In Sarasota County, there has been a significant surge in the active inventory of single-family homes, witnessing a remarkable increase of 75.4 percent, resulting in a total of 3,135 listings. The condo market in the same region experienced a surge as well, with a 124 percent increase, bringing the total listings to 1,985. Meanwhile, in Manatee County, active listings for single-family homes rose by 33.3 percent, reaching 2,420, and condos saw an increase of 79.4 percent, totaling 1,340 listings.

Despite the substantial growth in inventory — almost doubling in the metro area market compared to the previous year — median sales prices have not shown a decline. In Sarasota County, the median sale price for single-family homes in the last month increased by 16.3 percent compared to the previous January, reaching $535,000. Similarly, in Manatee County, median prices rose by 3.8 percent, reaching $525,000. Sarasota County condos saw a modest increase of less than 1 percent, bringing the median sale price to $420,000, while Manatee County condos increased by 3.8 percent, reaching $357,990.

The condo market in both Manatee and Sarasota County has reached new milestones. The North Port-Sarasota-Bradenton metropolitan statistical area (MSA) witnessed active condo listings more than doubling compared to the previous year. Additionally, the median time to contract for condos increased significantly, from 21 days in January 2023 to 43 days in January 2024.

The condo market, in particular, has set new records, with active listings more than doubling compared to the previous year. Despite these positive trends, the median time to contract has also increased significantly, indicating a potential adjustment period for buyers and sellers in the region.

The vacation rental rules that previously only applied to Sarasota city properties on barrier islands were recently expanded to apply to all vacation rentals (less than 30 days) in the City of Sarasota.

These new rules will require all vacation rental owners to apply to the city for a rental certificate, get an annual inspection from city officials, adhere to safety requirements, and have a point of contact available to address any complaints or issues. Maximum occupancy for vacation rentals was reduced from 16 to 14 persons per rental, depending on bedroom count. The new fee for registration is $500, with renewal registration $350.

Looking ahead, the implementation of new regulations in 2024 will bring additional changes to the condominium market. The mandatory inspection requirements and reserve fund regulations underscore the commitment to ensuring the long-term structural integrity of buildings, bringing about a shift in the responsibilities of condo associations. Whether you have questions about the current real estate market trends or need assistance finding your dream home or condo, I am here to guide you.