Punta Gorda Real Estate Market Trends October 2019
Like September October numbers are mostly up. October year over year in closed sales were up 9.6% however year to date closed sales remain down by 2.1%. Median sale prices for October moved year over year to up 0.9% and average sale price was up 3.1%. A tight inventory continues to support higher property prices, year to date home prices are up 3.1%. This trend has continued for every month but one over past 17 months. However, October like September shows an increase of 5% for active inventories.
Inventory levels have increased to 3.9 months year over year. But October saw a 40% increase of new pending sales and should this continue inventory supply levels will drop. Year over Year for October 2019 monthly average inventory remains favorable for sellers at 3.9 month’s supply and remains a long way from being a balanced supply of 6 months. Inventory levels continue to trend between low 3’s to mid 4’s over past 6 months.
Again, if inventory trends like past 6 months this should support a continuation of increasing prices. October shows pending sales year to date slightly down by .6%. Dollar volume for September saw a jump of 13% year over year.
October 2019 Punta Gorda Area Market Data
- Closed Sales at 331 up +9.6% year over year.
- Average Sale Price $255.2 is up +3.1% year over year.
- Dollar Volume $84.5 is up +13% year over year.
- New Pending Sales 371 is up +40% year over year.
- New Listings 475 is down -3.3% year over year.
- Inventory Active Listing 1331 up 5% year over year.
- Month’s Supply of Inventory 3.9 months is up +8.3%
October 2019 on balance remains pretty much unchanged from September with the exception of New Pending Sales up 40% which is a huge jump however year to date we are now up just .6% year over year. Inventory of Active Listings are up 5% year over year and months’ supply of inventory levels are up 8.3%.
So, 2019 continues to be strong a seller’s market and buyers need to take note. Data supports sellers and rising prices. Market continues to offer opportunity for buyers particularly looking for waterfront property. Buyer need to keep in mind that good properties are moving and with a 40% increase in new pending sales year over year things could get tighter if we don’t have a corresponding uptick in active inventory.
A couple more months of new pending sales in the 40% range will put pressure on inventory levels which are already low. In short this remains a strong market for sellers and practical buyers.
All market data was compiled from the Punta Gorda-Port Charlotte-North Port Association of Realtors, click here to read the full report.