/Sarasota Real Estate Report 2023-2024

Sarasota Real Estate Report 2023-2024

Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events
Sarasota News Events
Sarasota Real Estate 2024:

The REALTOR® Association of Sarasota and Manatee (RASM) released its monthly market report detailing the real estate trends for May 2024. According to the data compiled by Florida Realtors®, the housing market in Sarasota and Manatee counties shows a mixed trend compared to May 2023 with increasing inventories and longer times to contract and sale, indicating a potential shift towards a more balanced market or even a buyer’s market, especially in the townhouses and condos segment. Median and average sale prices vary, with some areas showing increases and others decreases, reflecting local market conditions and demand.

April 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Key Trends in May 2024

  • Sarasota County: Single-family homes are seeing stable sales and rising prices with increasing inventory, suggesting a shift towards a buyer’s market. The condo/townhouse market is showing a decrease in sales, with decreasing prices and increasing inventory, indicating a potential buyer’s market as well.
  • Manatee County: Both single-family homes and condos/townhouses are experiencing fewer sales and increasing inventory, indicating a potential shift towards a buyer’s market. Prices for single-family homes are stable, but condos/townhouses are seeing slight decreases.

Single-Family Homes

The market for single-family homes in Sarasota County showed a positive trend in May 2024, with 850 closed sales, marking a 3.4 percent increase compared to May 2023. The median sale price rose by 3.9 percent to $530,000, while the average sale price saw a 6.3 percent increase, reaching $743,303. The total dollar volume surged to $631.8 million, reflecting a 9.9 percent year-over-year growth.

However, inventory levels saw a significant rise, with 3,239 active listings, a 77.6 percent increase, leading to a months supply of inventory at 5.0 months. The median time to contract extended to 43 days, up 72.0 percent, and the median time to sale increased by 25.4 percent to 84 days. Sarasota County hasn’t seen inventory levels this high since Q1 of 2019.

Manatee County’s single-family homes market remained relatively stable, with 801 closed sales, showing a slight decrease of 0.2 percent compared to May 2023. The median sale price increased by 1.9 percent to $525,000, while the average sale price rose by 3.4 percent to $709,406. The dollar volume reached $568.2 million, reflecting a 3.2 percent increase.

According to Stellar MLS data, Manatee County has seen the sale of 3,697 single-family homes in the last 180 days. Among these, 1,167 were newly constructed in 2023 or later.

“It’s important to note that the current median home price may appear skewed due to higher selling prices of new construction homes from a year ago. This lagging indicator affects the overall median home value,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We will closely monitor the market over the next few months to gain a clearer understanding of how increased inventory and longer days on the market impact median home values.”

Active listings in Manatee County rose by 68.6 percent to 2,570, resulting in a months supply of inventory of 4.1 months. The median time to contract grew by 40.6 percent to 45 days, and the median time to sale increased by 18.8 percent to 95 days.

The combined average sales price for single-family homes in Sarasota and Manatee counties increased by 4.9 percent, indicating strong performance in the luxury market.

“We’ve seen numerous record-breaking luxury home sales in recent months,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “Among them is the Ohana Estate, which set a new high with its $19.75 million sale on Longboat Key.”

Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events Real Estate Photography

Townhomes and Condos

The townhouse and condo market in Sarasota County experienced a slight decline, with closed sales dropping by 4.1 percent to 423. The median sale price decreased by 9.1 percent to $368,000, and the average sale price fell by 6.1% to $545,992. The dollar volume also saw a decrease of 9.9 percent, totaling $231.0 million.

Inventory for townhouses and condos increased by 87.3 percent to 2,010 active listings, resulting in a months supply of inventory of 6.3 months. The median time to contract increased by 125.9 percent to 61 days, and the median time to sale rose by 34.7 percent to 101 days.

The townhouses and condos market in Manatee County experienced a notable decline, with closed sales dropping by 25.8 percent to 264. The median sale price decreased by 5.5 percent to $361,495, and the average sale price fell by 32.0 percent to $412,348. The dollar volume saw a significant decline of 49.6 percent, totaling $108.9 million.

Inventory levels for Manatee County townhouses and condos increased by 88.4 percent to 1,458 active listings, leading to a months supply of inventory of 6.3 months. The median time to contract rose by 51.4 percent to 56 days, and the median time to sale increased by 9.2 percent to 95 days.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS.
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Key Trends in April 2024:
  • Inventory Surge: The increase in active listings for both single-family homes and condos suggests a growing supply, which could lead to more competitive pricing and longer times on the market.
  • Sales Activity: Despite the higher inventory, closed sales for both single-family homes and condos have risen, indicating sustained buyer interest.
  • Market Shift: The substantial increase in the median time to contract and sale times indicates a market shift towards longer selling periods, likely due to the increased inventory and possibly more selective buyers.

Inventory continues to be a topic of discussion in April 2024. In Sarasota County, inventory increased year-over-year by 81.2 percent to 3,305 for single-family homes and 91 percent to 2,124 for condos. In Manatee County, inventory increased by 60 percent to 2,450 for single-family homes and 92.4 percent to 1,512 for condos.

“The significant rise in inventory across both counties is a clear indication of a shifting market dynamic. Buyers now have more options to choose from, which is reflected in the extended time properties are staying on the market,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty.

In April, the months’ supply of inventory (MSI) for single-family homes decreased from one month ago from 5.3 months to 5.1 months in Sarasota County and from 4.1 months to 3.9 months in Manatee County. For townhomes and condos, the MSI decreased from 6.8 months to 6.7 months in Sarasota County and from 6.4 months to 6.3 months in Manatee County.

