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Bev Murray of The Murray Group

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."

Stock market crumble = luxury home sale collapse?

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).

What does that mean for the real estate market, locally?

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.

Murray Homes Takes
Top Awards At The Parade Of Homes

The Intrepid Wins Best Overall Home

The Resolute Wins Best Master Bedroom and
Best Architectural Feature

Home and Design magazine

Watch: Murray Homes Craftsman Building The Intrepid

Building The Intrepid Video

For more information about these award winning homes, visit


Real Estate Market Update

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%
News & Events
The Orchid Show

Thousands of orchids from throughout the Tropics will be on display in our Conservatory and available for purchase

When: February 14 – March 27
Where: Mary Selby Botanical Gardens

Rainforest Masks of Costa Rica

Visitors to Selby Gardens will be captivated by the incredible imagination and brilliant colors depicted in the meticulously hand-carved, painted masks inspired by Costa Rican flora and fauna.

When: March 11 – April 22
Where: Mary Selby Botanical Gardens

1st Annual Honey Bee Festival

Presented by Sweetgrass Farms and Sarasota Honey Company. Honey tasting, live music and family entertainment

When: Saturday, march 12
Where: Sweetgrass Farms. 8350 Carolina Street. Sarasota

11th Annual First Watch Sarasota Half Marathon & Relay

Hosted by First Watch in partnership with St. Jude Children's Research Hospital

When: Sunday, March 13
Where: Van Wezel Performing Arts Center 777 N Tamiami Trail

Suncoast Dragon Boat Festival

Organized by SANCA, In the Pink, and Pan Am Dragon Boat Association, the festival will host 50 teams with more than a thousand athletes.

When: Saturday, March 19
Where: Nathan Benderson Park

Superhero 5K

A 5K that celebrates our community's heros- kids in foster care.

When: Saturday, March 19
Where: Nathan Benderson Park

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