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The Murray Group
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Message From Bev

Bev Murray of The Murray Group

Condo sales are up

Condo sales have been soaring since the beginning of the year. This lovely three bedroom townhouse in Lakewood Ranch went under contract in a matter of hours, enabling the seller to upgrade to a brand new construction 4 bedroom home.

Check out the website for this gorgeous new listing which has just gone under contract in the beautiful golf-course community of University Park. The house is available turnkey furnished (which means that all you’ll need to bring is a toothbrush and a set of irons), including a car and a golf cart.

Getting your house ready to list

Sellers always want to know how they much money/effort they should put into remodeling their house before they put it on the market. There are lots of small ways to spruce up a house (de-clutter, new plants, fresh paint, de-clutter, replace lightbulbs, did I mention de-clutter?!) but how far do you go before your investment becomes obsolete? Should you rip out that lurid 70s bathroom tile? Is it worth buying new appliances (oftentimes, yes, people do like to see shiny new dishwashers). Will you be wasting money updating a kitchen when the new buyer will likely come along and demolish it?

The Remodeling 2016 Cost vs. Value Report gives fairly in-depth information on the cost, resale value and percentage of investment recouped on remodeling ideas. There are some surprising findings in the report. Attic insulation is well worth the money, apparently, with 150% of investment recouped! Replacing the garage door and the entry door (both help to greatly improve curb appeal and first impressions) will get you your money back. Interestingly, it appears that it pays to remodel an existing bathroom rather than add an additional one (74% cost recouped vs. 56%). A major kitchen remodel will earn you approximately 65% of your money back whereas a minor kitchen model will recoup 96%. A good case of "less is more".

6718 Chancery Place

This is an outstanding opportunity to purchase an impeccably maintained, elegantly designed 4,378 four-bedroom home on one of the most sought after streets in University Park. The house is available turnkey furnished. Everything you see, other than personal memorabilia and photos, is available, including a car and a golf cart!
more about 6718 Chancery Place

Real Estate Market Update

February Dip

Overall sales in Sarasota County dipped 6.4 percent compared to February 2015, according to the latest MLS statistics. Sales of single-family homes dropped quite dramatically by 13 percent, which was offset by a 9 percent increase in condo sales. This is probably attributable to the fact that there are more condos available in the under $200,000 range than single-family homes.

The closings that took place in February are mostly from contracts written in December and February, a time when there was instability in the stock market and the oil industry, the Federal Reserve raised the target funds rate for the first time since 2006, and the Canadians, Brits and Europeans are experiencing very unfavorable exchange rates.

Despite the slight dip in sales activity, there should be some relief on the horizon in the form of increased listing activity. Condo inventory has soared by 17 percent and single-family homes are also up nearly 4 percent. The median sales price of single-family homes climbed 28 percent to $252,250 in February and condos remained steady at $190,000.

"With record sales last year and extremely low inventory, it only makes sense that we would slow down a bit," said Linda Formella, RASM President. "However, we are seeing an increase in inventory, as owners appear to be entering the market to take advantage of the price recovery we have experienced."

Single Family Homes

  February 2016 February 2015 % Change
Closed Sales 506 583 -13.2%
Cash Sales 240 296 -18.9%
Pending Sales 558 661 -15.6%
New Listings 1,050 914 14.9%
Median Sale Price $252,250 $196,00 28.7%
Median Days On Market 40 49 -18.4%
Active Listings 3,160 3,046 3.7%
Month Supply of Inventory 4.6 4.6 0.0%

Condos and Town Homes

  February 2016 February 2015% Change
Closed Sales 275 251 9.6%
Cash Sales 199 191 4.2%
Pending Sales 504 560 -10%
New Listings 521 431 20.9%
Median Sale Price $190,900 $190,000 0.0%
Median Days On Market 34 49 -30.6%
Active Listings 1,614 1,379 17%
Month Supply of Inventory 5.1 4.7 8.5%
News & Events
Family Spring Fling

A free family event. Face painting, bounce house, art and crafts, build a lettuce garden, fire trucks

When: Sunday, April 24. 10 AM – 1 PM
Where: Van Wezel

International Marine Masters Art- Art Exhibition

Featuring marine artwork by the living masters of today’s Marine Art. Free admission

When: April 15 – May 20
Where: Palma Avenue Fine Art Gallery

Seagrass Fest

Free educational event hosted by The Sarasota Bay Estuary Program and Sarasota County. Family-friendly. Free admission

When: Saturday, April 30. 10 AM – 4PM
Where: Ken Thompson Park

Ink, Silk, and Gold: Islamic Art from The Museum of Fine Arts Boston

Featuring approximately 100 great works of Islamic art from the collection of the Museum of Fine Arts, Boston

When: Through May 1, 2016
Where: The Ringling Museum

Sarasota Memorial Hospital Foundation 15th Annual Golf Tournament

Annual charity golf tournament.

When: Friday, May 6. 10 AM
Where: Laurel Oak Country Club

The Great Mother’s Day 5K Race

A family friendly race on sand at Siesta Key Beach. Medals, T-shirts, food & drink

When: Saturday, May 7. 8:00 AM
Where: Siesta Key beach

Why Choose The Murray Group
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Why Choos The Murray Group?
Why Choos The Murray Group?

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