Several key trends emerge as the Sarasota real estate market moves from the usual summer slowdown to the busier fall and winter seasons. Closed sales and median prices have softened, offering potential benefits for buyers as inventory remains elevated, creating more opportunities for those entering the market.
In the single-family homes segment, sales have seen a slight decrease of 1.9% year-over-year, but prices have remained stable with a modest 1.1% increase. This stability, bringing the median sale price to $475,000, provides a positive outlook for potential buyers, indicating a sound investment. Cash buyers still make up a significant portion of transactions (36.2%), demonstrating strong purchasing power among buyers. Additionally, inventory remains healthy with a 4.6-month supply, giving buyers more options and leverage as the competitive fall season approaches.
There has been a more noticeable cooling on the townhouse and condo side, with a 22.2% drop in closed sales year-over-year. Median prices have also dropped to $345,000, significantly enhancing affordability in this segment. This affordability should give potential buyers a strong sense of optimism about their purchasing power. However, inventory remains relatively balanced with a 5.5-month supply, offering buyers many choices as the market picks up.
As the market transitions to fall and winter, buyers can find value before activity reoccurs. Conversely, sellers can adjust their pricing strategies and navigate this transitional period. These opportunities are not just practical but should also instill a strong sense of hope and motivation in both buyers and sellers, encouraging them to take advantage of the current market conditions.
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Statistics provided by the REALTOR® Association of Sarasota and Manatee.
