2024 Housing Market Insights for Sarasota and Beyond

As we wrap up the 2024 housing market in the North Port-Sarasota-Bradenton area, it’s time to take a closer look at how the market performed this past year. Whether you’re considering buying, selling, or just staying informed, these key insights for single-family homes and condos, townhomes, and villas will help you understand the trends shaping our local market.

Single-Family Homes

The single-family home market saw subtle changes in 2024, with a mix of opportunities for buyers and adjustments for sellers:

• Sales Activity: Closed sales saw a slight decline of 0.8%, with 14,971 transactions completed this year. This reflects a stable market compared to the fluctuations seen in previous years.

• Median Sale Price: The median sale price softened by 2%, landing at $500,000. While this indicates a slight cooling in prices, it’s still a robust figure that underscores the desirability of our market.

• Average Sale Price: The average sale price rose to $696,107, a 1.6% increase that highlights continued interest in higher-priced homes.

• Inventory Growth: Active listings increased by 22.2%, bringing the months’ supply of inventory to 4.7. This shift reflects a move toward a balanced market where neither buyers nor sellers hold a dominant advantage.

• Time on Market: Homes took longer to sell in 2024, with a median time to contract of 51 days (up 70%) and a median time to sale of 97 days.

Key Takeaway: Buyers now have more options and time to make decisions, while sellers should be prepared for longer market times and the importance of competitive pricing strategies.

Condos, Townhomes, and Villas

The market for condos, townhomes, and villas saw more noticeable shifts in 2024:

• Sales Activity: Closed sales fell 9.6% year-over-year, with 6,038 properties sold. This marks a more significant adjustment compared to single-family homes.

• Median Sale Price: The median price dipped by 6.5%, ending the year at $360,000. This offers excellent opportunities for buyers.

• Average Sale Price: Interestingly, the average sale price increased by 5.2% to $570,366, driven by strong demand in the higher-end market.

• Inventory Growth: Active listings climbed by 26.2%, resulting in a months’ supply of inventory of 6.9. This indicates a buyer’s market, with increased choices for potential homeowners.

• Time on Market: Median time to contract doubled to 62 days, and median time to sale reached 106 days, a 41.3% increase.

Key Takeaway: Buyers have the upper hand in the condo market, with more properties available and more time to evaluate options. Sellers should focus on pricing competitively and ensuring their properties stand out in a crowded market.

What Does This Mean for You?

For buyers, both single-family homes and condos present exciting opportunities. The increased inventory and longer market times mean you’ll have more options and greater negotiating power.

For sellers, success in 2024 required thoughtful pricing and marketing strategies. With buyers taking more time to make decisions, showcasing your home’s value is essential to stand out.

As we look forward to 2025, staying informed about market trends will help you make confident real estate decisions. Whether you’re buying, selling, or just curious, I’m here to provide expert guidance tailored to your needs.

Let’s start planning your next move today!