Is Sarasota, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
At the same time last year, Sarasota was a Buyer's Market.
Key Takeaway
Sarasota is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Sarasota, FL
How much do homes in Sarasota, FL cost?
Median Sold Price
$509,846
$302/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
-$20,655(-3.9%)
Key Takeaway
Homes in Sarasota have sold for 3.9% less than they did a year ago.
Summary: The median home sold price in Sarasota was $509,846 in November 2023, down 3.9% from last year, and the median price per square foot was $302.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $367.4K | $243.3K | -33.8% |
| 2 Bedrooms | $435.2K | $399.8K | -8.1% |
| 3 Bedrooms | $589.1K | $524.9K | -10.9% |
| 4 Bedrooms | $870K | $827.5K | -4.9% |
| 5+ Bedrooms | $2.0M | $1.0M | -48.5% |
Summary: Sarasota housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 33.8%, 2 bedroom homes decreased by 8.1%, 3 bedroom homes decreased by 10.9%, 4 bedroom homes decreased by 4.9%, and 5+ bedroom homes decreased by 48.5%.
Median Sold Price Compared To Nearby Cities
| CITY | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| Longboat Key | $1.1M | $1.1M | 0.2% |
| Sarasota | $530.5K | $509.8K | -3.9% |
| Longboat Key | $1.3M | $1.2M | -10.6% |
Housing Supply in Sarasota, FL
How many homes are available in Sarasota, FL?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 2,442 | 2,720 | +11.4% |
Summary: The Sarasota real estate market had 2,720 homes for sale in November 2023, a 11.4% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 117 | 121 | + 3.4% |
| 2 Bedrooms | 932 | 1,071 | + 14.9% |
| 3 Bedrooms | 930 | 1,021 | + 9.8% |
| 4 Bedrooms | 339 | 379 | + 11.8% |
| 5+ Bedrooms | 124 | 128 | + 3.2% |
Summary: The Sarasota housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 3.4%, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 3.2%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 370 | 404 | +9.2% |
Asking Price vs. Sold Price
229 Homes Were Sold
Under Asking
72 Homes Were Sold
At Asking
103 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sarasota, you may be able to get a good deal. 56.7% of homes here sold below asking price last month.
Summary: A total of 404 homes were sold or pending in Sarasota in November 2023, up by 9.2% month-over-month. Of the 404 sold homes, 57% were sold under asking, 18% were sold at asking, and 25% were sold over asking.
Days on Market for Sarasota, FL
How long does it take to sell a home in Sarasota, FL?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 64 Days | 39 Days | -37.7% |
Summary: Homes in Sarasota had an average of 39 days on market in Nov 2023, down by 37.7% compared to last year.
Breakdown of Home Sale Times
260 Homes Were Sold
Under 30 Days
84 Homes Were Sold
In 30 - 90 Days
60 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Sarasota are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 404 homes were sold in Sarasota; 64% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
Report Updated 24 Days Ago
The housing market analysis you've presented offers a comprehensive view of Sarasota, FL's real estate dynamics. To break it down:
Buyer's vs. Seller's Market:
Sarasota, as of November 2023, lies in a neutral housing market phase. This indicates a balance between buyers and sellers, where home prices are reasonable, and properties typically spend an average amount of time on the market.
Housing Prices:
- Median Sold Price: $509,846, showing a 3.9% decrease from the previous year.
- Price per Square Foot: $302.
Median Sold Price by Bedroom Count:
- Prices have fluctuated across different bedroom counts:
- 1 bedroom homes decreased by 33.8%.
- 2 bedroom homes decreased by 8.1%.
- 3 bedroom homes decreased by 10.9%.
- 4 bedroom homes decreased by 4.9%.
- 5+ bedroom homes decreased by a significant 48.5%.
Median Sold Price Compared to Nearby Cities:
- Compared to Longboat Key:
- Sarasota saw a 3.9% decrease in median sold price.
- Longboat Key experienced a minimal change of 0.2%.
- Longboat Key at 1.2M showed a 10.6% decrease from the previous year.
Housing Supply:
- The inventory increased by 11.4%, reaching 2,720 homes for sale in November 2023.
- Across different bedroom types, there were varied increases in inventory.
Number of Homes Sold:
- 404 homes were sold or pending in November 2023, marking a 9.2% increase from the previous month.
- Majority (56.7%) of homes sold below the asking price.
Days on Market:
- Homes in Sarasota are selling faster, with an average of 39 days on the market, down by 37.7% from the previous year.
- The majority of homes (64%) sold within 30 days, indicating a fast-paced market.
In summary, Sarasota's housing market is in a state of balance, offering reasonable prices and a relatively quick turnover of properties. The decrease in prices across different bedroom counts might be a notable factor for potential buyers, especially in the 5+ bedroom category, where the decrease was significant at 48.5%. Additionally, the increased inventory and homes selling below asking price could provide opportunities for buyers to find favorable deals in this market.
