July 2018: Housing Recap

As we closed out the first half of the year, the number of single family home sales in Charlotte County was slightly lower than for the same time period last year however, home prices rose 8.6% to an average of $270,500. During the same time period condominium sales increased 10% with the average sale price of $224,700, or an 8.7% increase over the previous year.

Waterfront properties compared to last year in Punta Gorda Isles and Burnt Store Isles, had a 17% increase in single family home sales averaging a 9.2% increase over last year with the average home selling for $505,300. Waterfront condominium sales were even for this time period last year with the average selling price of $256,280 showed 3.7% increase. Selling price to list price ratios average 96%, indicating sellers were pricing their homes aggressively.

In Sarasota County, single-family home sales were slightly lower, however, the average selling price of a home increased 8.9% to $395,880. Conversely, condominium sales increased by almost 10% resulting in an average purchase price of $460,150 for a 15.7% increase.

The Sarasota waterfront, particularly the downtown Sarasota and Longboat Key areas, have the greatest bearing on sales averages throughout the county. Single family waterfront home sales increased 12.5% averaging almost $1,530,200which was a 7.8% increase over the previous year. Condominiums sales also increased by 12% however, while the average sale price was approximately .5% lower, the average sale price of $748,800 is still very impressive. Even in this price range; the selling price to list price ratios averaged 93% for single family homes and 95% for condominiums, clearly indicating buyers were receptive to the list pricing.

And as always, please feel free to reach out with any questions your may have! –Gary