Following last year’s intense weather events, our region experienced a significant disruption in not only our daily lives but they also put an unexpected pause on the real estate market for months. Now that we’ve reached the end of hurricane season, both buyer and seller activity is rising again. And, especially at the luxury tier, consumer confidence can be seen in month-over-month sales activity and reservations being made for prestigious projects under construction or in the planning stages.
With the recent movement lower in mortgage rates, October’s sales of properties under $400,000 experienced a particularly strong month. This was great news since many in that price point are first-time homeowners and our community’s younger workforce.
Last year’s activity in the $1 million and above tier had a bump from the 24 sales averaging $6.4 million at the St. Regis on Longboat Key. You will see in the market stats further down in this report how that created an unusual effect on sales and median prices.
Market analysts are projecting a continuation of the “wealth migration” to Florida driven by more focus on lifestyle, tax advantages, and asset growth opportunities than a need to live in corporate and business hubs. Surveys have shown that wellness, access to nature, friendly business and economically stable environments, resort-style amenities, safety, and climate lead the list of priorities. These buyers are seeking distinctive properties, and Sarasota has some spectacular listings to meet that demand.
Sarasota’s luxury condominium market is primed with several new projects in the finishing stages, many others under construction, and a pipeline of new projects in the approval process. I have no doubt that we will have many months over the next few years with a similar St. Regis effect that we saw last October as these projects welcome their new residents.
In addition to the in-migration from other states driving sales at the higher end, the building wealth of our young professionals is expected to sustain strength in the lower price points of the luxury tier. The peaks and valleys caused by the pandemic have eased into a more balanced market, and a calm hurricane season has boosted buyer confidence in the Sarasota Real Estate Market. If this is your season to seek a new property, I assure you that you will have some great choices (and potential negotiating opportunities) in the abundant offerings on the market.
As the Sarasota housing market and economic conditions are always shifting, 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.
At Michael Saunders & Company, our Global Partners provide valuable resources for marketing listings and engaging both international and domestic buyers. With forty years of experience in the Sarasota Real Estate Market, I offer informed guidance to help clients achieve their real estate objectives. My comprehensive understanding of market dynamics, ability to manage expectations, and skill in negotiation support successful property transactions. Additionally, my broad network of industry professionals—including architects, designers, contractors, and service providers—enhances the overall client experience. I welcome the opportunity to assist you, your family, or friends with buying or selling property.
Below is a snapshot using data compiled from the Florida Association of Realtors showing October’s existing property market activity over $1,000,000 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 $543.1 million which decreased by $35.5 million from a year ago. Last year the St. Regis Residences sales produced more than $150 Million in transactions in October.
- The number of properties sold was 914, 199 more than a year ago, a nearly 30% increase in homes and 23% more condos, considerably outpacing state and nationwide results. The monthly average for properties sold this year is 968. The monthly average in 2024 was 912, in 2023 was 953, and in 2022 it was 1,004.
- Florida’s single-family sales increased 13.8% from last year, and condo sales were 11% more than last year.
- U.S. sales with single-family sales rose just 1.9% and condos were essentially equal to last year.
- Of the closed sales in the past month 98 were 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 and condos sold for more than $1 million were about 11% higher than prior year.
- In October, 902 listings went to a pending contract, an increase of 288 transactions from a year ago. Year to date there has been an average of 902 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 23%, and condominiums rose 19.4% compared to last year.
- U.S. pending sales in October were almost the same as a year ago.
Prices
- Single-family homes were sold at a median price of $445,000. The average monthly median price for houses sold this year is $473,000. The average monthly median price for 2024 was $505,500, in 2023 it was $510,000 and in 2022 it was $493,0000.
- In October, Florida median price for single-family homes was $411,105, a 1% decrease from last year.
- The national median price for existing homes grew 2.2% to $420,600.
- The condominium median sale price was $310,000. The average monthly median price for condos sold is $329,000 this year. The average monthly median price for condominiums sold in 2024 was 382,00, in 2023 it was $387,400 and in 2022 $383,000.
- The median price for a Florida condominium last month was $300,000, a 4% decline from previous year.
- U.S. median condominium price grew 1% to $363,700.
- Sarasota houses sold on average for $640,000 in October. The year-to-date monthly average is $685,000. The annual monthly average was $715,00 last year, $695,000 in 2023 and 2022 $683,000.
- Condominiums sold for an average price of $471,000. The year-to-date monthly average is $506,000. The annual monthly average was $729,000 in 2024, $622,500 in 2023 and in 2022 $563,000.
Inventory
- Currently there are 5,320 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 1,590 new listings in the past month. The market averaged 1,485 new listings monthly this year, 1,391 in 2024, 1,318 in 2023 and 904 in 2022.
- Current inventory results in 5 months of single-family homes for sale in Sarasota and 7.5 month’s supply of condominiums.
- Florida currently has 5.1 months of single-family inventory and 9.3 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased about 11% over last year.
- U.S. inventory of existing single-family homes and condos were both up about 11% compared to last October.
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