A Market Finding Its Balance
After the unprecedented surge of 2021-2023, the Sarasota and Manatee County luxury market is settling into a more balanced rhythm this winter. For buyers, this means more choices and somewhat less frenzied competition. For sellers, it means pricing your property correctly from day one is more important than ever.
As someone who has worked in this market for years, I'm seeing a healthy correction—one that benefits both sides of the transaction. Let's dive into the numbers and what they mean for you.
Median Prices: Luxury Segment (50K+)
The median sale price for luxury homes in Sarasota County now sits around .1 million, with Manatee County following closely at approximately 50,000. These figures represent a modest 3-5% increase year-over-year—a far cry from the 15-20% annual jumps we saw during the pandemic boom.
What's driving these numbers? Simply put, we're seeing a market where:
- Buyers have more negotiating power than they did two years ago
- Properties are staying on the market longer—typically 45-60 days for luxury homes
- Sellers are adjusting expectations and pricing more competitively from the start
Longboat Key: The Premium Destination
Longboat Key continues to command the highest prices in our region. The median price for single-family homes on Longboat Key now exceeds .2 million, with waterfront properties regularly fetching million and up.
Inventory on Longboat Key remains relatively tight, with only about 120 active luxury listings as of this writing. This scarcity, combined with the island's unmatched amenities and Gulf-front lifestyle, ensures prices remain resilient even in a cooling market.
Anna Maria Island: Charming and Competitive
Anna Maria Island offers a different value proposition—historic Florida charm meets beachfront living. Median prices for single-family homes on AMI now hover around .4 million, with beachfront and near-beach properties commanding premiums.
What sets AMI apart is its walkability. The island's small-town feel, with golf cart-friendly streets and locally-owned shops, appeals to buyers seeking a more laid-back coastal lifestyle. Expect to pay a premium for properties within walking distance of the beach.
Siesta Key: The Beach Paradise
Siesta Key remains one of the most sought-after destinations in Southwest Florida. The median home price here is approximately .6 million, driven by the iconic Siesta Beach—consistently ranked among the best beaches in the world.
Condominiums are particularly popular on Siesta Key, with many buyers opting for the maintenance-free lifestyle. Luxury condos with Gulf views typically range from 00,000 to .5 million, depending on location and amenities.
Inventory Levels: Slowly Rising
One of the most encouraging signs for buyers is the gradual increase in inventory. Active listings in the luxury segment are up approximately 18% compared to last winter, giving buyers more options to choose from.
However, inventory remains below the historical average of 6-8 months of supply. We're currently sitting at around 4-5 months of supply for luxury homes in Sarasota County—a sign that demand still exceeds supply, albeit by a much smaller margin than during the peak years.
Days on Market: Returning to Normal
During the pandemic, luxury homes often received multiple offers within days—sometimes hours—of listing. Those days are over. Now, a well-priced luxury home in our area typically sells within 45-60 days.
This extended timeline actually benefits everyone:
- Buyers have time to do their due diligence
- Sellers who price correctly still receive strong interest
- Agents can market properties properly without artificial urgency
Who's Buying?
The majority of luxury buyers in our market continue to come from out of state—primarily the Northeast, Midwest, and Canada. Many are attracted by our lack of state income tax, year-round sunshine, and world-class beaches.
I'm seeing increased interest from:
- Retirees looking to relocate from high-tax states
- Remote workers seeking a better quality of life
- Second-home buyers wanting a vacation retreat or investment property
What This Means for You
Whether you're buying or selling, now is a favorable time to be in the Sarasota-Manatee luxury market. Buyers have more choices and can negotiate terms that were impossible two years ago. Sellers who price realistically are still seeing strong interest and competitive offers.
If you're considering selling your luxury home, the market is ready to receive well-priced properties. With fewer homes coming to market this winter, properly positioned listings are generating serious buyer interest.
Ready to Make a Move?
If you've been thinking about selling your home or purchasing a luxury property in our beautiful corner of Florida, I'd love to help you navigate this market with confidence.
Thinking of selling? Let's talk about what your home is worth today.
As a local expert with deep roots in this community, I can provide you with a comprehensive market analysis and personalized strategy tailored to your goals. Contact me to schedule a consultation—we'll discuss your options and create a plan that works for you.