THE ZARGHAMI REPORT

SARASOTA’S MOST CURRENT AND RELEVANT REAL ESTATE MARKET INFORMATION

Sarasota Overview

Market information for any property with a Sarasota, Longboat Key, or Lakewood Ranch address.

LAST UPDATED 7/6/21 NEXT UPDATE 10/15/21

The second quarter of 2021 was marked by a slowing of the inventory freefall that accelerated in January of this year. Inventory levels still declined 20% in the third quarter and are down 76% from the same quarter last year, leaving a scant 0.6 month supply. This continued decline did not affect the number of transactions that occurred – 3,446 sales were recorded in 2Q21, 24% higher than in 2Q19, the last second quarter before the global pandemic.

High demand and low inventory drove both average and median prices higher: 49% and 29%, respectively.

SELLERS
If you’re thinking of selling your home in the Sarasota area, now may be the best time. Multiple offers have become the norm as buyers are competing for the best properties. Our Sarasota agency’s smart sale 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 home in the Sarasota area, 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

TOTAL SALES

Combined

3,446

Single Family Homes

1,906

Condo/Townhome/Villa

1,540

Quarter to Quarter

Year to Year

AVERAGE SALE PRICE

Combined

$696,703

Single Family Homes

$745,739

Condo/Townhome/Villa

$636,014

Quarter to Quarter

Year to Year

MEDIAN SALE PRICE

Combined

$425,000

Single Family Homes

$478,935

Condo/Townhome/Villa

$340,000

Quarter to Quarter

Year to Year

INVENTORY

Combined

616

Single Family Homes

364

Condo/Townhome/Villa

252

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.