May 2019 Punta Gorda Area Real Estate Market Trends
May changes trend upwards in most categories year over year. Like April May is going against a 6 months trend of decreasing “closed sales” by posting a 7.7% improvement year over year. However, year over year closed sales are still lagging by -5.8%.
Median and average sale prices also continue to increase year over year at 8.1% and 8.6%. A tight inventory continues to push home prices higher with buyers pushing their price point up. Home prices have improved every month but one for past 13 months. 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 rising May’s inventory level was up 6.6% year over year which isn’t enough yet to pressure pricing. Correspondingly inventory is now 4.0 months up 11.1% year over year. Prices will continue to climb as long as inventory levels remain below 6 months. May shows a continued decease of -8.3% on pending sales.
This is only the second month in past 13 that pending sales has fallen. At the same time dollar volume increased a healthy 17% year over year. This is a reflection of increasing home values.
May 2019 Punta Gorda Area Market Data
- Closed Sales at 445 is up 7.7% year over year.
- Average Sale Price $262,570 is up 8.6% year over year.
- Dollar Volume $116.8 is up 17.0% year over year.
- New Pending Sales 416 is up 5.1% year over year.
- New Listings 422 is up 12.2% year over year.
- Inventory Active Listing 1354 is up 6.5% year over year
- Month’s Supply of Inventory 4.0 is up 11.1%
May 2019 is making it clear until inventory level increase this will remain a seller’s market. inventory of active listing and supply of inventory is increasing but very slow. At this point in time it still remains a seller’s market so folks thinking about selling should not hesitate to list their home. Market shift is slow moving.
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. But until we see 6 month plus inventory levels this will remain a seller’s market. This will be one of the key metrics to keep an eye on an it increase by 11% for May year over year. We also need to keep an eye on closed sales year to date which are 1750 down 5.8% year over year.
All market data was compiled from the Punta Gorda-Port Charlotte-North Port Association of Realtors.