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 10/8/20 NEXT UPDATE 1/10/21

West of Tamiami Trail and Downtown Sarasota saw the biggest price jumps of the Sarasota market during the third quarter, with the median price up 17% and the average price up 26% compared to the same quarter last year. There were 274 sales – a 59% increase – and the average days on market dropped by 15% to 125 days. The quarter ended with a 5.7 month supply of homes.

WHAT IS YOUR HOME WORTH?

CLOSED SALES

Quarter to Quarter

Year to Year

INVENTORY

Quarter to Quarter

Year to Year

AVERAGE PRICE

Quarter to Quarter

Year to Year

MEDIAN PRICE

Quarter to Quarter

Year to Year

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.