April 2019 PUNTA GORDA AREA REAL ESTATE MARKET TRENDS
Subtle changes continue a trend pointing to a weakening housing market year over year. April is going against a 6 months trend of decreasing “closed sales” by posting a 3.9% improvement year over year. In my opinion this will prove to be an aberration. Median and average sale prices also continue to increase year over year at 5.7% and 5.4%.
With inventory remaining tight sellers continue to push home prices higher and buyers push their price point up. Home prices have improved every month but one for past year. So, it is true home prices are up year over year and I believe this will continue as long as inventory remains tight.
The trend shows inventory slowly rising but not enough yet to pressure pricing. Prices typically lag the market and take time to catch up with what’s actually happening. As an example, with other key indicators like increasing inventory levels will at some point put pressure on prices.
April shows a drop of -2.1% on pending sales but a 9.5% monthly dollar volume increase year over year. This is a reflection of increasing home values.
April 2019 Punta Gorda Area Market Data
- Closed Sales at 428 is up 3.9% year over year.
- Average Sale Price $261,808 is up 5.4% year over year.
- Dollar Volume $112.1 is up 9.3% year over year.
- New Pending Sales 430 is down 2.1% year over year.
- New Listings 419 is down 12.9% year over year.
- Inventory Active Listing 1449 is up 5.6% year over year
- Month’s Supply of Inventory 4.4 is up 12.8%
April 2019 continues to show a trend that’s moving in a direction that if it continues will be favorable for buyers. As an example, inventory of active listing and supply of inventory is increasing which if it continues will benefit buyers. However up to this point it still remains a sellers- market and if a seller is thinking about selling its still a strong market and should not hesitate to list their home.
Market shift continues to drift towards buyers but ever so slowly. Buyers and Sellers need to keep in mind data is always derived by looking in the rearview mirror and is only an indicator of future change. Market change has been a longtime coming and will continue to transition slowly. I expect months supply of inventory to continue to slowly climb and as it does it will put more pressure on pricing.
As we approach a 6-month inventory which is considered a balanced what will be impact on inventory. This will be one of the key metrics to keep an eye on. I believe a more balanced market is favorable for both sellers and buyers. We also need to keep an eye on closed sales year to date which are 1305 down 9.6% year over year.
All market data was compiled from the Punta Gorda-Port Charlotte-North Port Association of Realtors. Click here to see the full report.