Sarasota Real Estate in 2024: Q1 Market Update and Forecast
As a top realtor team in Sarasota, we're bringing you the inside scoop on how the real estate market performed in the first quarter of 2024 and what to expect for the remainder of the year. Whether you're a local homeowner or looking to relocate to our fantastic coastal community, this comprehensive market report is a must-read.
Sarasota County Overall Market Trends
Across Sarasota County (excluding Northport and Englewood), closed sales saw a 4% decrease year-over-year, while pricing increased by 2%. Specifically for single-family homes, the median price is now $571,000, reflecting a 4% rise.
However, digging deeper into quarterly data from the past year reveals pricing has remained relatively steady, fluctuating only slightly each quarter between $549,000 and $574,000.
Hot Markets: Islands/Keys and Luxury Properties
One area defying expectations is the islands and keys market, where beachfront condo sales spiked 94% compared to last year. Single-family home transactions increased 18%, with the median price jumping 30% to a staggering $2.6 million.
The luxury real estate sector (properties $2 million+) is the current star performer. I'll explain the driving forces behind this later, but the numbers speak volumes - condo prices on the islands/keys now sit at $917,000 after rising each quarter.
Popular Sarasota Neighborhoods
In Palmer Ranch, home sales dipped 32% year-over-year, yet pricing skyrocketed 27% to a $754,000 median for single-family residences and $383,000 for condos.
Lakewood Ranch saw a 12% sales decline but a 12% pricing increase. The current median is $670,000 for single-family and $429,000 for condos, though new construction data can skew Lakewood Ranch numbers.
What This Means for Buyers and Sellers
While I've crunched the data for you, deciding your optimal move truly depends on your specific goals and situation. The luxury market ($2M+) is white-hot thanks to buyers with substantial net worth who aren't deterred by potential dips.
Homes between $500K-$1M face more pricing sensitivity, as this may represent a buyer's sole property holding.
I'm seeing two types of properties sell rapidly: new construction between $500K-$600K, and luxury homes from $2M-$6M in the new WildBlue community in Lakewood Ranch.
However, overpriced listings are stagnating as inventory rises. My team can guide you on proper pricing to attract buyers or negotiate on your behalf.
Don't forget to download our free, detailed Sarasota Market Report for a hyper-local pricing analysis of the specific area you're watching. We're here to ensure you make a well-informed, confident decision!
If you’re moving to Sarasota, Florida, and are looking for a house reach out to me at:
Email - info@mattleicht.com
Cel - 941.256.3321
And if you’re new to the area and curious about what it has to offer, check out this post about Waterside, Lakewood Ranch, and subscribe on YouTube for more updates and all about life in Sarasota, Florida.
Posted by Matt Leicht on
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