![]() ![]() This inventory plays a pivotal role in shaping the choices available to potential buyers, influencing the overall market activity. For Sale Inventory (As of January 31, 2024):ġ,852 homes are currently available for sale in Sarasota. With the average Sarasota home value standing at $451,986, reflecting a 1.3% increase over the past year, and a swift pending time of approximately 34 days, the market dynamics are worth exploring in detail. Chicago, New York, and Washington emerge as the top cities contributing to the influx, showcasing Sarasota's appeal to a diverse range of individuals seeking a change in scenery. Interestingly, only 1% of homebuyers from across the nation searched to move into Sarasota from outside metros. This flux in movement signifies both the attractiveness of Sarasota and the evolving preferences of its residents. The migration and relocation trends from December '23 to February '24 indicate that 33% of Sarasota homebuyers considered moving out of the area, while 67% explored staying within the metropolitan region. Looking ahead, the Sarasota housing market's future is poised for continued activity. ![]() What is the Future Market Outlook for Sarasota? This data suggests that while demand remains strong, sellers may need to be strategic in pricing their homes to attract buyers in this evolving market. However, there is a notable uptick in homes with price drops, standing at 33.0%, representing a 6.3 percentage point increase year-over-year. ![]() This points to a market where sellers can find buyers relatively quickly, contributing to a healthy real estate ecosystem. Homes in Sarasota spend an average of 26 days on the market, and hot properties can sell at or near the list price, going pending in a remarkable 5 days. Are There Enough Homes for Sale in Sarasota to Meet Buyer Demand?ĭespite the competitive nature of the market, there are indications of a balanced supply and demand dynamic. This trend suggests a willingness among buyers to pay a premium for desirable properties in the Sarasota market. ![]() Additionally, there has been a noteworthy increase in homes sold above the list price, rising by 2.7 percentage points year-over-year to reach 11.4%. The Sale-to-List Price ratio currently stands at 95.4%, reflecting a slight decrease of 0.93 percentage points year-over-year. Moreover, some homes receive multiple offers, underscoring the demand for quality properties in the area. The average homes sell for approximately 4% below the list price, and they go pending in around 26 days, emphasizing the active nature of the market. Sarasota's real estate market presents a mix of competitiveness and opportunity. How Competitive is the Sarasota Housing Market? Despite the dip in prices, the market maintains its allure, attracting both buyers and sellers seeking opportunities in this vibrant community. It's noteworthy that the median sale price in Sarasota is 15% higher than the national average, indicating the area's desirability and value. However, the market remains somewhat competitive, with homes typically selling in 26 days, a modest increase from the previous year's 27 days. According to data by Redfin, the median home price stands at $535K, showcasing a nuanced picture of the local real estate scenario. In January 2024, the Sarasota housing market experienced a slight downturn, with home prices decreasing by 2.7% compared to the previous year. How is the Sarasota housing market doing currently? How is the Housing Market Doing Currently? On the other hand, buyers can navigate the market with confidence, given the options available and the average homes selling slightly below the list price. With homes selling relatively quickly and a significant percentage selling above the list price, sellers have opportunities to capitalize on the demand. Assessing the current dynamics, the Sarasota housing market teeters on the edge between a buyer's and seller's market. ![]()
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