There was a total of 1,496 closed sales for single-family homes in Sarasota and Manatee, a 6.2 percent increase from the same time last year. Closed sales for condos increased by 10.6 percent to 707 sales across both counties.


Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events Real Estate Photography

“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” added Barrett.

The median time to contract in Sarasota County is 40 days for single-family homes and 48 days for condos, a year-over-year increase of 90.5 percent and 118.2 percent respectively. In Manatee County, the median time to contract increased by 57.1 percent to 44 days for single-family homes and by 63 percent to 44 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County increased year-over-year by 3.8 percent to $540,000 and remained steady at $399,000 for townhomes and condos. In Manatee County, condo prices decreased by 7.5 percent to $352,420, and single-family home prices decreased by 7 percent to $530,000.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

March 2024 Real Estate Report

The real estate markets in Sarasota and Manatee counties have
undergone significant changes throughout the first quarter of 2024, reflecting broader economic
influences and evolving buyer and seller behaviors. This press release provides an overview of these
changes, based on the latest data released by Florida Realtors®, and offers insights into the implications
for the remainder of the year.

Key Trends in Q1:
• Increased Inventory Levels: Inventory grew 64.6 percent for single-family homes and 90.9
percent for townhomes and condos across both Sarasota and Manatee Counties since Q1 2023,
significantly shifting market dynamics.
• Extended Time on Market: Median time to contract for single-family homes and condos
increased to an average of 43 days in Sarasota County and 51 days in Manatee County in Q1 of
2024, indicating that properties are taking longer to reach the closing phase.
• Price Adjustments: Median sales price decreased year-over-year in March 2024. Single-family
homes decreased 0.6 percent and townhouses and condos decreased 6.1 percent combined across
Sarasota and Manatee counties.
• High Cash Sales: In Q1, cash sales increased by a total of 5.9 percent across Sarasota and
Manatee counties for single-family homes and condo transactions. This trend highlights a
significant portion of buyers and investors, who prefer or can bypass traditional financing routes.
The data suggests that both Sarasota and Manatee counties are transitioning towards market conditions
that favor buyers, with more negotiating power due to increased supply. However, the high rate of cash
sales continues to impact the dynamics, potentially sidelining first-time homebuyers and those reliant on
financing.

Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events  Professional Real Estate Photos that make your property stand out above the rest!

“The real estate market in 2024 has been one of adjustment and realignment. Buyers and sellers in
Sarasota and Manatee counties should stay informed on these trends, as they indicate a more competitive
market heading into 2025,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett
Realty. “Particularly, buyers have more options and leverage, while sellers might need to adjust
expectations regarding pricing and time on market.”
March 2024 Statistics

Inventory also referred to as active listings, has more than doubled in both counties when compared to
March of 2023. In Sarasota County, inventory increased year-over-year by 76.6 percent to 3,374 for
single-family homes and 100.3 percent to 2,153 for condos. In Manatee County, inventory increased by
51.3 percent to 2,581 for single-family homes and 78.9 percent to 1,519 for condos.
In March, the monthly supply of inventory (MSI) for single-family homes increased to 5.3 months in
Sarasota County and 4.1 months in Manatee County. For townhomes and condos, the MSI increased to
6.8 months in Sarasota County and to 6.4 months in Manatee County. Florida Realtors® states that the
benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.
The median time to contract in Sarasota County is at 40 days for single-family homes and 51 days for
condos, a year-over-year increase of 60 percent and 183.3 percent respectively. In Manatee County,
the median time to contract increased by 10.9 percent to 51 days for single-family homes and by 134.8
percent to 54 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County decreased year-over-year by 2.5
percent to $515,000 and decreased by 8.9 percent to $385,775 for townhomes and condos. Manatee
County condo prices decreased by 2.8 percent to $342,988, while single-family home prices increased by
1.4 percent to $498,805.

In March 2024, cash sales remained high. Sarasota County reported 44.5 percent of single-family home
sales and 70.3 percent of townhome and condo sales were paid for in cash. Manatee County had 33.4
percent of single-family homes and 51.8 percent of townhome and condo sales paid for in cash.
There were 1,453 closed sales for single-family homes in Sarasota and Manatee, an 8.2 percent decrease
from the same time last year. Closed sales for condos decreased by less than one percent to 686 sales.
As the market begins to shift to more competitive levels, these current trends provide opportunities for
buyers but require sellers to be more strategic in their approach.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

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February 2024 Report

Increasing Inventory Signals New Opportunities in Sarasota and Manatee
County Housing Markets

SARASOTA, Fla. (March 21, 2024) – The latest housing market data for February 2024 highlights
significant shifts in inventory levels across Sarasota and Manatee Counties, indicating evolving dynamics
for home buyers and sellers in Southwest Florida.

Key Findings:
• Single-family homes in Manatee County saw a 52.5 percent year-over-year increase in active
listings, with inventory rising from 1,732 in February 2023 to 2,641 in February 2024. The monthly
supply of inventory also increased, moving from 3.1 to 4.2 months.
• Townhouses and condos in Manatee County saw an 86.9 percent year-over-year increase in
active listings, with inventory rising from 786 in February 2023 to 1,469 in February 2024. The
monthly supply of inventory also increased, moving from 3.4 to 6.2 months.
• Single-family homes in Sarasota County experienced an increase in inventory, with active
listings rising by 86.1 percent from 1,793 in February 2023 to 3,337 in February 2024. The
monthly supply of inventory grew from 2.9 to 5.2 months.
• Townhouses and condos in Sarasota County saw a 128.1 percent increase in active listings,
rising from 929 in February 2023 to 2,119 in February 2024. The monthly supply of inventory also
increased, moving from 2.8 to 6.7 months.

