Punta Gorda Real Estate Market Trends November 2018
We all agree that purchasing a home at any time is a journey entailing many decision. I think we all would agree that accurate and timely information and knowledge is important. Paradise in Punta is committed to help you make an inform decision on all levels. Punta Gorda Real Estate market like many areas has enjoyed sustained market improvement over the pass 7 years. To help in the process of purchasing a property moving forward we’ll be updating market data monthly.
For the month of November, we’re starting to see signs of a slowing market. Key indicator is rising inventory levels. This is not unexpected as we start to transition to a more balanced market.
November 2018 Punta Gorda Area Market Data
Median (50% of sales were above and 50% below) sale price for month of November shows a 11.6% increase year over year. Average price (total sales in dollars divided by number of sales) is up by 6.5% year over year. When reviewing these numbers, in most cases these contacts were written over passed 2 months so you’re always looking in the rearview mirror. Annualize median prices remain at 7.3% and average price is slightly down at 7.7%.
Year over year numbers have looked good but Pending sales for November have continued to drop by 7.3% year over year. It’s been a seller’s market for a number of years, but I see that trend shifting and expect to see a more balanced market slowly develop as inventory levels creep to 6-month inventory. Punta Gorda real estate like most markets change slowly over time never straight up or down. Year over year inventory numbers for November 2018 shows an average of 4.8 month’s supply. up .5% from October 2018.
Dollar Volume for November 2018 is 81.0k up 1.6% year over year with year to date volume at 1.1 Billion up 8.9% year over year. Median Percent of Original List Price received for November 2018 was 95.9% flat at 0.0% year over year.
November shows the market is in a slow transition moving steadily to a more balanced market.
All market data was from the Punta Gorda-Port Charlotte-North Port Association of Realtors.
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