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%.
March follows the continuing trend of a softening real estate market. While March doesn’t show a drastic change, it supports the position that market heading down. This has been a slow and gradual process.
With only home prices currently showing a slight improvement year over year for March at + 4.9%. So, it is true home prices are up year over year it’s also clear that this trend is slowing.
February market indicators continue to point to a slowing market. This is a pattern that start over the past 6 months ago. Prices currently is one area bucking the trend. Prices are up 7% year over year.
This is the start of a new year 2019. As we continue to watch market dynamics and changes to it I’ve added and deleted some categories accordingly. We’ll focus on seven key areas which will be outlined below.
We all agree that purchasing a home at any time is a journey entailing many decision. I think we all would agree that accurate and timely information and knowledge is important. Paradise in Punta is committed to help you make an inform decision on all levels.
Punta Gorda Real Estate market like many areas has enjoyed sustained market improvement over the pass 7 years. To help in the process of purchasing a property moving forward we’ll be updating market data monthly.
The month of January 2019 like December 2018 continues to show a market slowing. Key indicator is rising inventory levels along with a drop in pending sales and monthly dollar volume.
January 2019 Punta Gorda Area Market Data
- Current Sales at 222 is down 18.1% year over year.
- Average Sale Price $232.8 is down 1.3% year over year.
- Dollar Volume $51.7 is down 19.1% year over year.
- New Pending Sales 365 is down 16.9% year over year.
- New Listings 572 is down 12.3% year over year.
- Inventory Active Listing 1571 is up 6.9% year over year
- Month’s Supply of Inventory 4.6 is up 9.5%
January 2019 continues to show a market in transition moving slowly to favor buyers. This shift has been a long time coming with market favoring sellers. Current 4.6 month’s supply of inventory is up 9.5% year over year moving towards a 6-month supply which is considered a balanced inventory.
This is a key metric to closely watch. In my opinion we continue to have a healthy market opportunity for sellers and buyers.
All market data was from the Punta Gorda-Port Charlotte-North Port Association of Realtors.
In need of a realtor or have any questions contact Ken Poirier at 941-661-9773 or email email@example.com
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