Punta Gorda Area Real Estate Market Trends June 2019
June changes are split in most categories year over year. Unlike May, June is more in sync with past 6 months trend of decreasing “closed sales” by posting a 3.0% drop year over year. Year over year closed sales are lagging by -5.3%. Median and average sale prices increased slightly year over year at 0.3% and 0.7%. A tight inventory continues to push home prices higher, but June is only up 0.7% verses prior year which is 4.7%. Home prices have improved every month but one for past 14 months.
As long as inventory remains tight prices should tick slowly upward. The trend continues to show inventory rising, June’s level is 3.8 months year over year and 11.8% higher year to date. 2019’s monthly average of 4.4 months is up 12.8% but it’s still a long way from being 6 months considered a balanced inventory. Increasing inventories have been 9-month trend.
Pricing pressure will be limited as long as inventory levels remain below 6 months. June shows an increase of 0.8% on pending sales year over year but year to date pending sale are down 4.7%. At the same time dollar volume for June dropped 2.3% year over year and 2019-dollar volume to date is only up 0.8%.
June 2019 Punta Gorda Area Market Data
- Closed Sales at 392 is down 3.0% year over year.
- Average Sale Price $253.2 is up 0.7% year over year.
- Dollar Volume $99.3 is down 2.3% year over year.
- New Pending Sales 372 is up 0.8% year over year.
- New Listings 383 is down 5.9% year over year.
- Inventory Active Listing 1252 is up 4.1% year over year
- Month’s Supply of Inventory 3.8 is up 11.8%
June 2019 is making it clear until inventory levels increase this will remain a seller’s market. Inventory of active listing and supply of inventory is increasing but still very slowly. Folks thinking about selling should not hesitate to list their home. Market shift is slowly moving towards a more balanced market but will take some time.
Buyers and Sellers need to keep in mind that things are changing but slowly. Market change has been a longtime coming and will continue to transition slowly which is good. 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.