Both Sarasota and Manatee counties experienced an uptick in median sales prices for single-family homes
year-over-year. The median sale price for single-family homes in Sarasota County increased by 2.5
percent to $507,500, and in Manatee County, median prices increased by 2 percent to $499,990. The
median sales price for Sarasota County condos increased by 1.2 percent year-over-year to $389,750 and
decreased by 5.5 percent to $349,493 for Manatee County condos.

“With increasing inventory, the real estate market is becoming more balanced for buyers and sellers.
Rising median home prices and extended days on the market signal a healthier, stabilizing market,
offering buyers and sellers ample time to negotiate,” said Tony Barrett, 2024 RASM President and
Broker/Owner of Barrett Realty.

Inventory, also referred to as active listings, has increased significantly in both counties from a year ago.
In Sarasota County, inventory increased by 86.1 percent for single-family homes and 128.1 percent for
condos. In Manatee County, inventory increased by 52.5 percent for single-family homes and 86.9 percent
for condos.

The rise in inventory levels across both counties offers potential homebuyers more options in the market,
enhancing their ability to find properties that closely match their preferences and budget. Furthermore, the
increase in the monthly supply of inventory suggests that buyers may have more negotiating power,
potentially leading to more favorable purchase terms.

In February, the condo market reached a 6-month supply in both Sarasota and Manatee, with a 6.7-month
supply of Sarasota condos and a 6.2-month supply of Manatee condos. Single-family homes in the two-county region also reported a monthly supply of inventory that hasn’t been reported since March of 2019,
according to Florida Realtors® SunStats.

While the increase in inventory represents a shift towards a buyer’s market, demand remains robust,
underscoring the need for buyers to remain informed and decisive. Despite the broader selection, desirable
properties in sought-after locations continue to attract attention, necessitating a proactive approach from
buyers.

Closed sales in Sarasota County increased by 11 percent year-over-year to 577 for single-family homes
and decreased by 9.1 percent to 270 for condos. In Manatee County, closed sales increased by 8.7 percent
year-over-year to 547 for single-family homes and increased by less than one percent to 196 for condos.
The increase in total closed sales in both counties shows continued demand for properties in our region.
“As days on the market increase, Realtors® play a crucial role in negotiating favorable outcomes for
clients,” added Barrett. “Partnering with a Realtor® is essential in today’s market. Their knowledge,
experience, and dedication empower clients to make informed decisions, leading to successful
transactions.”

The median time to contract in Sarasota County increased by 90.5 percent to 40 days for single-family
homes and 121.1 percent to 42 days for condos. In Manatee County, the median time to contract increased by
46.2 percent to 57 days for single-family homes and by 79.3 percent to 52 days for condos.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

January 2024The housing market in January 2024 mirrors the trends observed
in the latter half of 2023, as per data released by Florida REALTORS® and analyzed by the REALTOR®
Association of Sarasota and Manatee (RASM). January saw a continued uptick in the monthly supply of
inventory and a rise in median time to contract, indicating a gradual shift towards a more balanced
market, favorable to buyers.

“As we witness sustained growth in inventory levels, it’s important to recognize that we are still below
the levels represented in Q1 of 2019,” said Tony Barrett, 2024 RASM President and Broker/Owner at
Barrett Realty. “The transition towards a more normalized, higher inventory market presents advantages
for buyers, offering them increased leverage in negotiating prices, repairs, and closing cost credits.”
Both Sarasota and Manatee counties experienced an uptick in median sales prices. In Sarasota County, the
median sale price for single-family homes increased by 16.3 percent to $535,000, and in Manatee County,
median prices increased by 3.8 percent to $525,000. The median sale price for Sarasota County condos
increased by less than one percent to $420,000 and increased by 3.8 percent to $357,990 for Manatee
County condos.

Across the two-county region, closed sales increased year-over-year by 14.9 for single-family homes and
increased by 1.3 percent for condos. Single-family homes in Sarasota County witnessed an 18.5 percent
increase in closed sales, while condo sales decreased by 4.6 percent. Meanwhile, closed sales in Manatee
County saw a respective increase of 10.9 percent and 8.8 percent for single-family homes and condos.
The total number of active listings on the market almost doubled when compared to the previous year,
providing buyers with a wider array of options. In Sarasota County, active inventory for single-family
homes increased by 75.4 percent to 3,135 listings and the condo supply increased by 124 percent to 1,985
listings. Active listings for single-family homes in Manatee County increased by 33.3 percent to 2,420
listings, and increased by 79.4 percent for condos, with 1,340 listings.

Months supply of inventory (MSI) continued its upward trajectory across both counties. The MSI for
single-family homes was at 4.9 months in Sarasota County and 3.9 in Manatee County, a year-over-year
increase of 75 percent and 21.9 percent, respectively. The condo market reached new records for both
Manatee and Sarasota County. There was a 6.2-month supply of Sarasota condos, which was last reported
in April of 2019 and there was a 5.6-month supply of Manatee condos, which has not been reported since
February of 2013. This is a year-over-year increase of 129.6 percent and 75 percent, respectively.

