Between Hurricanes Helene and Milton our region had significant damage and prolonged power outages in some areas, which impacted new listings, contracts signed, and closings in late September and through the month of October. Add to that the distractions of an intense election season, October’s Sarasota Real Estate Market remarkably maintained stability when compared to prior months in 2024.
While there were slight dips in transactions in October, the sales dollar volume grew 10% over prior year. The average sale price for condos rose year-over-year, much in part for the additional 24 sales recorded in October at St. Regis Residences on Longboat Key. With an average sale price of $6,430,000, those condos reeled in more than $154 million to boost Sarasota’s Real Estate Market activity. With 22 units remaining to be closed at the development, there’s more impact to come.
Reported job gains and continued economic growth are expected to bolster the real estate market demand in Q1 2025, with homeowners and investors alike showing increased interest in the Sarasota region. More employment opportunities typically translate to higher household incomes, enabling more individuals to enter the housing market and existing homeowners to upgrade their properties or consider investment in vacation homes.
Despite the interruptions caused by recent natural disasters and political distractions, the future appears promising for the Sarasota real estate market. The resilience shown in October, coupled with favorable economic indicators, suggests that we can anticipate robust market activity in the coming months.
In light of recent natural storm events, there has been a significant uptick in demand for storm-ready homes and condos. Buyers are keenly aware of the potential for future hurricanes and are increasingly prioritizing properties that offer enhanced resilience against severe weather conditions. This trend has resulted in a greater market value for homes and condos that boast reinforced structures, hurricane-proof windows and doors, and communities with advanced drainage systems.
Housing inventory has continued to grow in the region. This shift in the market dynamics is allowing buyers more leverage in terms of pricing, terms, and conditions of their purchase agreements. Inventory in the Sarasota Real Estate Market is now near what is considered market balance with existing homes at 4.7 months of supply and condos reaching 5.5 months. The increased supply of homes provides buyers with a wider range of options to choose from.
Recent reports from the Visit Sarasota organization show that tourism growth is expected in 2025. This anticipated influx of visitors is poised to have a positive effect on the real estate market, as increased tourism typically results in higher demand for relocations, vacation homes, and investment opportunities. The tourism sector’s growth will also bolster local businesses, further enhancing Sarasota’s appeal as a vibrant and economically thriving community.
The synergy between tourism and real estate has historically created a robust market environment, encouraging both domestic and international buyers to consider Sarasota as a prime destination for relocation or property investment. Between the recent opening of the new St. Regis Longboat Key Resort, where Michael Saunders & Co. has its newest sales office, and the early 2025 launch of the Cirque St. Armands Beachside Hotel, Sarasota will experience an inflow of affluent visitors seeking to explore purchasing properties in the area.
As noted in the announcement below, the new exclusive affiliation between Michael Saunders & Company and Forbes Global Properties will bring extended reach to introduce affluent home buyers to the lifestyle and luxurious homes available in our area. At the same time, sellers of luxury homes have the advantage of this heightened worldwide exposure brought by Forbes. I am eager to take advantage of this new opportunity to present my client listings to an even greater global audience in the year ahead.
Between storm impact on demand and properties facing repairs and rebuilding, economic conditions, geopolitical events, and more, the real estate market will continue to experience unexpected turns in the year ahead. Partnering with an agent who understands our nuanced local conditions is critical in guiding you through shifts to make the best possible decision based on your goals.
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 existing homes and condos activity over $1,000,000 in October 2024 compared to prior year:
And now for my statistical report on the October Sarasota Real Estate Market activity:
Sales
- Total market dollar volume in October was $578.6 million which increased by $53.2 million from a year ago.
- The number of properties sold was 715, 69 less than a year ago. The monthly average of sold properties this year is 941. The monthly average in 2023 was 953, in 2022 it was 1,004 and in 2021 1,369.
- Florida’s single-family sales decreased 5.6% from last October, and condo sales were 19.9% below last year.
- U.S. sales of single-family homes rose 4.1% and condos were down 7.4%.
- Of the closed sales 98 were for over $1,000,000. In 2023 Sarasota averaged 126 sales per month over $1 million, in 2022 the average was 111 and in 2021 128.
- Florida’s homes sold for more than $1 million were 4.5% lower than last October and condos closed at over $1 million fell 24.4%.
- In October 614 listings went to a pending contract, a decrease of 158 transactions from a year ago. Year to date there has been an average of 935 pending sales per month. There was an average of 1,159 monthly pending transactions in 2023, 968 per month in 2022 and 1,347 in 2021.
- Florida’s single-family pending sales decreased 7.8% and condominiums fell 18.3% compared to last year.
- U.S. pending sales in October were 5.4% better than a year ago.
Prices
- Single-family homes were sold at a median price of $490,000. The average monthly median price for houses sold is $504,800 this year. The average monthly median price for 2023 was $510,000, in 2022 it was $493,000 and in 2021 $394,000.
- In October, Florida median price for single-family homes was $415,000, a 1.2% increase over last year.
- The national median price for existing homes grew 4.1% to $412,200.
- The condominium median sale price was $385,277. The average monthly median price for condos sold is $382,000 this year. The average monthly median price for condominiums sold in 2023 was $387,400, in 2022 $383,000 and in 2021 $317,000.
- The median price for a Florida condominium last month was $315,000, a 2.2% decline from October 2023.
- U.S. median condominium price grew 1.6% to $360,300.
- Sarasota houses sold on average for $650,000 for the month. The year-to-date monthly average is $714,000. The annual monthly average was $695,000 in 2023, in 2022 $683,000 and 2021 $573,000.
- Condominiums sold for an average price of $1,218,000 last month. The year-to-date monthly average is $718,000. The annual monthly average was $622,500 in 2023, in 2022 $563,000 and in 2021 it was $527,000.
Inventory
- Currently there are 4,593 properties for sale in Sarasota. At the beginning of this year there were 4,426 listings for sale, 2,431 in 2023 and 829 in 2022.
- The Sarasota market had 1,127 new listings in the past month. The market averaged 1,375 new listings monthly this year, 1,318 in 2023, 904 in 2022 and in 2021 it was 1,321.
- Current inventory results in 4.7 months of single-family homes for sale in Sarasota and 5.5 month’s supply of condominiums.
- Florida currently has 4.7 months of single-family inventory and 7.7 month’s supply of condominiums.
- U.S. inventory of existing single-family homes has grown 14.3% and condo inventory is up 37.5% over last year.
SPECIAL ANNOUNCEMENT:
Michael Saunders & Company has entered an exclusive partnership with Forbes Global Properties! As members of this network, Michael Saunders & Company will benefit from Forbes’ audience of more than 140 million affluent potential homebuyers and sellers searching for luxury properties for sale globally.
In a release Michael Saunders said, “At Michael Saunders & Company, we see the added value, prestige, and credibility of network partners who are selective in choosing their members. Aligning with a globally recognized brand like Forbes Global Properties further enhances our global reach while providing additional access to a network of top-tier real estate firms worldwide. Our team will also benefit from the ability to connect and collaborate with the finest luxury thought leaders across the US and globe.”
“Through Forbes Global Properties’ platforms, global network, and access to an affluent audience that trusts the Forbes brand, we will further distinguish our local luxury listings on a global scale for the benefit of our clients,” said Drayton Saunders, president, Michael Saunders & Company.
This announcement of the Forbes affiliation comes immediately on the heels of Michael Saunders launching the firm’s 18th office in the Residences at The St. Regis Longboat Key Resort. Both events will especially benefit luxury and ultra-luxury buyers and sellers on the Gulf Coast.
