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Message From Bev

Bev Murray of The Murray Group


A friend of mine remarked this week, "Only England could manage to exit Europe twice in one week!!" He was referring not only to Britain’s vote to leave the European Union, but also to England’s disgraceful exit from the soccer European Cup competition at the hands of Iceland, a nation that doesn’t even have a formal national soccer team… It was a shocking week for the English, all things considered.

Whilst I am happy that I am going to get a great rate on my dollars when we head to England this month, I am truly unsettled by the Brexit result. I grew up as a thoroughly “European” teenager; I speak three languages, and I lived, worked, studied and traveled all over western Europe for the better part of a decade. So for me, it has been a huge punch in the gut to watch Britain sever its ties to the continent so abruptly. The nation, and indeed, Europe as a whole, has been launched into a massive sea of uncertainty, and I am not confident that anyone knows how to navigate these uncharted waters. However, what took place is an example of democracy in its purist form, and once the seas have calmed, it perhaps gives the UK a chance to re-shape itself for the future and build a more solid platform for mutually beneficial trade and relationships. I do hope so.

So, how does Brexit impact us here in the US? It’s quite a loaded question.

In general, mortgage lenders were upbeat. The turmoil in the markets in the immediate aftermath of the Brexit result had a beneficial impact on lenders and borrowers because there was a flood of activity on the 10-year Treasure note, the benchmark for mortgage interest rates, pushing rates down.

According to Lawrence Yun, Chief Economist of the National Association of Realtors, “Demand for US real estate could rise.“

The long-term impact of Britain’s exit from the European Union is largely unknown, but in the short-term, US real estate could benefit from overseas investors fleeing to more solid ground over here. Mortgage rates, already at a 3 year low, will likely fall and homeowners should lock in at these rates, which are predicted to remain flat at least until after the presidential elections here in the US. So we may see an uptick in mortgage and re-financing activity in the next couple of months. However, whilst the real estate market may see some benefit, over time the weakened pound will hurt US exports and therefore impact jobs, income and consumer confidence.

I think that I can safely predict that we will see considerably fewer Brits buying vacation homes here in Florida for the foreseeable future…

Murray Homes Wins Dual Awards

Sarasota Luxury Home Builder Murray Homes earns two awards at The 35th Annual Aurora Awards for their Staysail Court models, The Resolute and The Intrepid.

Sarasota Luxury Home Builder Murray Homes earns two awards at The 35th Annual Aurora Awards for their Staysail Court models, The Resolute and The Intrepid.

In addition to earning a winning spot in two categories, the innovative homes also earned
a nomination for the top prize at the upcoming Aurora Awards Gala to be held,
Friday, July 29th.

The Aurora Awards are the annual home design competition held by the Southeast Building Conference, and the Florida Home Builders Association...

read full story

Real Estate Market Update

May 2016 Market Report

The influx of new inventory into the market continues with a 15 percent rise in single-family homes and 33 percent rise in condos for sale compared to May 2015. Sellers finally appear to have more confidence to put their homes on the market. Consequently, the inventory levels have risen significantly to 4.4 months’ supply for single family homes (up 15%) and 5.3 months’ for condos (one third higher than last May).

Realtor association president Linda Formella had this to say about the shift, “Home prices are rising, and we are seeing homeowners who were previously on the fence entering the market. In fact, we have recently seen a 34.6 percent increase (across Manatee and Sarasota counties) in inventory for listings between $250,000 and $600,000 compared to last May. With the significant bump in inventory, buyers have more options to choose from, but we are still seeing multiple offers below that price.”

This is good news for mid-range buyers and it will help increase buying power for individuals hoping to secure a new home with a mortgage. With tight inventory and a seller’s market, these buyers have been squeezed out by cash deals. However, the trend should not deter sellers from putting their homes on the market. It is still a seller’s market. Current statistics continue to show that if a house is priced reasonably, it has an excellent chance of going to contract in 5-6 weeks and closing in 3 months.

Overall sales volume is still down on last year, as expected, but dollar volume continues to climb higher, with median home prices up 14 percent to $263,000 for single family, and up 4 percent to $218,975 for condos.

Single Family Homes

  May 2016 May 2015 % Change
Closed Sales 753 782 -3.7%
Cash Sales 315 342 -7.9%
Pending Sales 481 680 -29.3%
New Listings 766 718 6.7%
Median Sale Price $263,000 $229,500 14.6%
Median Days To Contract 44 45 -2.2%
Active Listings 2,977 2,582 15.3%
Month Supply of Inventory 4.4 3.8 15.8%

Condos and Town Homes

  May 2016 May 2015% Change
Closed Sales 377 399 -5.5%
Cash Sales 250 266 -6.0%
Pending Sales 242 267 -9.4%
New Listings 372 298 24.8%
Median Sale Price $218,975 $210,000 4.3%
Median Days To Contract 40 40 0.0%
Active Listings 1,613 1,213 33%
Month Supply of Inventory 5.3 4.0 32.5%
News & Events
Sarasota Lionfish Derby

The 3rd annual Lionfish Derby hosted by Mote Marine and Reef Environmental Education Foundation. Lionfish Derbies are an important way to harvest large numbers of this invasive species, provide public education and opportunities to taste the delicious lionfish for free.

When: July 8-10
Where: Mote Marine Laboratory

Siesta Key Volleyball Classic

The competition starts at 8:30 am. Free spectator admission

When: July 9-10
Where: Siesta Key beach volleyball courts

Friday Night Free Music

Featuring Bluestar. Bring your lawn chair or blanket. Free admission.

When: July 22. 7 pm- 9 pm
Where: Centennial Park in downtown Venice.

Snooty’s 68th Birthday Bash and Wildlife Festival

Snooty is the World's Oldest manatee on record. Wildlife awareness information, children's games & activities; free cookies and drinks for the children. Admission to the birthday party in the Spanish Plaza is free. Reduced admission to the Museum.

When: July 23. 10 am – 2 pm
Where: South Florida Museum

Friday Fest at the Van Wezel

The 15th annual summer music fest series. Free live music.

When: July 29. 5-9 pm
Where: Van Wezel Performing Arts Hall

The Summer Circus Spectacular

Great family entertainment presented by the Circus Arts Conservatory and The Ringling. Tickets are $12 and $15.

When: July 29-30
Where: Historic Asolo Theater on the grounds of the John and Mable Ringling Museum

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

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