The median time to contract for Sarasota County averaged 38 days, marking a 58.3 percent increase from
the previous year. In Manatee County, houses and condos remained on the market for approximately 41
days before going under contract, reflecting a 41.3 percent increase from January 2023.
Looking ahead, Tony Barrett commented, “In the coming months, potential shifts in interest rates and
insurance costs could reshape the market dynamics. Should interest rates decrease and insurance costs
follow suit, we may anticipate a resurgence of buyers entering the market once again.”
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015,

2023 Housing Market of Sarasota and Manatee Counties

The 2023 housing market for Sarasota and Manatee counties are showing signs of stabilization, marked by a return of housing inventory to pre-COVID levels. A crucial metric to assess the housing market’s state is the Months’ Supply of Inventory (MSI). According to Florida REALTORS®, a balanced market (favoring neither buyer nor seller) has an MSI of 5.5 months, signifying the estimated time to deplete current inventory at the existing sales rates. MSI in Sarasota increased 76 percent to 4.4 months for single-family and 136.4 percent to 5.2 months for condos, the highest since 2018. Manatee County saw a 10 percent increase to 3.3 months for single-family and a 70.4 percent increase to 4.6 months for condos.

Indicators like MSI suggest a shift in Sarasota and Manatee County housing markets, moving away from a seller’s advantage. Buyers now have a broader range of options and may not be as inclined to forgo contingencies or offer above the asking price, as observed in recent years.

With median prices remaining at a record high, sellers can still potentially secure top dollar for their homes. However, the process might take a bit longer, and buyers may be less willing to waive contingencies, such as inspections, in the current environment.

“We are seeing good adjustments in this market that will benefit both buyers and sellers going forward,” said Tony Barrett, 2024 RASM President and Broker/Owner at Barrett Realty. “The days on the market have increased, along with inventory and we are starting to see buyers having a little more flexibility in negotiations.”

Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events Real Estate Photography

Yearly Market in 2023

The total number of closed sales across the two counties in 2023 decreased by less than one percent to 21,760 sales. For single-family homes, yearly closed sales decreased from 2022 by 4.2 percent to 7,608 sales in Sarasota County and increased by 7.3 percent to 7,480 sales in Manatee County. Condo sales decreased by 6.7 percent to 3,830 sales in Sarasota and decreased by 0.8 percent to 2,846 sales in Manatee County.

The median sale price for 2023 surpassed the previous record reached in 2022 for condos in Sarasota and Manatee. The yearly median price for Sarasota condos was $410,000 and $363,620 for Manatee condos, a year-over-year increase of 6.5 percent and 5 percent respectively. For single-family homes, the median price for 2023 increased by 4.5 percent to $515,000 in Sarasota and decreased by 2.1 percent to $509,240 in Manatee County.

The median time to contract increased significantly from 2022. In Sarasota County, the median time to contract for single-family homes increased by 200 percent to 27 days and increased by 250 percent to 28 days in the condo market. For single-family homes in Manatee County, the median time to contract increased by 266.7 percent to 33 days and increased by 350 percent to 36 days for condos.

The dollar volume in 2023 increased year-over-year for both property types in the North Port-Sarasota-Bradenton MSA. Single-family homes brought in $10.3 billion in volume for the two counties, a 1.8 percent increase from the previous year. The dollar volume of condo sales increased by 4.3 percent to $3.6 billion.

Cash sales decreased in 2023 for both property types in the two-county region. For single-family homes, yearly cash sales decreased by 10.6 percent in Sarasota County and decreased by 4.9 percent in Manatee County. In the condo market, cash sales decreased by 8.4 percent in Sarasota and by 5.8 percent in Manatee.

Across both counties, new listings added to the market in 2023 decreased for single-family homes but increased for condos. For single-family homes, 19,117 new listings were reported, a 1.9 percent decrease from 2022. For condos, new listings increased by 13 percent from 2022, with 9,472 new listings added to the market.

December Market in 2023

In the last month of 2023, the combined closed sales of all property types in both counties increased year-over-year by 5.8 percent to 1,619 sales. For single-family homes, closed sales increased by 6.6 percent to 518 sales in Sarasota County and by 13.6 percent to 610 sales in Manatee County. Condo sales increased by 15.6 percent to 318 sales in Sarasota and decreased by 25.4 percent to 173 sales in Manatee.

December 2023 reports a year-over-year rise in prices across all markets except for single-family homes in Manatee County. In the condo market, the median sale price was $468,933 for Sarasota condos and $350,000 for Manatee condos, an increase of 20.2 percent and 1.6 percent respectively. For single-family homes, the median sale price increased by 2.7 percent to $519,000 in Sarasota and decreased by 1.4 percent to $499,900 in Manatee.

The median time from the listing date to the contract date was reported at 35 days for single-family homes in Manatee, an increase of 29.6 percent, and 37 days in Sarasota, an increase of 60.9 percent. As for condos, the median time to contract increased year-over-year by 100 percent to 38 days in Manatee County and increased by 21.1 percent to 23 days in Sarasota.

The month’s supply of inventory in December was 5.2 months for Sarasota condos, a 136.4 percent increase and the highest supply reported since 2019. There was a 4.6-month supply of Manatee condos, a 70.4 percent increase year-over-year. In the single-family home market, there was a 4.4-month supply for Sarasota homes and a 3.3-month supply for Manatee homes, a year-over-year increase of 76 percent in Sarasota and 10 percent in Manatee.

