Punta Gorda Real Estate Market Trends August 2019
At a quick glance August numbers are all up including Inventory Active Listings and Months’ Supply of Inventory. August year over year in closed sales was up 1.4% however year to date closed sales are down 4.6%.
Median sale prices in August jumped year over year to 9.7% and average sale price was up 2.0%. A tight inventory continues to hold home prices higher, year to date home prices are up 4.6%. This is a clear trend with every month but one for past 15 months showing homes increasing in value.
Tight inventories will continue to support this trend. However, August shows a significant jump of 9% of active inventories (possible indication of slowing sales). Inventory levels have fallen to 3.4 months year over year which will support higher prices. 2019’s monthly average inventory remains favorable for sellers and a long way from being a balanced 6 months.
Inventory levels have been trending between low 3’s to mid 4’s for the past 6 months. So, inventory for the past 6 months continues on a path to support home prices at their current levels. August shows an increase of .8% on pending sales year over year but year to date pending sales are down 4.3%. Dollar volume for August saw a jump of 3.3% year over year.
August 2019 Punta Gorda Area Market Data
- Closed Sales at 375 is up 1.4% year over year.
- Average Sale Price $$249.9 is up 2.0% year over year.
- Dollar Volume $93.7 is up 3.3% year over year.
- New Pending Sales 356 is up 0.8% year over year.
- New Listings 425 is up 3.9% year over year.
- Inventory Active Listing 1249 up 9.0% year over year
- Month’s Supply of Inventory 3.7 months is up 12.1%
August 2019 maybe the month we look back on that shows some indication of change maybe on the way. Inventory of Active Listings is up 9.0% year over year and inventory levels are up 12.1%. Nevertheless, 2019 continues to paint a picture that until inventory levels increase, it will remain a seller’s market. Inventory of active listings in August grew 9.0%.
If future numbers hold true, this indicates things maybe softening a bit. Sellers should continue to be pleased and should not hesitate to list their home. The market continues to hang in there while slowly shifting. 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.