improving Sarasota’s live where you work environment.
Despite macroeconomic challenges impacting affordability in nearly all national markets, Sarasota’s softer home price gains, normalizing demand, and growing inventories offer buyers more choices and buying power. Now is a great time for those who have been waiting for better conditions to explore Sarasota real estate opportunities.
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 March’s existing property market activity over $1,000,000 compared to prior year:
And now for my statistical report on the March Sarasota Real Estate Market activity:
Sales
- Total market dollar volume in March was $774.7 million, which increased by $59 million from a year ago.
- The number of properties sold was 1,141; 14 more than a year ago. The monthly average in 2024 was 912, in 2023 was 953, and in 2022 it was 1,004.
- Florida’s single-family sales decreased 1.3% from last year, and condo sales were 9.8% below last year.
- U.S. single-family sales declined 2.2% and condos were down 5% in March.
- Of the closed sales in March 164 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 homes sold for more than $1 million were 3.8% lower than March 2024, and condos closed at over $1 million fell 11.7%.
- In March 1,209 listings went to a pending contract, a decrease of 34 transactions from a year ago. 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 2.6% and condominiums fell 12.9% compared to last year.
- U.S. pending sales in March were virtually equal to a year ago.
Prices
- Single-family homes were sold at a median price of $469,000. The average monthly median price for 2024 was $505,500, in 2023 was $510,000 and in 2022 it was $493,0000.
- In March, Florida median price for single-family homes was $412,500, a 1.9% decrease from last year.
- The national median price for existing homes grew 2.9% to $408,000.
- The condominium median sale price in Sarasota was $346,500. 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 was $315,000, a 4.5% decrease from March 2024.
- U.S. median condominium price grew 1.5% to $363,000.
- Sarasota houses sold on average for $727,000 for the month. The annual monthly average was $715,00 last year, $695,000 in 2023 and 2022 $683,000.
- Condominiums sold for an average price of $556,000 in March. The annual monthly average was $729,000 in 2024, $622,500 in 2023 and in 2022 $563,000.
Inventory
- Currently there are 7,126 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 1,860 new listings in March. The market averaged 1,391 new listings monthly in 2024, 1,318 in 2023 and 904 in 2022.
- Current inventory results in 6.9 months of single-family homes for sale in Sarasota and 9.7 months’ supply of condominiums.
- Florida currently has 5.5 months of single-family inventory and 10.1 month’s supply of condominiums.
- U.S. inventory of existing single-family homes has grown 18.6% to 3.8 months, and condo inventory is up 27.7% for 5.5 months of supply.