At the end of December, the inventory of all active listings was 7,469 for both property types in the North-Port-Sarasota-Bradenton MSA, a 54.8 percent increase from the same time last year. Broken down for each property type, there were 4,848 active listings for single-family homes and 2,621 active listings for condos.

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November 2023 Sarasota-Bradenton Real Estate Report

Home Sales and Prices Remain Steady in Sarasota and Manatee

The demand for housing in Sarasota and Manatee counties
remains strong despite the higher interest rates and home prices. According to data from Florida
REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM),
November showed a continued rise in the month’s supply of inventory, approaching the levels seen
leading up to the pandemic.

Combined sales for both property types in the North Port-Sarasota-Bradenton MSA increased year-over-year
by 26.4 percent to 1,583 sales in November and decreased by 1.6 percent from the previous month.
In Manatee County, single-family home sales increased by 22.2 percent to 550 sales and condo sales
increased by 20.7 percent to 198 sales.

In Sarasota County, single-family home sales increased by 31
percent to 541 sales and condo sales increased by 30.7 percent to 294 sales.
“Closed sales increased by more than 20 percent for properties in Sarasota and Manatee,” said Brian
Tresidder, 2023 RASM President and Vice President of Operations at William Raveis Real Estate.
“Despite the high prices, high interest rates, and insurance concerns, the housing demand in the area
remains strong, keeping home sales and prices steady.”

For single-family homes, the median sale price decreased by 4.1 percent to $485,861 in Manatee County
and increased by less than one percent to $500,000 for single-family homes in Sarasota County.
The median sale price for Manatee condos decreased year-over-year by 1.8 percent to $351,500. For
Sarasota condos, the median sale price increased by 58.8 percent from last year to $547,704.
This record-high price is likely due to more sales this month at a higher price tier. In November 2023, 34
percent of all Sarasota condo sales sold at or above $1,000,000, after the closing of a downtown luxury condo
development.

“The surge in closings and median sale prices in the Sarasota condo market can be directly attributed to
the completion of Sarasota’s newest luxury condo building, marking the culmination of construction and
the closing of a significant portion of the units for sale, providing a boost to the local real estate market,”
added Tresidder. “With new construction, data in the MLS isn’t typically marked as ‘closed’ until the
building’s certificate of occupancy is issued and pending reservations can be completed. That’s why this
month shows an atypical number of Sarasota County condos sold, thus doubling the dollar volume this
month.”

In Manatee County, the dollar volume (sum of the sale prices for all sales during the month) increased
year-over-year by 27.1 percent for single-family homes and increased by 21.4 percent for condos. In
Sarasota, the dollar volume increased by 28.7 percent for single-family homes and increased by 111.9
percent for condos.

The month’s supply of inventory reached a new high for 2023, surpassing any other month thus far. For
single-family homes, the month’s supply of inventory in Sarasota increased year-over-year by 79.2
percent to a 4.3-month supply and increased by 13.3 percent to a 3.4-month supply in Manatee County.
Sarasota condos increased by 133.3 percent to a 4.9-month supply, and Manatee condos increased by 63
percent to a 4.4-month supply.

The inventory of active listings is at its highest for the year, approaching the level of inventory that was
present leading up to the pandemic. There were 7,444 active listings in the MSA at the end of November,
a 53.8 percent increase from the same time last year and a 10.9 percent increase from the month prior.
Broken down for each property type, there were 4,823 active listings for single-family homes and 2,621
active listings for condos in Sarasota and Manatee.

Pending sales, or the number of properties that went under contract during the month, increased year-over-year
for both property types in Sarasota and Manatee. In Sarasota County, pending sales increased
by 1.1 percent for single-family homes and by 21.3 percent for condos. In Manatee County, pending sales
increased by 6.4 percent for single-family homes and 1.8 percent for condos.

At the end of the month, there were 2,600 new listings combined for both single-family homes and
condos in the MSA, a 36.3 percent increase when compared to the previous year. For each property type,
there were 1,668 new listings for single-family homes and 932 new listings for condos in the MSA.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

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October 2023 Real Estate Report: Sarasota Board of Realtors
Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023
Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events
Sponsored by Judi Taulbee, Realtor, Fine Properties, 20 years of experience, recognized by Forbes and Fortune Magazines.
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Housing inventory in both Sarasota County and Manatee County is on the rise, marking the highest number of listings reported this year in October. The latest data, sourced from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and
Manatee (RASM), indicates an uptick in home sales and an influx of new listings added to the market.

Combined sales for both property types in the North Port-Sarasota-Bradenton MSA increased year-over year by 4.3 percent to 1,608 sales in October. In Manatee County, single-family home sales increased by 6.5 percent to 609 sales and condo sales increased by 7.5 percent to 215 sales. In Sarasota County, single-family home sales increased by 3.5 percent to 538 sales, while condo sales decreased by 1.6 percent to
246 sales. When compared to the previous month, there were 9.2 percent fewer home sales in October
than in September of 2023.

“Compared to the rest of the country where home sales are declining in most markets, our housing market
is telling a different story,” Brian Tresidder, 2023 RASM President and Vice President of Operations at
William Raveis Real Estate. “This month’s data showcases an increase in sales, a rise in new listings, a
leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a
more balanced market in our future.”

In October, median sale prices increased year-over-year for condos but decreased for single-family
homes. The median price for Sarasota condos increased by 10.3 percent from last year to the highest
recorded price in 2023 at $426,500, while the condo price in Manatee County increased by only 0.4
percent from last year to $370,000.

