THE ZARGHAMI REPORT

SARASOTA’S MOST CURRENT AND RELEVANT REAL ESTATE MARKET INFORMATION

Real Estate

LAST UPDATED 12/11/20 NEXT UPDATE SCHEDULED 1/29/21

Low inventory levels continue to drive the hottest sellers market in more than a decade, forcing buyers to compete for the best properties and making multiple-offer situations the new normal. If you have given any thought to selling your home, call us now so we can discuss why there has never been a better time!

WHAT IS YOUR HOME WORTH?

Local Market Trends

LAST UPDATED 10/8/20 NEXT UPDATE SCHEDULED 1/10/21

Residential real estate markets are hyper-local. The market for a buyer seeking a seasonal home in on Siesta Key varies greatly from the market for a buyer in the Gulf Gate neighborhood of Central Sarasota. In order to provide you with the most relevant market information available, we divided the Sarasota market into several distinct Hyper-Localized Areas (HLAs).

SARASOTA OVERVIEW

Any property with a Sarasota, Longboat Key, or Lakewood Ranch address.

LUXURY MARKET

Sarasota properties that sold for $750,000 and above.

SARASOTA KEYS

Properties on Siesta Key, Lido Key, Bird Key and Longboat Key.

WEST & DOWNTOWN

Properties in Downtown Sarasota and west of Tamiami Trail.

CENTRAL SARASOTA

Properties between Tamiami Trail and I-75.

EAST SARASOTA

Properties east of I-75, including Lakewood Ranch.

Closed Sales

Inventory

Average Sale Price

Median Sale Price

METHODOLOGY

Source: Figures in this report are based on data from the My Florida Regional Multiple Listing Service (MLS).

Closed Sales figures for this quarter are based on reported transactions at the time the report was prepared, shortly after the end of the quarter. This figure may not reflect transactions which closed during the quarter but were not closed out in MLS in a timely manner.

Average Price is the total of all sales volume divided by the number of sales.

Average Price per Square Foot (PPSF) is calculated as the average of all prices per square foot of sold properties.

Median Price is the middle or mid-point price where half of all sales fall below and half fall above this number. The median figure is less skewed by high price point sales than the average figure.

Median Price per Square Foot (PPSF) is the middle or midpoint price per square foot of sold properties where half of all prices per square foot fall below and half fall above this number.

Days on Market (DOM) measures the time between when a property was listed and when it went under contract. This figure applies only to properties which were listed and sold through MLS.

Inventory is a count of all properties currently listed for sale in the MLS and is measured within one week after the end of the quarter. It does not include unsold yet unlisted units in new construction communities (shadow inventory).

Months of Supply levels are an estimate of how long it would take to sell all currently listed properties based on the average number of closed sales over the last 6 months. A six month supply of housing is widely considered to be supply-demand equilibrium, with lower inventory levels favoring sellers and higher inventory levels favoring buyers.