Downtown Sarasota Real Estate Listings & Homes for Sale

In October 2024, home prices in Downtown Sarasota experienced a notable decline, dropping 20.6% year-over-year to a median sale price of $953K. This decrease reflects a shift in the market, possibly due to changing buyer demand or broader economic factors. Homes are also taking longer to sell, with an average of 68 days on the market compared to just 40 days in October 2023, indicating a slowdown in activity. Additionally, the number of homes sold fell significantly, with only 22 transactions this October compared to 39 in the same month last year, highlighting reduced market activity and potentially a tighter buyer pool.

Downtown Sarasota’s housing market is moderately competitive. On average, homes take about 41 days to sell, with some properties receiving multiple offers. Most homes sell for approximately 3% below their list price and go pending within 41 days. However, highly sought-after homes, often referred to as "hot homes," can sell at or near the list price and typically go pending in just 16 days. This reflects a mixed market dynamic where demand can vary significantly depending on the property.

As of October 2024, Downtown Sarasota is considered a buyer's market, indicating that the supply of homes exceeds the current demand. This gives buyers more negotiating power, often leading to longer time on the market for properties and potential price reductions as sellers compete to attract buyers. This market dynamic can present opportunities for buyers to secure favorable deals.