Sarasota Housing Market: Prices, Trends, Forecast 2024 – Norada Real Estate Investments

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The housing market in Sarasota is a topic of interest for many prospective homebuyers and real estate enthusiasts. Understanding the current state of the market can help individuals make informed decisions when it comes to buying or selling properties. In this blog post, we will explore the key aspects of the housing market in Sarasota, including median sale prices, average days on the market, competitiveness, migration trends, and environmental risks. Let’s dive in and discover what the housing market in Sarasota looks like today.

How is the Sarasota housing market doing currently?

According to data by Redfin, in December 2023, the Sarasota housing market experienced a remarkable surge, with home prices skyrocketing by 140.5% compared to the previous year. The median sale price reached an impressive $950,000, reflecting the city’s desirability and robust real estate demand. Homes are now selling faster, spending an average of 17 days on the market, a notable decrease from 26 days in the previous year.


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The Sarasota housing market is marked as somewhat competitive as the market sees some homes attracting multiple offers. On average, homes sell for about 2% below the list price and go pending in approximately 18 days. Hot homes, in high demand, can even sell for about 2% above the list price and go pending in just 4 days.

Comparing Sarasota to the broader U.S. housing market reveals intriguing insights. Sarasota’s median sale price is 135% higher than the national average, underlining its premium status. The overall cost of living in Sarasota is 5% higher than the national average, positioning it as an attractive yet upscale locale for potential homebuyers.

People are flocking to Sarasota, drawn by its charm and lifestyle. The latest migration analysis, based on Redfin data, indicates that 1% of homebuyers searched to move into Sarasota from outside metros. Chicago, New York, and Boston emerge as the top origin cities, with a significant percentage of homebuyers looking to make Sarasota their new home.

On the flip side, Sarasota residents are also exploring other destinations. Asheville, Greenville, and Knoxville top the list of cities where Sarasota residents are moving out. This dynamic migration pattern adds an interesting layer to Sarasota’s housing market dynamics.

Sarasota Housing Market Forecast for 2024: What to Expect

While market dynamics can shift, the current metrics do not indicate an impending crash. The balanced sale-to-list ratio and moderate price growth contribute to the market’s resilience.

According to data sourced from Zillow, the average home value in Sarasota stands at $454,620, reflecting a modest increase of 1.2% over the past year. Homes in this vibrant market typically go pending in approximately 28 days, offering insights into the demand and pace of transactions as of December 31, 2023.

Breaking Down Housing Metrics

  • For Sale Inventory (December 31, 2023): Sarasota currently boasts a substantial inventory, with 1,686 homes available for purchase.
  • New Listings (December 31, 2023): Over the same period, 475 new listings have entered the market, contributing to its vibrancy.
  • Median Sale to List Ratio (November 30, 2023): The ratio of median sale price to the list price is 0.972, shedding light on the negotiation dynamics in the market.
  • Median Sale Price (November 30, 2023): Sarasota’s median sale price as of November 30, 2023, stands at $458,979.
  • Median List Price (December 31, 2023): Reflecting the current market optimism, the median list price is $536,000.
  • Percent of Sales Over List Price (November 30, 2023): 10.7% of sales have exceeded the list price, indicating competitive bidding.
  • Percent of Sales Under List Price (November 30, 2023): Conversely, 74.0% of sales have been under the list price, showcasing varied negotiation outcomes.

Is Sarasota a Buyer’s or Seller’s Housing Market?

The current Sarasota housing market leans slightly towards sellers, evident in the 10.7% of sales surpassing list prices. However, the balanced negotiation dynamics, as reflected in the 74.0% of sales under list price, indicate opportunities for buyers as well. As of the latest data, home prices in Sarasota have seen a 1.2% increase over the past year, suggesting stability rather than a decline.

North Port-Sarasota-Bradenton MSA Forecast

Sarasota is situated within the larger North Port-Sarasota-Bradenton Metropolitan Statistical Area (MSA). The housing market forecast for this region provides further insights into the future performance of the Sarasota housing market.

In the broader North Port-Sarasota-Bradenton area, the average home value in this region is $452,095, reflecting a modest decline of 0.6% over the past year. Homes typically move to pending status in approximately 31 days, providing insights into the pace of transactions as of December 31, 2023.

  • 1-year Market Forecast (December 31, 2023): The housing market in North Port-Sarasota-Bradenton is projected to experience a positive trend with a forecasted growth of 4.6% over the next year.
  • For Sale Inventory (December 31, 2023): The region currently boasts a substantial inventory, with 6,703 homes available for purchase.
  • New Listings (December 31, 2023): Over the same period, 1,731 new listings have entered the market, contributing to its dynamic nature.
  • Median Sale to List Ratio (November 30, 2023): The ratio of median sale price to the list price is 0.973, offering insights into the negotiation dynamics within the market.
  • Median Sale Price (November 30, 2023): As of November 30, 2023, the median sale price stands at $441,333.
  • Median List Price (December 31, 2023): The median list price reflects optimism in the market, standing at $524,667.
  • Percent of Sales Over List Price (November 30, 2023): 9.7% of sales have surpassed the list price, indicating a competitive environment.
  • Percent of Sales Under List Price (November 30, 2023): The majority of sales, 75.0%, have been under the list price, showcasing varied negotiation outcomes.

Sources:

  • https://www.realtor.com/realestateandhomes-search/Sarasota_FL/overview
  • https://www.redfin.com/city/16463/FL/Sarasota/housing-market
  • https://www.zillow.com/home-values/20362/sarasota-fl/
  • https://www.corelogic.com/category/intelligence/reports/home-price-insights/

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