Is Downtown Sarasota, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Downtown Sarasota was a Seller's Market.
Key Takeaway
Downtown Sarasota is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Downtown Sarasota, FL
How much do homes in Downtown Sarasota, FL cost?
Median Sold Price
$1,262,300
$724/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Downtown Sarasota have sold for 15.6% more than they did a year ago.
Summary: The median home sold price in Downtown Sarasota was $1,262,300 in May 2024, up 15.6% from last year, and the median price per square foot was $724.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $579K | $565K | -2.4% |
| 2 Bedrooms | $950K | $1.1M | +23.1% |
| 3 Bedrooms | $1.9M | $2.0M | +3.4% |
| 4 Bedrooms | $1.1M | $3.1M | +185.5% |
| 5+ Bedrooms | - | - | N/A |
Summary: Downtown Sarasota housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.4%, 2 bedroom homes increased by 23.1%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 185.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown Sarasota | $1.0M | $1.2M | +15.6% |
| Five Points | $1.5M | $1.2M | -20.0% |
Housing Supply in Downtown Sarasota, FL
How many homes are available in Downtown Sarasota, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 220 | 199 | -9.5% |
Summary: The Downtown Sarasota real estate market had 199 homes for sale in May 2024, a 9.5% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 21 | +31.3% |
| 2 Bedrooms | 115 | 100 | -13.0% |
| 3 Bedrooms | 77 | 67 | -13.0% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Downtown Sarasota housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 31.3%, 2 bedroom homes decreased by 13%, 3 bedroom homes decreased by 13%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 23 | -39.5% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown Sarasota, you may be able to get a good deal. 82.6% of homes here sold below asking price last month.
Summary: A total of 23 homes were sold or pending in Downtown Sarasota in May 2024, down by 39.5% month-over-month. Of the 23 sold homes, 83% were sold under asking, 9% were sold at asking, and 9% were sold over asking.
Days on Market for Downtown Sarasota, FL
How long does it take to sell a home in Downtown Sarasota, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 72 Days | 103 Days | +43.4% |
Summary: Homes in Downtown Sarasota had an average of 103 days on market in May 2024, up by 43.4% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Downtown Sarasota are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 23 homes were sold in Downtown Sarasota; 35% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 43% of homes were sold over 90 days.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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