November 19, 2013

October Update

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The future looks bright here in Charlotte County Florida. Unemployment is down for the third straight month, there have been more building permits issued since anyone can remember and our local Punta Gorda/Port Charlotte real estate market continues its' robust recovery. Last month, 210 single family homes sold at an average price of $152,000. This brings the year to date total to 2271 homes sold at a healthy average price of $163,500. The sale price to asking price ratio is at a steady 95% and days to contract is about three months. The market is also very healthy in the category of condominiums, villas and town homes.  Year to date, 642 units have sold at an average of $113,600. One of the reasons for this overall steady recovery is that the number of distressed bank owned properties coming onto the market has diminished by almost half since last year, allowing normal pricing and appreciation back into the market. With interest rates around 4% and a strengthening national economy, we are optimistic about the future.


A segment of our market that has been dormant for years, lot sales, has started to come alive again... especially waterfront lots. So far this year, we have closed on 79 waterfront lots in our 2 large waterfront communities, PGI and BSI.  In 2009 the total for the same time frame was 16!!  So, all phases, homes, condos and land are doing well.


There are currently 1139 single family homes for sale in our area. Of these, 248 are 3 bed -2 bath with swimming pools on Gulf access canals priced at a median of $439,000. At present, we have a selection of 31 of these w/f homes priced below $250,000, many less than 25 years old. It is hard to imagine bargains like these remaining for long.
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