EXECUTIVE SUMMARY CONDOMINIUM | Q1 2025 REPORT
By Simon Bacon, Executive Director | Developer Services
The first quarter of 2025 was billed by sellers and agents as the long-awaited return to a stable and consistent market following two years of volatility. But while expectations were high, it seems buyers didn’t get the memo—particularly in downtown Sarasota’s condo sector. A record-setting $466.6 million in new condominium listings hit the market in Q1 within ZIP code 34236, surpassing the previous high set in Q1 2024 by more than 26%. This surge came from 241 new listings, with an average list price of $1.94 million—down 14.4% from Q4 and 4.6% year-over-year. These price adjustments reflect a market in search of equilibrium, grappling with a persistent imbalance between supply and demand. The closed-side of the market told a mixed story. The average sale price rose 6.4% from Q4 to $1.59 million, signaling resilience at the top end. However, the median price fell by 12% to $1.1 million—still the fourth-highest quarterly median on record. Meanwhile, total closed sales and dollar volume dropped sharply by 29.5% and 25% quarter-over-quarter. Compared to the same period in 2024, these metrics were also down double digits, further illustrating buyers’ hesitancy and tightening liquidity.
Perhaps the most surprising shift was in days on market, which fell to just 59 in Q1 from 87 in Q4—an anomaly amidst the broader trend of lengthening listing times. However, this was counterbalanced by a notable rise in listing discounts, which ballooned to 6.86%, nearly double the Q4 average and a 45% increase year-overyear. Sellers appear increasingly motivated, eager to close with qualified buyers rather than hold out for top-dollar offers in an uncertain environment. By quarter’s end, 316 active condo listings totaling $667.8 million remained on the market, representing 10.7 months of inventory—clearly favoring buyers. And given that 56% of this inventory is priced above $3 million, the effective absorption rate is likely even higher. Looking ahead, continued global economic uncertainty and evolving trade dynamics may further rattle market confidence. For buyers, this translates into potential value opportunities. For sellers and agents, it demands realism, flexibility, and a willingness to adapt to market conditions that continue to shift beneath their feet.
CONDOMINUM TRENDS | SALES PERFORMANCE OVERVIEW
SALESPERFORMANCEOVERVIEW
2019 - 2025
On a trailing twelve-month basis ending Q1, the market showed a 3% decline in the number of closed transactions and a 3.7% drop in total closed volume despite an 8.8% increase in total listing volume. This further exemplifies the disconnect between listed and closed prices.
AVERAGE UNITS CLOSED
468 AVERAGE $ CLOSED $1,211,342 MEDIAN $ CLOSED $820,629
AVERAGE $ PENDING $1,307,655
DOWNTOWN CONDOMINIUMS | LUXURY SECTOR $3 MILLION+
Volume fell 16.6% from $617M compared to $514.9M in Q1 ‘25
New Listing Dollar Volume is up 17.5% to $1.2B - highest annualized average historically Listing Discount has increased by 63% from 2.97% in Q1 ‘24 to 4.86% in Q1 ‘25 Closed
DOWNTOWN CONDOMINIUMS | LUXURY SECTOR $3
THE LUXURY SEGMENT — defined as $3 million and above—underscored the disconnect between inventory and demand. In Q1, 49 new listings came to market in this tier, representing an astounding $232 million in volume—nearly 50% of the total listing dollar volume. Yet, this sector accounted for just 12% of all closed deals. At current absorption rates, this equates to an 18-month supply, a clear sign of over-supply and misalignment on pricing expectations. For well-positioned buyers, this presents a compelling opportunity. For sellers and agents, it signals the urgent need to recalibrate perceptions of value if a transaction is the true goal.
406 | 119 AVERAGE $ CLOSED ANNUAL $453,023,777 AVERAGE $ CLOSED YTD $146,726,105 TENYEARTREND 2019 - 2025
AVERAGE UNITS CLOSED ANNUAL VS. YTD
