Despite the slowdown in September, the Sarasota housing market is showing signs of recovery. The impact of Hurricane Debby's flooding on sales activity is mitigated by the strength of cash sales and the increase in inventory growth, indicating a shift towards a more balanced market. We will report October's results in November.
Market Slowdown and Contributing Factors
- Hurricane Debby Impact: Flooding disrupted buyer activity, reducing sales volume and increasing market uncertainty.
- Decreased Sales Volume: The region experienced a double-digit percentage drop in sales across all property types.
Single-Family Homes in Sarasota County
- Sales Volume: 513 sales in September 2024, down 18.9% from August.
- Median Sales Price: $490,000 (up 3.2% from the previous month, steady year-over-year).
- Inventory Growth: 2,841 active listings, up 31.6% from September 2023.
- Market Time: Median time to contract increased to 48 days (+77.8% year-over-year).
- Cash Sales: 40.7% of closed sales, slightly increasing from August.
- Months of Supply: Stable at 4.5 months.
Townhomes & Condos in Sarasota County
- Sales Volume: 230 transactions, a 21.2% year-over-year drop.
- Median Sales Price: $380,000 (up from $345,000 in August).
- Cash Transactions: 59.6% of all sales.
- Inventory Growth: 1,617 active listings (+36% year-over-year), resulting in a 5.4-month supply.
- Market Time: Median time to contract rose to 57 days (+46.2% year-over-year).
As real estate advisors, we are dedicated to ensuring our clients are well-prepared as we recover from recent challenges. If you have a question, please contact us. We are here to answer any queries.
