Sarasota, FL

Sarasota

People didn’t always think of Sarasota as an ultra-luxury market. Only as recently as 2018, top properties were selling for an average of $6.1M. Today, that picture has changed: average sale prices climbed to $16M, representing a 160% increase in just six years. This is closing in on the $20M average for Florida luxury markets. All this makes Sarasota one of the most interesting Florida markets to track. Highlights

1. Average sales prices increase 160% in just six years 

2. Sales averages are now just 20% below Florida average

3. DOM rose to 411 days in 2024

Sarasota shows no sign of slowing down

Compared to 2018, and unlike many other markets that peaked in 2021 and 2022, the increase in average sales prices has continued through 2024 and is not the only improvement that Sarasota has seen. Back then, the market was haunted by one of the longest sales cycles in the country, with properties averaging 1,108 Days On Market (DOM). This situation has meaningfully improved over the years, with a low of 217 days in 2022. Now, it is ticking up again. 

In 2024, Sarasota properties took 411 days to sell, meaningfully longer than the 320 US average. Those who want to sell quicker should feel comforted knowing selling within 180 days can often capture sales values close to their listing price. Those that sell more slowly tend to sell at close to 17% discount to their initial listing price. It can pay to price realistically.