February, 2019 Punta Gorda Real Estate Market
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.
With all other key indicators showing a softening its only a matter of time before prices do the same. Key indicators such as rising inventories, fewer pending sales and lower monthly dollar volume year over year all point to a market slowing down.
February 2019 Punta Gorda Area Market Data
- Closed Sales at 296 is down 15.4% year over year.
- Average Sale Price $250,242 is up 7.0% year over year.
- Dollar Volume $74.1 is down 9.5% year over year.
- New Pending Sales 368 is down 15.6% year over year.
- New Listings 539 is up 3.7% year over year.
- Inventory Active Listing 1647 is up 11.1% year over year
- Month’s Supply of Inventory 4.9 is up 16.7.5%
As you can clearly see February 2019 continues to show a market in transition moving in a direction favorable for buyers. This market shift has been a longtime coming setting thing up to be more balanced.
Current 4.9 month’s supply of inventory is up 16.7% year over year moving towards a 6-month supply which is considered an ideal level. This will be one of the key metrics to keep an eye on. In my opinion favorable market opportunity wil continue for both sellers and buyers with a slight shift toward 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 firstname.lastname@example.org