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THE  ZARGHAMI  REPORT

SARASOTA’S MOST CURRENT AND RELEVANT REAL ESTATE MARKET INFORMATION

West Sarasota & Downtown
Market information for properties and houses for sale in Downtown Sarasota and west of Tamiami Trail.

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

After experiencing some of the more drastic effects of the quarantine in the second quarter of last year, Downtown and West Sarasota saw a great boost in sales, up 182% over last year to 487 sales. The average price for condos, townhomes and villas more than doubled over last year to $1.3 million, while single family homes saw a 54% bump in average price. The median rose 35% to $680,000. Median days on market dropped 77% to 13 days and the quarter ended with an inventory of just 148 active listings – a mere 0.9 month supply.

SELLERS
If you’re thinking of selling your home, now may be the best time and our real estate agents know the Downtown Sarasota area. 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 for houses for sale in Downtown Sarasota, 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 find a house for sale in the Downtown Sarasota area!

SALES & INVENTORY BY PRICE POINT

TOTAL SALES

Combined

487

Single Family Homes

174

Condo/Townhome/Villa

313

Quarter to Quarter

Year to Year

AVERAGE SALE PRICE

Combined

$1,255,713

Single Family Homes

$1,238,688

Condo/Townhome/Villa

$1,265,177

Quarter to Quarter

Year to Year

MEDIAN SALE PRICE

Combined

$680,000

Single Family Homes

$827,450

Condo/Townhome/Villa

$589,900

Quarter to Quarter

Year to Year

INVENTORY

Combined

148

Single Family Homes

63

Condo/Townhome/Villa

85

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.

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