The average price of single-family homes in Charlotte County continued to decline in July, but real estate experts said there was no cause for alarm And expect the current market correction To stabilize with a Return to the upswing upcoming.
The median sales price was $355,000, down from $365,000 in June. for 450 completed salesan increase of 16% compared to the previous year. Meanwhile, inventory levels in July lasted for 7 months.
Leanne Walker
Leanne Walker, president of the Punta Gorda-Port Charlotte-North Port-DeSoto Realtors Association, said the local market is “a small pocket.” Wwhile sales have declined and inventories are higher, SHe said July to September are traditionally quiet months because of hot weather.
Additionallythere are market barriers. Walker pointed out that condominium owners were particularly hard hit.
“Condominium fees plus insurance have doubled, and adjusters are arguing about Hurricane Ian,” she said.
In July, 76 condominiums and terraced houses were sold, and in June, 84.but sAles rose 15.2% compared to July 2023. The average price for Condominiums and townhouses were $270,750.
Impact on the higher Homeowners Fees for some condos is a new law in Florida. Now, condominiums 30 years and older and three stories And Higher quality structural engineering requires a report on the at the expense of the homeowners association until 31 December. Iif repairs are required, Associations must contact immediately them.
The stock of condominiums and terraced houses was 9.3 months in July.
Shelton Weeks, Lucas Professor of Real Estate and director of the Lucas Institute for Real Estate and Finance at Florida Gulf Coast University, agreed Hurricane Ian contributed to rising homeownership costs And “the cost of insurance prevented new buyers from entering the market.”
Builders obtained fewer permits, and sales in June 2024 were higher than in June 2023. He he said, adding that while the market is “going through a slight slowdown, I don’t expect it to be a dramatic crash.”
Carla Nix
Carla Nix, a real estate agent on the Nix Team at Coldwell Banker Sunstar in Punta Gorda, said she has been busy this summer selling residential properties and “Many buyers saw a buying opportunity.”
However, she added that some potential buyers were nervous about the upcoming Election and weather forecasts Forecast of an active hurricane season.
She predicted: “The market will return to normal in the fall” and “prices will rise.”
While buyers took advantage of falling prices, sellers had to make greater compromises on price.
In July, Sellers of single-family homes receive 92.2% of the original list price. This is nothing compared to a few years ago before Ian, when sellers got 100% of their asking price.
Sellers of condos and townhouses in July receive 91.1% of the original list price.
