| March 2016 |  |
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| SELL . BUY . LIVE. 941.365.1837 |
| Message From Bev |
Stock market crumble = luxury home sale collapse? In a recent study, Sam Khater, chief economist with CoreLogic reported that, "Since its peak in May 2015, the S&P index declined 10 percent as of mid-February. This decline in the S&P index was matched by a 30 basis point or 15 percent decline in the $1 million or more share."
What does that mean for the real estate market, locally? Well, despite the downturn in the stock market, Sarasota County is so far holding its own compared the the previous year. According to the MLS, there were 20 $1m+ sales in January 2016, compared to 21 in January 2015, and for the past 3 months luxury home sales were 23% higher than the previous year. So on paper things don’t look too bleak at this point. In January 2016 there were a total of 24 $1m+ homes sold and 621 homes and condos on the market. The number of days on the market has declined 11% on the previous year to 165 days (average days on the market across all price bands stands at 69).
The extent to which luxury home sales suffer will depend on inventory levels and stock market performance in the spring, but for now the Sarasota market is looking positive and making the most of the busy winter season. |
Top Awards At The Parade Of Homes
The Intrepid Wins Best Overall Home
The Resolute Wins Best Master Bedroom and
Best Architectural Feature
Watch: Murray Homes Craftsman Building The Intrepid
For more information about these award winning homes, visit www.murrayhomeslakeclub.com
Single family home median prices rose 21 percent to $230,500 in January from January 2015’s figures. Condo prices were also up 18 percent. There was only a slight 1.2 percent rise in sales volume for single family homes with 520 units sold and condos were down 5 percent from last year. January’s sales typically dip as a result of less buying activity during the holidays, but usually regains momentum in February and March. The general outlook continues to be healthy, but with less pending sales recorded this year than last year, it looks as if we will not be expecting to experience the record sales volumes recorded in 2015. Unless inventory increases, it will be difficult to maintain the same sales pace as last year.
Single Family Homes
| January 2016 | January 2015 | % Change | |
|---|---|---|---|
| Closed Sales | 520 | 514 | 1.2% |
| Cash Sales | 242 | 280 | -13.6% |
| Pending Sales | 493 | 667 | -26.1% |
| New Listings | 1,064 | 1,122 | -5.2% |
| Median Sale Price | $230,500 | $190,000 | 21.3% |
| Median Days On Market | 47 | 48 | -2.1% |
| Active Listings | 2,921 | 2,965 | -1.5% |
| Month Supply of Inventory | 4.2 | 4.5 | -7.3% |
Condos and Town Homes
| January 2016 | January 2015 | % Change | |
|---|---|---|---|
| Closed Sales | 400 | 430 | -0.7% |
| Cash Sales | 258 | 294 | -12.2% |
| Pending Sales | 599 | 717 | -16.5% |
| New Listings | 1,076 | 1,093 | -1.6% |
| Median Sale Price | $185,000 | $165,000 | 12.1% |
| Median Days On Market | 41 | 45 | -8.9% |
| Active Listings | 2,844 | 2,836 | 0.3% |
| Month Supply of Inventory | 5.1 | 5.2 | -1.5% |
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The Murray Group | 941 365 1837 | 25 South Osprey Ave., Sarasota FL 34236