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…

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Navigating the Sarasota Housing Market: A 2023 Recap and 2024 Predictions

As 2023 came to an end, the Sarasota housing market presented a mix of surprises, trends, and predictions for the future. Despite a tumultuous start, the year ended on an unexpected note, leaving many to wonder what 2024 holds for real estate in Sarasota, Florida.

Here's a comprehensive look at the year in review and what to anticipate in the coming months.

2023 Market Overview

The journey through 2023 was nothing short of a rollercoaster for the housing market. Initially, the market experienced a modest 5% increase through the first three quarters. However, the final stretch saw an impressive surge, closing the year with an overall 12% increase in prices. This…

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If you've been keeping an eye on the real estate market lately, you've likely been bombarded with mixed messages. "Now is the worst time to buy," some say, pointing to the dismal market conditions. Others argue the opposite, urging you to "buy now before interest rates soar even higher!"

A glance at the housing section's front page in FORTUNE magazine shows just how polarized these opinions are. On one side, we have the CEO of Fannie Mae painting a grim picture of the current market. On the other, industry expert Barbra Corcoran advocates that it's an opportune time to make a purchase.

This dichotomy became even more personal to me earlier this week during a chat with an acquaintance. "Matt, have you heard the rumors?" they asked. "The word on…

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Welcome to the 2023 Market Update for Sarasota real estate market! Today, we'll dive into the latest numbers and trends shaping the housing landscape in this vibrant Florida region. From closed sales and inventory fluctuations to surprising price developments, we'll unpack the intriguing dynamics that make Sarasota a unique and compelling market. Whether you're a northerner, westerner, Floridian, or someone considering a move to this beautiful area, our in-depth analysis will provide valuable insights into the present-day market conditions. So, let's explore the exciting world of Sarasota's real estate.

Understanding Sarasota's Unique Divisions

Sarasota is a captivating blend of diverse neighborhoods with unique charm and influence…

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An interview on COVID and Mortgages

Paula Switzer of Union Home Mortgage joins Matt Leicht to discuss how COVID-19 has affected the mortgage industry from a residential aspect. Paula has lived in the Sarasota area for 40 years and has been a local lender for 17 years. She has a strong background in financial institutions and worked in a real estate company for 10 years.  She covers loan forbearance and what mortgage interest rates are doing during this COVID-19 pandemic. Watch the interview above for a full report, or check out some tidbits below of our interview.

1:25 - How has COVID-19 affected the mortgage industry?

“Mortgage lenders are busy, busy, busy! Rates have dropped, so everyone out there with a current existing…

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COVID and Real Estate

I have had many people reach out to me the last few weeks with this question, and I am honored that many would value and trust my opinion on the matter. While there is no magic “crystal ball” to predict the future, we can look back on the past and find similarities and differences. These facts may help us predict what is to come in the future. I recently came across an article on “Keeping Current Matters” that has a great breakdown on the difference between the 2008 housing crash and our current 2020 pandemic.

See, in 2008 we faced a housing crisis. Today we face a pandemic. Yes, the pandemic will have an affect on the economy, but I do not believe we will see the same thing with the housing market that we did in 2008.

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Quarter 4 - 2020 

Let's take a look back to October, November, and December of 2020 as I review what the real estate market did in the last couple of months. 

Brief Market Summary For Q4 2020

Overall in the 4th quarter we’ve seen a lot of similarities that we saw in quarter 3 of 2020. Low inventory of homes on the market paired with homes selling quickly. The median days of getting a contract on a property was 28, compared to 39 days at this time of year in 2019. 

Single Family Homes: Single family sales were up 40%. Inventory was down 48%. Sale price increased from $324K to $393K which is a 21% increase. Average time on the market was 18 days. Compared to 36 days last year. This means that homes sold 50% quicker. 

Condominiums: Condo…

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Housing Trends Hold Steady as Summer Closes

The combined number of properties sold in Sarasota and Manatee counties increased by 3.7 percent from July 2018 to July 2019. According to monthly reports from Florida REALTORS®, combined inventory in the two-county area decreased but more new listings entered the market this month compared to the same time last year.

In Sarasota County, single-family home sales increased by 13.9 percent to 802 and Manatee single-family home sales decreased by 1.8 percent to 611. Manatee condo sales increased by 8.7 percent to 237, while Sarasota condo sales decreased by 10.6 percent to 305.

“With holidays and family vacations, July is traditionally a slower month for sales,” said Amy Worth, 2019 President of the…

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Median Prices Rise Again in Sarasota

SARASOTA, Fla. (July 23, 2019) – The Sarasota and Manatee housing market favors the seller with a decrease in existing home sales in June 2019. Inventory is steady among the two counties as median prices continue to increase year-over-year. Pending sales and new listings showed a decrease in June 2019, according to monthly reports from Florida REALTORS®.

In June, there were a total of 2,032 closed sales in the two-county market, a 3.1 percent decrease from this time last year. In Sarasota County, single-family home sales increased by 2.9 percent to 821 and Manatee single-family homes decreased by 2.2 percent to 623. Condo sales decreased from this time last year, with a 10.4 percent decrease to 344…

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Sarasota and Manatee Home Sales Increase in May 2019

In May 2019, total home sales in Sarasota and Manatee counties increased by 11.2 percent from the same month last year. Combined inventory and median prices also increased year-over-year, according to monthly reports from Florida REALTORS®.

In Manatee County, single-family home sales increased by 13.3 percent to 726 and Sarasota single-family homes increased by 17 percent to 959. Manatee condo sales increased by 6.1 percent to 295, while Sarasota condo sales increased by 1.1 percent to 457.

"May is now showing the highest number of closed sales in each market in 2019,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “Year-to-date, single-family homes…

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