Sarasota Real Estate Report: April 2023

The following report, information and statistics are from the Realtor Association of Sarasota and Manatee Board of Realtors as published for the Realtor Members on May 18, 2023 for closed April 2023 Business.

Manatee County's Median Home Price Surpasses Previous Record

SARASOTA, Fla. (May 18, 2023) – The housing market in Sarasota and Manatee counties reported year over-year increases in the median sale price for both property types, with single-family homes in Manatee County reaching a new record. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), pending sales show signs of positive growth, while closed sales and new listings have declined, reflecting an evolving market.

Closed Sales

Closed sales across the two-county region decreased year-over-year by 10.4 percent to 2,048 sales combined for both property types. For single-family homes, Manatee County closed sales decreased year over-year by 4.3 percent to 662 sales and Sarasota County sales decreased by 5.7 percent to 747 sales.

Condo sales decreased by 15.8 percent to 256 sales in Manatee County and by 22.9 percent to 383 sales in Sarasota.

“The real estate market in the North Port-Sarasota-Bradenton MSA demonstrates a mixed scenario with rising prices and positive growth for pending sales, but a decrease in closed sales and new listings,” said Brian Tresidder, 2023 RASM President. “The numbers from April represent a market offering both opportunities and challenges for buyers and sellers.”

"Sarasota Golf Course Homes and Condos for Sale"

Median Sales Prices

Single-family homes in Manatee County hit a record median sale price of $570,000 in April. This is a year-over-year increase of 10.7 percent and a 15.8 percent increase from last month when the median sale price was $491,988.

For Manatee condos, the median sale price increased year-over-year by 8.8 percent to $380,795. Year-over-year in Sarasota County, the median sale price for single-family homes increased by 7.7 percent to $520,000 and condo prices increased by one percent to $399,000.

Pending Sales

Pending sales, or the number of homes that went under contract last month, increased across all markets except for Sarasota County single-family homes. For single-family homes, pending sales increased year over-year by 30.2 percent in Manatee County, but decreased by 12.5 percent in Sarasota.

Condo pending sales increased by 4 percent in Manatee and by 6.9 percent in Sarasota. For condos, this is the first year over-year increase in pending sales reported since May of 2021.

The median number of days between listing date to contract date for single-family homes decreased from the previous month in both counties, but increased year-over-year. In April, Manatee County single family homes went under contract within a median of 28 days, a year-over-year increase of 460 percent.

"Siesta Key Condos for Sale"

For Manatee condos, the median time to contract is at 27 days, a 440 percent increase from this time last year.

In Sarasota, the median time to contract for single-family homes increased by 250 percent to 21 days, and condos increased year-over-year by 340 percent to 22 days.

“The increase in the median time to contract and month’s supply of inventory indicates a changing market, necessitating informed decision-making for all stakeholders,” added Tresidder. “Real estate is local, even down to the zip code, which is why we encourage all buyers and sellers to work with a REALTOR® to help them navigate the real estate market and ensure a smooth transaction.”

Month's Supply of Inventory

The month’s supply of inventory continues to increase across the two counties.

In Manatee County, condo supply increased by 337.5 percent to a 3.5-month supply, and single-family home supply increased by 237.5 percent.

In Sarasota County, there was a 3.5-month supply for condos and a 2.9-month supply for single-family homes, a year-over-year increase of 337.5 percent and 190 percent respectively.

"Casey Key Homes and Land for Sale"

At the end of the month, there were 5,253 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 166.8 percent increase from the same time last year. For single-family homes, there were 3,355 active listings and there were 1,898 active listings for condos across the two county region.

Prices inMonthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.