Sarasota and the Gulf Coast of Florida are well known for their beautiful beaches, world-class shopping, and vibrant cultural scene. However, the real estate market in Sarasota is also a key part of the area’s appeal. From Lakewood Ranch to the barrier islands, the real estate market in the Sarasota region has seen some interesting trends in 2023.
In February of 2023, the Sarasota and Manatee county real estate market showed a year-over-year decline in home sales, but a month-over-month increase. According to data compiled by the REALTOR® Association of Sarasota and Manatee (RASM), inventory continues to increase significantly from the same time last year while the number of days from listing to contract has also increased.
The closed sales decreased year-over-year by 16.3 percent to 1,515 sales combined for both property types in the two-county region. There were more sales in February than in January, with a 29.7 percent increase from the previous month. For single-family homes, closed sales decreased year-over-year by 10 percent to 503 sales in Manatee County and decreased by 24.7 percent to 520 sales in Sarasota County. Condo sales decreased by 21.1 percent to 195 sales in Manatee County and by 5.4 percent in Sarasota County to 297 sales.
The Sarasota and Manatee county real estate market is currently a seller’s market with less than 3.5 months of inventory. This is not surprising considering the increase in median sales price as well.
Despite the decrease in home sales, new listings in the North Port-Sarasota-Bradenton MSA increased by six percent year-over-year. At the end of the month, there were 5,240 active listings in the North Port-Sarasota-Bradenton MSA, a 307.2 percent increase from the same time last year. Active inventory increased from 5,236 homes in January to 5,240 homes in February.
The month’s supply of inventory for condos in Manatee County was at 3.4 months, a 580 percent increase. In Sarasota County, there was a 2.8-month supply for condos and a 2.9-month supply for single-family homes, a year-over-year increase by 460 percent and 383.3 percent respectively. For single-family homes in Manatee, there was a 3.1-month supply, an increase of 416.7 percent year-over-year, but a decrease from the previous month when the supply of inventory was at 3.2 months.
Despite the increase in inventory, the median prices of homes continue to rise year-over-year in the two counties. In Manatee County, single-family home prices increased by 2.5 percent to $490,000 and condo prices increased by 13.8 percent to $369,900. In Sarasota County, the median sale price for single-family homes increased by 10 percent to $495,000 and increased by 4.4 percent to $385,000 for condos.
While the market has cooled slightly from the high’s of 2021, inventory still remains tight and with listings and pending sales remaining closely aligned in communities such as Sarasota and Lakewood Ranch, indicating that market conditions will most likely remain steady into the spring. Looking to start the process of buying or selling? get in touch with us here!