Condo and townhome sales across Sarasota and Manatee counties jumped 20.9% in the third quarter compared with a year earlier, far outpacing the 3.6% gain in single-family home sales, according to the Realtor Association of Sarasota and Manatee.

The two-county market recorded 5,699 closings from July through September, an 8% increase over the same period in 2025. Sarasota County led the condo and townhome rebound with 908 sales, up 26.8%. Manatee County posted 703 condo and townhome closings, a 13.9% gain.

Those local numbers dwarfed the statewide pace. Florida's condo and townhome sales rose just 3.1% during the quarter, Sarasota Magazine reported.

For Lakewood Ranch buyers weighing condos and townhomes against single-family homes, the price gap is wide. Sarasota County's median condo and townhome sale price was $324,380 in Q3, compared with $485,000 for a single-family home. In Manatee County, the median condo and townhome price was $307,000 versus $490,000 for a house.

Greg Wood, broker and owner of Venice-based Cerus Realty, told Sarasota Magazine that some sellers are accepting steep discounts even as broader numbers tilt their way. "I've seen what I would call ridiculous offers be accepted by sellers," Wood said.

Cash buyers remain a major force. Nearly 61% of Sarasota County condo and townhome purchases closed in cash during the quarter, according to RASM data. In Manatee County, 49.4% of condo and townhome sales were cash deals.

Inventory shrinks

Housing supply tightened. Sarasota County's single-family inventory fell to 3.7 months of supply, down from 4.8 months a year earlier. Condo and townhome inventory dropped from 6.8 to 4.9 months. Manatee County saw similar tightening, with single-family supply declining from 4.2 to 3.9 months and condo and townhome supply falling from 6.3 to five months.

Single-family homes sold faster. Sarasota County single-family homes took a median 92 days from listing to closing, down from 107 days a year earlier. Sellers received 94.4% of their original asking price, up from 91.9%.

RASM President David Crawford said in the association's Oct. 16 report that buyer demand is outpacing supply even as new listings increase across all property types.

Luxury boom

The high end of the market saw an explosion of activity. Ten Sarasota County condos and townhomes sold for $10 million or more during Q3, compared with zero a year earlier, according to RASM. Another 15 sold for $5 million to under $10 million, up from one.

Nine Sarasota County single-family homes also sold for $10 million or more, up from one in Q3 2025. Manatee County added two single-family sales at that level, the Business Observer reported.

On Siesta Key, a newly built Gulf-front estate at 3990 Higel Ave. sold for $26 million in September. A nearly three-acre waterfront estate called Crystal Waters on Little Sarasota Bay sold for $21.95 million the same month, according to Sarasota Magazine.

Not all signals point up

Foreclosure sales, while still small, more than tripled. Sarasota and Manatee counties combined recorded 45 single-family foreclosure or bank-owned sales in Q3, up from 14 a year earlier. Those 45 transactions represented about 1.1% of all single-family closings.

New pending single-family sales declined in both counties in September, a sign that the pace of new contracts slowed as the quarter ended.

Lakewood Ranch recorded 1,035 new-home sales through mid-year 2026, ranking second nationally among master-planned communities behind The Villages, according to a July community report citing RCLCO Real Estate Consulting data. County-level Q3 data does not break out Lakewood Ranch sales separately.

RASM's Oct. 16 report lists its next release date as TBD.