Median sale prices for single-family homes experienced the largest year-over-year percentage decrease
for both counties so far this year. In Manatee County, the median sale price for single-family homes
decreased by 12.8 percent, settling at $479,000, while Sarasota County saw a 3.3 percent decrease,
bringing the price to $520,000 in October.

The month’s supply of inventory reached a new high for 2023, surpassing any other month thus far, and
in some markets, it hasn’t been this high since 2020. For single-family homes, the month’s supply of
inventory in Sarasota increased year-over-year by 77.3 percent to a 3.9-month supply and increased by
17.9 percent to a 3.3-month supply in Manatee County.

Sarasota condos increased by 144.4 percent to a
4.4-month supply, and Manatee condos increased by 65.2 percent to a 3.8-month supply.
“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year,
it’s still not quite back to pre-pandemic levels,” added Tresidder. “The good news is that we’ve been
trending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month
supply.”

The inventory of active listings is at its highest for the year with 6,710 active listings in the MSA at the
end of October, a 46.9 percent increase from the same time last year and a 14 percent increase from the
month prior. Across the two-county region, single-family home inventory increased by 32.8 percent to
4,418 active listings, and condo inventory increased by 84.7 percent to 2,292 listings.

New listings continue to rise this month, showing the highest year-over-year percentage growth for 2023
in October. At the end of the month, there were 2,614 new listings combined for both single-family
homes and condos in the MSA, an 18.1 percent increase when compared to the previous month and a 46.3
percent increase when compared to the previous year. Broken down for each property type, there were
1,763 new listings for single-family homes and 851 new listings for condos in Sarasota and Manatee.

Another sign of the market’s return to pre-pandemic activity is the median time from listing date to
the contract date, with the shrinking year-over-year percentage gains each month. Single-family homes in
Sarasota and Manatee counties went under contract within a median of 29 days, a year-over-year increase
of 45 percent in Sarasota and 20.8 percent in Manatee. For condos, the median time to contract was 32
days for Sarasota and 30 days for Manatee, an increase of 14.3 percent and 36.4 percent respectively.

Sarasota Real Estate Report 2023-2024, Our Town Sarasota News Events
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Sarasota News Events: Real Estate: 2023

September 2023 Home Sales Increase From Last Year’s Hurricane: Sarasota Board of Realtors

Amidst the lingering impacts of Hurricane Ian’s disruption to
Florida’s housing market last September, the latest data from Florida REALTORS® paints a contrasting
picture for September 2023. While closed sales registered an unusually high year-over-year growth,
median prices stayed relatively stable.

In stark contrast to an irregular report caused by disruption from Hurricane Ian in September 2022, this
September marked a striking departure, with remarkably high year-over-year increases in closed sales.
However, the number of closed sales this month hovers around the same level of sales as the two previous
months. The total number of closed sales across the North Port-Sarasota-Bradenton MSA was 1,770 in
September, a 40.1 percent increase from last year and a 0.7 percent decrease from last month.

Median sale prices in September decreased slightly across all markets except for condos in Manatee
County. For single-family homes, the median sale price in Sarasota decreased year-over-year by 0.7
percent to $494,000 and decreased by 2.6 percent to $503,495 in Manatee County. In the condo market,
prices in Sarasota decreased by 1.1 percent to a median $395,750, while Manatee County condos
increased by 3.9 percent to $350,000.

“Despite the current market fluctuations, median sale prices in Sarasota and Manatee counties remain
relatively stable,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at
William Raveis Real Estate. “Home prices are maintaining their value and only experiencing a marginal
decrease from previous highs.”

Combined for both property types in the MSA, there were 5,886 active listings at the end of September, a
35.4 percent increase from the same time last year and a 7 percent increase from the month prior. Across
the two-county region, there were 3,920 active listings reported for single-family homes and 1,966 listings
reported in the condo market.

Notably, Sarasota County reported the highest months’ supply of inventory in 2023, with a 3.5-month
supply for single-family homes and a 3.8-month supply for condos. These figures reflect year-over-year
increases of 66.7 percent and 137.5 percent, respectively. In Manatee County, single-family home supply
increased by 7.4 percent to a 2.9-month supply, while condo supply increased by 73.7 percent to a 3.3-
month supply.

At the end of September, there were 2,214 new listings combined for both single-family homes and
condos in the MSA, a month-over-month decrease by 2 percent. There were 1,545 new listings for
single-family homes, representing a slight 2.9 percent decrease compared to the previous month.
In the condo market, 669 new listings in September showed no change from the previous month, indicating a
somewhat static trend.

“The real estate market in the North Port-Sarasota-Bradenton MSA is a constant ‘tug-of-war’ between
new listings and pending sales,” said Tresidder. “This dynamic is contributing to a slow but steady rise in
the month’s supply of inventory.”

The number of properties that went under contract this month increased from the previous year. In
Sarasota, pending sales for single-family homes increased by 8.2 percent year-over-year, and increased by
8 percent in Manatee. For condos, pending sales increased year-over-year by 7.1 percent in Sarasota and
by 11 percent in Manatee. When compared to last month, pending sales decreased by 7.3 percent for
condos and by 12.3 percent for single-family homes.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

 

Continued Demand and Low Inventory Keeps Home Prices Steady in
Sarasota and Manatee August 2023

The North Port-Sarasota-Bradenton MSA’s housing market in
August showcased more inventory and higher prices than the previous year, as reported by the
REALTOR® Association of Sarasota and Manatee (RASM) with data from Florida REALTORS®.
Although the region’s sales declined marginally compared to the previous year, Manatee County’s
single-family sales bucked that trend with a 6.9 percent increase.

