SARASOTA, FL – The housing market has experienced significant change throughout the past 12 months, and many homeowners have been weighing their options on selling their homes. While the real estate landscape might not be as hot as it was a year ago, there is still a ton of opportunity for buyers and sellers alike.
A recent report released by the Realtor Association of Sarasota and Manatee (RASM) shed some light on how the local Sarasota housing market is performing this year compared to 2022.
One of the biggest takeaways from the data was the median and average sale prices for properties in the area. In March 2023, the median sale price for a home in Sarasota was $528,013, $40,513 more than the median sale the previous year. There was also an 8.3% increase in average sale price year-over-year.
Another important data set that stuck out between the two years was the median time to contract and the median time to sell a home. With the housing market cooling, there were expectations around the industry that homes would be sitting a little longer than in 2022.
The good news is that even with the increase in both categories, homes were still under contract in about 25 days, and the median time to sell a house was 69 days. While buyers and homeowners may have to wait slightly longer for the deal to close, both metrics align with the 2023 year-to-date average.
Overall, the market continues to provide excellent opportunities for homeowners looking to sell their property. Each month of 2023 has shown a steady increase in the number of homes sold and list prices, making it a good opportunity to cash in on the equity you’ve built.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Joe Mcdermott is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Mcdermott helps keep an eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.