Punta Gorda Area Real Estate Market Trends March 2019
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. Prices typically lag the
market and take time to catch up with what’s actually happening. As an example, with other key indicators like increasing inventory levels will at some point put pressure on prices. Other key indicators like fewer pending sales and lower monthly dollar volume year over year all point to a market losing some of its steam.
March 2019 Punta Gorda Area Market Data
- Closed Sales at 359 is down 12.7% year over year.
- Average Sale Price $266,052 is up 4.9% year over year.
- Dollar Volume $95.5 is down 8.3% year over year.
- New Pending Sales 492 is up 1.4% year over year.
- New Listings 513 is down 6.7% year over year.
- Inventory Active Listing 1547 is up 6.8% year over year
- Month’s Supply of Inventory 4.7 is up 14.6%
March 2019 continues to show a trend that’s moving in a direction that if it continues will be favorable for buyers. As this market shift continues sellers who want to sell their home need to keep in mind this
kind of data is always derived by looking in the rearview mirror and be head of the curve. Market change has been a longtime coming setting thing up to be more balanced. I expect months supply of inventory to
continue to slowly climb and as it does it will put more pressure on pricing.
As we approach 6-month inventory supply it will be interesting to see if these levels will stabilize. This will be one of the key metrics to keep an eye on. I believe a more balanced market is favorable for both sellers and buyers. We also need to keep an eye on closed sales year to date which are 877 down 15.0% year over year.
All market data was compiled from the Punta Gorda-Port Charlotte- North Port Association of Realtors.