Combined sales for single-family homes and condos in the MSA decreased year-over-year by 0.67
percent to 1,782 sales in August. In Manatee County, single-family sales increased by 6.9 percent to 616
sales and condo sales decreased by 0.8 percent to 242 sales. In Sarasota County, single-family sales
decreased by 4.9 percent to 645 sales, and condo sales decreased by 5.7 percent to 279 sales.

“One of the unique aspects of our local real estate market is the counterintuitive trend where sales are
down, but property values are on the rise,” said Brian Tresidder, 2023 RASM President and Strategic
Growth & Sales Manager at William Raveis Real Estate. “A few factors contributing to this market would
include our low inventory levels limiting buyers’ options, and the in-migration of people moving to our
area that keeps buyer demand relatively high.” 

Median sale prices for both property types increased year-over-year in the two counties. For single-family
 homes, the reported median sale price in Sarasota increased by 9.2 percent to $519,000, while
Manatee
was at $525,000 in August, which showed no change from the previous year. In the condo market,
Sarasota prices increased by 2.8 percent to a median $385,650, while Manatee County condos increased
by 1.8 percent to $358,990.

Combined for both property types in the North Port-Sarasota-Bradenton MSA, there were 5,502 activelistings
at the end of August, a 28.3 percent increase from the same time last year and a 3.6 percent
decrease from the
month prior. Across the two-county region, there were 3,652 active listings reported for
single-family homes and
1,850 listings reported in the condo market.

“Florida’s enduring desirability as a place to live, a continued influx of residents, its affordability and
spacious housing options compared to the west coast and northeast parts of the county, along with
solid job
 growth, all bolster a continued buyer demand,” added Tresidder. “However, rising mortgage
rates will
continue to be a factor in this market, contributing to fewer sales than in 2021 and early 2022
when rates were
 closer to three percent.”

While active listing inventory remains relatively low in both Sarasota and Manatee counties, there is
a
gradual uptick in new listings this month. At the end of the month, there were 2,260 new listings
combined for both single-family homes and condos in the MSA. Broken down for each property type,
there were 1,591 new listings for single-family homes and 669 new listings for condos, representing
a
year-over-year increase of 2.3 percent and 15.7 percent respectively.

The month’s supply of inventory has increased year-over-year for the 16th consecutive month. In
Sarasota County, there was a 3.3-month supply for single-family homes and a 3.5-month supply for
condos, a year-over-year
increase of 65 percent and 118.8 percent respectively. In Manatee County,
single-family home supply
increased by 12 percent to a 2.8-month supply and the condo supply
increased by 83.3 percent to a
3.3-month supply.

Pending sales, or the number of properties that went under contract last month, decreased for both
property types in both counties. For single-family homes, pending sales decreased year-over-year
by 13.5
percent in Sarasota and by 4.9 percent in Manatee. For condos, pending sales decreased by
20.7 percent in
Sarasota and by 4.7 percent in Manatee. This is the fifth consecutive month that pending
sales in the
condo market have decreased from the previous month.

The median number of days from the listing date to the contract date continues to increase year-over-year.
For single-family homes, Manatee homes went under contract within a median of 33 days, a 153.8 percent
increase from last year, and Sarasota homes went under contract in 31 days, a year-over-year increase of
121.4 percent. The condo market is showing the highest number of days from listing date to contract date
since 2020, with 50 days reported in Manatee County (a 284.6 percent increase) and 46 days reported in
Sarasota County (a 228.6 percent increase).

July Real Estate Report 2023
Sarasota News Events

In July 2023, real estate activity in the Sarasota and Manatee
region reflects nuanced trends between the two counties. According to data from Florida REALTORS®
and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), Manatee County saw
year-over-year transaction growth, while Sarasota County maintained higher prices. Additionally,
inventory growth showed tempered increases compared to the initial growth that started in 2022, while
there were fewer new listings added to the market by the end of the month.

REALTORS® in the North Port-Sarasota-Bradenton MSA participated in 1,772 sales in July (combined
for single-family homes and condos), a year-over-year increase of two percent. Compared to last month,
closed sales decreased by a combined 19.7 percent for both property types in the MSA.

Year-over-year, closed sales increased in Manatee County but decreased in Sarasota County. In Manatee
County, single-family home sales increased by 10.1 percent to 624 sales and condo sales increased by
22.1 percent to 249 sales. In Sarasota County, single-family sales decreased by 6.6 percent to 633 sales,
and condo sales decreased by 8 percent to 266 sales.

“Despite higher interest rates, the housing market in Sarasota and Manatee counties stays strong due to
low supply and continued demand. The current situation, characterized by a unique buyer-seller ratio with
generally fewer participants on both sides, contributes to fewer transactions but also explains why prices
are relatively stable,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager
at William Raveis Real Estate. “While this general trend holds, it’s important to note that transactions in
Manatee County have increased with July marking the third month in a row where we saw a positive
year-over-year increase in closings for both single-family homes and condos. Sarasota, on the other hand,
continues to lag in sales but has a higher median sale price when compared to Manatee.”

Single-family home prices in Manatee County decreased year-over-year by 1.2 percent to $515,000 and
increased by 1.9 percent to $535,000 in Sarasota County. Condo prices decreased by 1.3 percent to
$350,000 in Manatee and decreased by 0.4 percent to $389,500 in Sarasota.

