Sarasota's Housing Landscape: A Resilient Market in the Wake of Hurricane Ian

Sales Momentum Continues

The North Port-Sarasota-Bradenton Metropolitan Statistical Area (MSA) witnessed a surge in completed transactions this September. The finalized sales numbered 1,770, marking a 40.1% year-over-year growth. Interestingly, this figure is nearly identical to the sales volume recorded in the preceding two months, showing a stable trend.

Price Points

While the median price of single-family residences in Sarasota dipped slightly by 0.7% to $494,000, Manatee County saw a 2.6% reduction to $503,495. The condominium sector presented a varied picture: Sarasota experienced a 1.1% decline to a median of $395,750, whereas Manatee County saw a 3.9% rise to $350,000.

Inventory Levels on the Rise

As of the end of September, the MSA had 5,886 active listings, a 35.4% year-over-year increase and a 7% month-over-month uptick. The single-family home sector reported 3,920 active listings, while the condominium market had 1,966.

Supply Dynamics

Sarasota County led the region in terms of inventory supply, boasting a 3.5-month supply for single-family homes and a 3.8-month supply for condominiums. In Manatee County, the supply for single-family homes stood at a 2.9-month supply, and condos at a 3.3-month supply.

New Listings and Pending Sales: A Balanced Act

The MSA reported 2,214 new listings for both property types, a slight month-over-month decline. Pending sales, however, showed a positive year-over-year growth, particularly in Sarasota, where single-family homes and condos saw an increase of 8.2% and 7.1%, respectively.

In summary, Sarasota's real estate market is displaying a robust equilibrium between new listings and sales, contributing to a gradual increase in inventory levels. Despite minor fluctuations, the market remains stable and continues to attract both buyers and sellers.