The current state of the Sarasota real estate market is a nuanced blend of growing inventory and moderating prices, which could potentially expand opportunities for buyers throughout 2024. There’s a noticeable shift in market dynamics as inventory levels rise; this gradual increase is tempering the rapid price escalation seen in recent years, moving the market towards a more balanced state between buyers and sellers.
The big news in Sarasota’s market isn’t what’s currently available; it’s what’s on the way. Between now and the end of 2025, the city will see 10 new mid and high-rise condos add roughly 1,700 units to the city’s inventory, not to mention the countless planned communities underway to the east and south of city center. Although supply chain issues still present minor setbacks, they have significantly eased compared to the previous year.
Sarasota’s luxury real estate is outpacing the Emerald Coast along the far western shores of Florida’s panhandle and on par with Fort Lauderdale and Boca Raton. An average of 10 homes per year over the prior three years have been above the $10 million threshold. And with inventory on the way, you can expect that number to increase. While there are fluctuations in the market, Sarasota’s robust economy and desirable lifestyle continue to attract buyers and investors alike.
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