THE ZARGHAMI REPORT

SARASOTA’S MOST CURRENT AND RELEVANT REAL ESTATE MARKET INFORMATION

Sarasota Luxury Market

Market information for Sarasota properties that sold for $750,000 or more.

LAST UPDATED 1/10/21 NEXT UPDATE 4/12/21

For the second quarter in a row, the luxury market saw nearly twice as many sales compared to the same quarter last year, driving inventory levels lower and prices higher. The median price rose 8% while the average price was up 10%. Inventory dropped 42% compared to last year and the quarter ended with a 3.4 month supply of homes, which is incredibly low compared to historical norms.

SELLERS
If you’re thinking of selling your luxury home, now may be the best time. Multiple offers have become the norm as buyers are competing for the best properties. Our smart pricing and marketing strategies will help you take every advantage this sellers market has to offer. In 2020, Zarghami Group agents helped 97 families sell their homes quickly and for top dollar! Let us help you get the most for your home!

BUYERS
If you’re looking to buy a luxury home, knowing what you’re looking for and being prepared to move fast will give you an edge over other would-be buyers. Our team-oriented approach gives Zarghami Group agents the agility to move quickly when you find the home of your dreams and decades of experience to craft the most attractive offer. Last year, our team helped 96 families beat the competition to win their dream home! Let us help you win yours!

WHAT'S YOUR HOME WORTH?

SALES & INVENTORY BY PRICE POINT

SALES BY HLA

AVERAGE SALE PRICE

Combined

$1,550,675

Single Family Homes

$1,577,527

Condo/Townhome/Villa

$1,469,277

Quarter to Quarter

Year to Year

MEDIAN SALE PRICE

Combined

$1,152,121

Single Family Homes

$1,176,500

Condo/Townhome/Villa

$1,097,500

Quarter to Quarter

Year to Year

TOTAL SALES

Combined

516

Single Family Homes

388

Condo/Townhome/Villa

128

Quarter to Quarter

Year to Year

INVENTORY

Combined

519

Single Family Homes

296

Condo/Townhome/Villa

223

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.