Punta Gorda Area Real Estate Market Trends July 2019
July changes are split in most categories. July’s year over year in closed sales was down only 0.6% however year to date closed sales are down 4.6%. Median sale prices in July jumped year over year 10.5% and average sale price was up 7.1%. A tight inventory continues to hold home prices higher, year to date home prices are up 5%. Home prices have risen every month but one for past 14 months. As long as inventory remains tight this trend will continue. July shows a shift to lower inventories. June’s inventory level of 3.8 months year over year has drop in July to 3.4%. 2019’s monthly average has dropped to 4.3 months but it’s still a long way from being 6 months which is considered a balanced inventory. Inventory levels have dropped each of the past 6 months.
With inventory levels falling for pass 6 months the chances of home prices trending lower are slim. July shows an increase of 1.4% on pending sales year over year but year to date pending sale are down 4.0%. Dollar volume for July saw a jump of 6.4% year over year and 2019 dollar volume to date is now only up 0.1%.
July 2019 Punta Gorda Area Market Data
- Closed Sales at 345 is down 0.6% year over year.
- Average Sale Price $253.3 is up 7.1% year over year.
- Dollar Volume $87.4 is up 6.4% year over year.
- New Pending Sales 351 is up 1.4% year over year.
- New Listings 389 is down 2.3% year over year.
- Inventory Active Listing 1143 down 2.5% year over year
- Month’s Supply of Inventory 3.4 is unchanged 0.0%
July 2019 continues to paint a picture that until inventory levels increase this will remain a seller’s market. Inventory of active listing fell off for July down 2.5%. Inventory levels have risen for 8 months but July’s didn’t. If July is an indicator of things to come, then seller should continue to be happy and should not hesitate to list their home. Market continues to hang in their shift moving slowly.
Buyers and Sellers need to keep in mind that things are changing but slowly with really no clear direction. Market change has been a longtime coming and could be a while before we see a significant shift. But until we see 6 month plus inventory levels this will remain a seller’s market.
All market data was compiled from the Punta Gorda-Port Charlotte-North Port Association of Realtors. Click here to access the full report.