THE ZARGHAMI REPORT

SARASOTA’S MOST CURRENT AND RELEVANT REAL ESTATE MARKET INFORMATION

Downtown & West Sarasota Market Trends

Market information for properties in Downtown Sarasota and west of Tamiami Trail.

LAST UPDATED 7/9/20 NEXT UPDATE 10/10/20

In West Sarasota and Downtown, buyers and sellers alike were deterred from engaging the real estate market during the global pandemic, maintaining a well-balanced 6 months supply of homes even as sales dropped 37% from the second quarter of 2019. While prices remained relatively steady, this was the only Sarasota market segment to not see an increase in prices, with the average down 4% and the median down 1%. Homes sold more quickly than the same quarter last year, with average days on the market down 30% to 110 days.

WHAT IS YOUR HOME WORTH?

CLOSED SALES

Quarter to Quarter

Second Quarter Comparison

INVENTORY

Quarter to Quarter

Second Quarter Comparison

AVERAGE PRICE

Quarter to Quarter

Second Quarter Comparison

MEDIAN PRICE

Quarter to Quarter

Second Quarter Comparison

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.