July Housing Update

While some are feeling the effects of higher interest rates and media reports the early stages of a recession are upon us, our housing market continues to remain strong, especially with homes that are well priced. I think it is safe to say the frenzy may be over as the buyers have adjusted to Covid from the panic buying it elicited. Comparing sales in June and July of 2021 to the same time period this year for Charlotte County while there were a 186 fewer homes sold, the average selling price increased from $390,024 to $461,425 or 18.3%. Sarasota County had 442 fewer homes sold during the same period of time however the average selling price of a home increased from $606,904 to $716,607 or by 18%. The fewer number of sales can be attributed to low inventory and supply chain issues that have delayed new construction. We are seeing some reductions in list price from those who wanted to test the market by pricing their homes above what the market would support. Another indication there will be more of a balance in the buyer vs. seller market.