I’m Katrin Pfitzenreiter, a broker associate with Coldwell Banker Realty in beautiful Sarasota. Today, I want to give you a summary of what’s been happening in the Sarasota real estate market in 2024. It’s been an eventful year, shaped by major storms and the condo crisis, which I’ll touch on briefly. Let’s dive into my insights and explore what 2025 might bring for our market—and how you can prepare.
Major Storms and Their Impact on Sarasota Real Estate
2024 brought significant weather challenges. Sarasota experienced two hurricanes and Tropical Storm Debbie, which caused substantial rain and flooding. The most damage, however, came from Hurricane Helene. Though it didn’t directly hit Sarasota, the storm’s southern wind rotation brought severe storm surge flooding to coastal areas like Siesta Key, Longboat Key, and Lido Key, with water levels rising 6 to 7 feet in some areas by the coast.
Saltwater intrusion has left many coastal homes requiring extensive repairs. Unsurprisingly, these storms led to a noticeable slowdown in the Sarasota real estate market as people worked to absorb the aftermath and assess damages.
The Condo Market Crisis
A key issue affecting the Sarasota market in 2024 has been the condo crisis, largely driven by the mandates introduced under Florida’s Surfside Bill (SB-4D). This legislation requires milestone inspections and reserve studies for condos over 30 years old (25 years if 3 miles from the coast) that are three stories or taller.
While the Surfside Bill aims to ensure better maintenance and safety, it has created headaches for condo owners and buyers alike. Older condos that fall within the Surfside Bill, particularly those that haven’t maintained adequate reserves, are being hit with steep assessments—sometimes as high as $150,000 per owner. Closed condo sales in Sarasota County have dropped by 32% compared to last year, according to the November 2024 RASM Market Statistics.
For buyers interested in condos, opportunities still exist. Consider:
- Looking at two-story or single-story condos, which are not subject to the Surfside Bill. These condos are often more inland, where prices are more favorable—in the $300,000 to $350,000 range.
- Waiting for milestone inspection and reserve study reports before committing to a purchase of a condo that falls within the Surfside Bill.
Partnering with a knowledgeable agent is essential to navigating these complexities.
Sarasota Real Estate Market Stats: November 2024
Here’s a snapshot of the latest data per 2024 November RASM Market Statistics For Sarasota County:
- Single-Family Homes:
- Closed sales are down by 19%.
- Median sales price has decreased by 2%.
- Time to contract is 53 days.
- Condos:
- Closed sales are down by 32%.
- Median sales price has plummeted.
- Time to contract is 65 days.
Despite the slowdown, the luxury market is holding steady, supporting overall median prices in the single-family home segment.
Predictions for 2025
As we head into 2025, several factors will shape the market:
- Post-Storm Recovery: Coastal areas will continue rebuilding, which may impact inventory and buyer confidence.
- Election Aftermath: With the presidential election behind us, Q1 2025 should provide more clarity on how political shifts might influence the real estate market.
- Inventory and Pricing: Single-family homes are likely to remain stable, with potential for slight adjustments. Condos, especially those affected by the Surfside Bill, may see further declines in value until regulatory requirements are fully implemented and assessed.
If you’re a seller, aim to list your property in Q1 or Q2 before May. Seasonality often brings higher prices during this window, regardless of market trends.
Navigating the Market
Whether you’re buying or selling, expert guidance is critical in today’s complex market:
- For Buyers: If you’re looking at new construction or resale homes, know that most builders continue to offer buyer broker compensation. I can help you navigate the process and secure the best deal.
- For Sellers: As a former marketing executive, I specialize in creating best-in-class marketing strategies to ensure your home reaches the widest audience and achieves the best price.
Let’s Connect
If you’re considering buying or selling in Sarasota or Manatee Counties, I’d love to help. From navigating the nuances of the condo market to finding your dream home, I’m here to provide expert advice tailored to your needs. Let’s make 2025 a great year for your real estate goals! Contact: Katrin Pfitzenreiter, Broker Associate with Coldwell Banker Realty. 917-543-8560.
