Sarasota County's luxury housing market posted an extraordinary third quarter, with nine single-family homes selling for $10 million or more from July through September. That is up from just one such sale during the same period in 2025, an 800 percent increase, according to the Realtor Association of Sarasota and Manatee (RASM).

The surge was not limited to houses. Ten condos and townhomes in Sarasota County also sold for $10 million or more during the quarter, compared with zero a year earlier, RASM's Q3 report shows. Another 15 condos or townhomes sold for $5 million to under $10 million, up from one in the third quarter of 2025.

The biggest deal: a newly built estate at 3990 Higel Ave. on Siesta Key that closed Sept. 28 for $26 million, the county’s highest-priced home sale so far in 2026, the Herald-Tribune reported. The 1.18-acre property spans 13,035 square feet and was an all-cash purchase, luxury agent Adnan Dedic of Compass told the Herald-Tribune.

"We're seeing prices that we haven't seen before," Dedic told the paper. "Sarasota has always been a luxury location, but it's attracting a lot more new buyers and luxury properties."

Five of the nine $10 million-plus single-family closings landed in September alone. All 10 of the condo and townhome sales at that price level also closed that month, concentrating the quarter's priciest activity in its final weeks.

Those blockbuster deals pulled Sarasota County's average single-family sale price up 20.2 percent year over year to $807,627 in Q3, according to RASM. The median sale price, less sensitive to a handful of high-end transactions, rose a more modest 3.7 percent to $485,000.

Broader market tightens

The luxury boom sits inside a broader tightening trend. Closed sales across all four major segments in Sarasota and Manatee counties totaled 5,699 in the third quarter, up 8 percent from a year earlier, RASM reported. Condo and townhome sales drove much of that growth, climbing 26.8 percent in Sarasota County and 13.9 percent in Manatee County.

Inventory kept shrinking even as new listings rose. Active single-family listings in Sarasota County fell 16.2 percent year over year by the end of September, dropping months of supply from 4.8 to 3.7. Condo and townhome inventory fell 12 percent, lowering supply from 6.8 to 4.9 months.

"Even with new listings increasing across all segments, inventory continues to shrink, showing buyer demand is outpacing current supply," David Crawford, 2026 RASM president, said in the association's Q3 report.

Florida metros lead luxury gains

The local numbers mirror gains in other Florida luxury markets. Luxury home prices in Miami rose 18 percent year over year during the three months ending in July, the largest increase among the 50 most populous U.S. metros, according to a Redfin analysis. Tampa followed at 15.4 percent. Nationally, luxury prices rose 5.3 percent over the same period.

Redfin defines luxury homes as those in the top 5 percent of a metro area's price range. The analysis covers a rolling three-month period ending in July 2026.

Luxury home sales in West Palm Beach rose 43.9 percent year over year during May–July 2026, the largest increase among the markets studied, Redfin reported. The same report said cash-paying wealthy buyers were less sensitive to elevated mortgage rates. The Business Observer reported the Sarasota County increase.

Cash purchases accounted for 37.6 percent of Sarasota County single-family sales and 60.9 percent of condo and townhome sales during the third quarter, RASM data shows.

Sellers are also getting closer to their asking prices. Sarasota County single-family sellers received a median of 94.4 percent of their original list price in Q3, up from 91.9 percent a year earlier. Condo and townhome sellers received 92 percent, up from 88.4 percent.

RASM's full Q3 report, including county-level detail for Manatee County, is available at myrasm.com.