A look at January-September sales in 2014 compared to January-September sales in 2015 shows an increase all around.
Here we take a look at sales of homes, condos and lots in Charlotte County as a whole, as well as Punta Gorda Isles and Burnt Store Isles sales.
Charlotte County single family home sales
| 2014 | 2015 | |
|---|---|---|
| Total Homes Sold | 3,194 | 3,579 |
| Average Sq. Ft. | 1,735 | 1,767 |
| Days on Market | 96 | 82 |
| Selling Price | $181,959 | $204,432 |
| Sales Price to List Price Ratio | 95% | 96% |
Charlotte County condo sales
| 2014 | 2015 | |
|---|---|---|
| Total Condos Sold | 804 | 848 |
| Average Sq. Ft. | 1,320 | 1,306 |
| Days on Market | 114 | 114 |
| Selling Price | $155,518 | $183,407 |
| Sales Price to List Price Ratio | 94% | 95% |
Charlotte County lot sales
| 2014 | 2015 | |
|---|---|---|
| Total Lots Sold | 4,970 | 5,000 |
| Days on Market | 222 | 216 |
| Selling Price | $90,474 | $94,421 |
| Sales Price to List Price Ratio | 94% | 95% |
Punta Gorda Isles and Burnt Store Isles single family home sales
| 2014 | 2015 | |
|---|---|---|
| Total Homes Sold | 242 | 272 |
| Average Sq. Ft. | 2,204 | 2,284 |
| Days on Market | 112 | 117 |
| Selling Price | $378,246 | $437,751 |
| Sales Price to List Price Ratio | 95% | 95% |
Punta Gorda Isles and Burnt Store Isles condo sales
| 2014 | 2015 | |
|---|---|---|
| Total Condos Sold | 176 | 183 |
| Average Sq. Ft. | 1,543 | 1,598 |
| Days on Market | 100 | 104 |
| Selling Price | $187,023 | $218,112 |
| Sales Price to List Price Ratio | 95% | 95% |
Punta Gorda Isles and Burnt Store Isles lot sales
| 2014 | 2015 | |
|---|---|---|
| Total Lots Sold | 83 | 85 |
| Days on Market | 398 | 427 |
| Selling Price | $151,923 | $170,841 |
| Sales Price to List Price Ratio | 91% | 91% |
The rise in sale prices is not only due to the lower priced properties that are no longer on the market, but due to lower inventory levels. Generally speaking, sellers are pricing their homes more aggressively as the days of marking a property up to provide more negotiating room are gone. Buyers want to know they are getting a fair price and the result is you are seeing selling price to list price ratios in the mid to upper 90% levels.
With the outlook of prices rising, low inventory levels and the strong possibility of interest rates increasing, no longer is the real estate market a seasonal endeavor. Buyers are now in the market on a year round basis willing to hop on a plane when they see a property that is of strong interest. While September and most of October are typically the slowest selling times of the year, this window is continuing to shrink as buyers and sellers are no longer waiting for the new season to approach with the thought more properties will come on the market to choose from. While more inventory is sure to come on the market, higher list prices are sure to accompany them.
After a few years of unusually frigid conditions up north, there is a much greater number of people now looking to the year round warmer climates to call home, and with that comes a stronger demand on the lower inventory of homes. Buyers are now realizing this, and are coming back much earlier each year out of fear their “dream home” will no longer be available if they wait as they are seeing homes selling at a much faster rate than in years past.
While most people would like to talk about themselves, Gary and Gail have always put their clients first, and their diverse backgrounds have provided their clients an unparalleled level of service and knowledge throughout the past years.