The number of homes that went under contract last month increased year-over-year for condos but
decreased for single-family homes. For condos, pending sales increased year-over-year by 19 percent in
Manatee and increased by 2.9 percent in Sarasota. For single-family homes, pending sales decreased by
0.3 percent in Manatee and decreased by 5.8 percent in Sarasota.

July 2023 shows the lowest number of new listings added to the market so far in 2023. At the end of the
month, there were 2,051 new listings combined for both property types in the North Port-
Sarasota Bradenton MSA, a decrease of 26.6 percent from last year and a decrease of 10.6 percent from June of
this year. Broken down for each property type, there were 1,439 new listings for single-family homes and
612 new listings for condos, representing a year-over-year decrease of 31.2 percent and 12.9 percent
respectively.

“We are still dealing with low inventory numbers in our area, and the lack of new listings could be a key
factor holding our median sales prices close to where they are or possibly seeing them increase if our
inventory levels continue to drop,” added Tresidder. “And while inventory has been growing year-over-year
consistently, the initial uptick in supply that started in 2022 could have been part of a short-term
adjustment period following our less-than-typical market in 2021. The current growth percentages in
inventory might represent a return to a more sustainable and realistic growth trajectory.”

The month’s supply of inventory has increased year-over-year for the 15th consecutive month but is
showing more modest increases in July 2023 when compared to the initial rebound of inventory in 2022.
In Sarasota County, there was a 3.2-month supply for single-family homes and a 3.4-month supply for
condos, a year-over-year increase of 60 percent and 112.5 percent respectively. In Manatee County,
single-family home supply increased by only 8 percent to a 2.7-month supply and condo supply increased
by 77.8 percent to a 3.2-month supply.

Combined for both property types in the North Port-Sarasota-Bradenton MSA, there were 5,309 active
listings at the end of July, a 23 percent increase from the same time last year and a 1.4 percent decrease
when compared to last month. Across the two-county region, there were 3,526 active listings reported for
single-family homes and 1,783 listings reported in the condo market.

The median number of days from the listing date to the contract date continues to increase year-over-year.
For single-family homes, Manatee homes went under contract within a median of 29 days, a 222.2 percent
increase from last year, and Sarasota homes went under contract in 25 days, a year-over-year increase of
150 percent. The condo market is showing the highest number of days from listing date to contract date
since 2020, with 47 days reported in Manatee County (a 422.2 percent increase) and 36 days reported in
Sarasota County (a 260 percent increase).

April Real Estate Report 2023

Manatee County’s Median Home Price Surpasses Previous Record SARASOTA, Fla. (May 18, 2023) – The housing market in Sarasota and Manatee counties reported year-over-year increases in the median sale price for both property types, with single-family homes in Manatee County reaching a new record. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), pending sales show signs of positive growth, while closed sales and new listings have declined, reflecting an evolving market.

Closed sales across the two-county region decreased year-over-year by 10.4 percent to 2,048 sales combined for both property types. For single-family homes, Manatee County closed sales decreased year over year by 4.3 percent to 662 sales and Sarasota County sales decreased by 5.7 percent to 747 sales. Condo sales decreased by 15.8 percent to 256 sales in Manatee County and by 22.9 percent to 383 sales in Sarasota.

“The real estate market in the North Port-Sarasota-Bradenton MSA demonstrates a mixed scenario with rising prices and positive growth for pending sales, but a decrease in closed sales and new listings,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The numbers from April represent a market offering both opportunities and challenges for buyers and sellers.” Single-family homes in Manatee County hit a record median sale price of $570,000 in April. This is a year-over-year increase of 10.7 percent and a 15.8 percent increase from last month when the median sale price was $491,988. For Manatee condos, the median sale price increased year-over-year by 8.8 percent to $380,795.

Year-over-year in Sarasota County, the median sale price for single-family homes increased by 7.7 percent to $520,000 and condo prices increased by one percent to $399,000. Pending sales, or the number of homes under contract last month, increased across all markets except for Sarasota County single-family homes. For single-family homes, pending sales increased year-over-year by 30.2 percent in Manatee County, but decreased by 12.5 percent in Sarasota.

Condo pending sales increased by 4 percent in Manatee and by 6.9 percent in Sarasota. For condos, this is the first year-over-year increase in pending sales reported since May of 2021. The median number of days between the listing date to contract date for single-family homes decreased from the previous month in both counties but increased year-over-year. In April, Manatee County single-family homes went under contract within a median of 28 days, a year-over-year increase of 460 percent. For Manatee condos, the median time to contract is at 27 days, a 440 percent increase from this time last year.

In Sarasota, the median time to contract for single-family homes increased by 250 percent to 21 days, and condos increased year-over-year by 340 percent to 22 days. “The increase in the median time to contract and month’s supply of inventory indicates a changing market, necessitating informed decision-making for all stakeholders,” added Tresidder. “Real estate is local, even down to the zip code, which is why we encourage all buyers and sellers to work with a REALTOR® to help them navigate the real estate market and ensure a smooth transaction.” The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 337.5 percent to a 3.5-month supply, and single-family home supply increased by 237.5 percent. In Sarasota County, there was a 3.5-month supply for condos and a 2.9-month supply for single-family homes, a year-over-year increase of 337.5 percent and 190 percent respectively.

At the end of the month, there were 5,253 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 166.8 percent increase from the same time last year. For single-family homes, there were 3,355 active listings and there were 1,898 active listings for condos across the two-county region. Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.