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 4/15/21 NEXT UPDATE 7/15/21

The first quarter of 2021 was dominated by an acceleration of the inventory-depleting dynamic set in motion last year following the global pandemic. From the beginning of this year, we saw the number of homes coming on the market decrease slightly while buyers snapped up homes at an even quicker pace, causing inventory to drop 56% over the first quarter alone (it took the last three quarters of 2020 for inventory to drop 54%). The quarter ended with only 772 homes available across the entire Sarasota market – 77% fewer than one year ago.

Home sales were up 49% to 3,189 for the first quarter. Median and average prices rose 18% and 35%, respectively. The median days on market dropped 62% to only 18 days.

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 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 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

AVERAGE SALE PRICE

Combined

$669,776

Single Family Homes

$712,106

Condo/Townhome/Villa

$621,203

Quarter to Quarter

Year to Year

MEDIAN SALE PRICE

Combined

$400,000

Single Family Homes

$455,550

Condo/Townhome/Villa

$325,000

Quarter to Quarter

Year to Year

TOTAL SALES

Combined

3,189

Single Family Homes

1,704

Condo/Townhome/Villa

1,485

Quarter to Quarter

Year to Year

INVENTORY

Combined

772

Single Family Homes

363

Condo/Townhome/Villa

409

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.