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July Housing Update

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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.

Charlotte Harbor Freedom Swim 2022

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It started small and spontaneous. Over thirty one years ago, Punta Gorda attorney Michael Haymans and some friends decided to celebrate the Fourth of July by swimming the 1.5 mile distance across the Peace River. They weren’t athletes in training; they had heard stories about how in the 1940s, swimming across the river was a rite of passage for teens.
They had a good time, they told their friends, and those friends told a few more friends.
Haymans resists commercializing the event. He doesn’t charge participants, require advance registration or give prizes.
It’s a happening, not a race; some don’t even swim. There are stand up paddleboards, inflatable rafts, inner tubes, even folks on plastic noodles. Kayaks join the procession with dogs on board. Takes about 40 minutes to 3 hours to cross.
There are no rules except using common sense and courtesy. (Swim with a buddy!) Many swimmers go for red, white and blue attire. For a few years, some swimmers took “freedom” to another level: They swam au natural and ran their swim suits up the mast of their sailboat. (Word has it that sailboat owner isn’t around any longer.)
The 2022 Charlotte Harbor Freedom swim will start at 9:00 AM at Live Oak Point-5100 Tamiami Trail Charlotte Harbor, FL 33980. You must sign in the day of the swim and it is recommended to be at starting point a half hour early to hear the instructions for safety. Participants will gather in the water/public beach on the northwest side of the north end of US41 North Bridge at the start of the swim, and parking is recommended at Fishermen’s Village since the swim ends at Harpoon Harry’s. Harpoon Harry’s will open and hour EARLY @10 am Monday morning to welcome guests and swimmers!
Over at Fishermen’s Village, Punta Gorda will keep the swimmers happy with live music until the fireworks start with a variety of children’s activities such as face painting. The fireworks display over Charlotte Harbor begins at 9 p.m. Here is a list of events: Fishermen’s Village Independence Day Celebration
Source: Herald Tribune

Did you hear?

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Did you hear PUNTA GORDA was ranked #1 as the nation’s most sought-after areas from buyers who are looking at homes in a different metro area from where they live AND we were the only city listed in top 10 in FL  #lovewherewelive  #garycardillogroup #localagents Read more below from Realtor.com….

Here Are the Most Popular Cities for Homebuyers in 2022—and the Places People Can’t Wait To Leave

By Clare Trapasso

May 3, 2022
The COVID-19 pandemic shook up just about everything—especially where many people live. It caused a mass real estate migration unlike any in recent memory.

Lots of folks traded the cities for suburbs—more space! fewer people!—while others relocated to new, often cheaper, parts of the country. And with the popularity of remote work that allows buyers to live just about anywhere and the growing frustration with record-high home prices, the real estate reshuffle isn’t slowing down anytime soon.

In the first quarter of the year, more than half, 59.7%, of all of the views on the home listings on Realtor.com® came from shoppers based in other metros, according to recent Realtor.com research. That was a 4.6% bump over the same time last year.

Our economics team analyzed the search traffic on Realtor.com to figure out the areas where people wanted to move to—and where they most wanted to leave. We scrutinized the data to determine the nation’s most sought-after areas from buyers who are looking at homes in a different metro area from where they live. On the other end of the scale, the team also found the metro areas where the highest percentage of locals were looking for homes someplace else.

“The pandemic led many Americans to revisit priorities, preferences, and timelines,” says George Ratiu, manager of economic research for Realtor.com.  “Worries over health, financial pressures, lifestyle, and well-being were channeled into finding a home in a location which offered ample access to the outdoors, better quality of life, and increasingly important, affordable housing.”

As for trends, we found that the ever-elusive quest for affordability is still driving most preferences. Vacation and retirement destinations are especially popular with those browsing real estate listings from other areas. Some shoppers were looking to relocate, especially those who can work remotely. Others were hoping to purchase a second home, and then there were those who just wanted to dream.

Meanwhile, folks in the more expensive cities, colder parts of the country, and college and military towns seem to be looking for exit strategies. Folks in the chilly and pricey Northeast were the most likely to look at homes in other parts of the country. About 37.2% of them viewed properties in different regions. About 26.4% of folks from the Midwest, 25% of those in the West, and just 11.3% of people in the South also searched Realtor.com for residences located elsewhere.

To track the moves, the Realtor.com analysis covered the 300 largest metropolitan areas in the first quarter of 2022. (A metro area encompasses the main city and surrounding towns and smaller urban areas.) We limited the list to just one metro per state to ensure geographic diversity.

OK, let’s start with the most popular list—a tour of the most desired destinations for homebuyers right now!

Real Estate Update: April 2022

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Many people have asked me with the war going on in Ukraine, inflation and interest rates on the rise when do I see the market crashing or at the very least bursting.
While no one has a crystal ball, we have several things going for us that I feel will enable Florida and our area specifically to do better than most. Yes, the higher cost of living does affect the discretionary income for many, while higher interest rates will impact those when it comes to financing a home. However, Florida remains very attractive for its climate, its cost of living when compared to many northern states, and for the tax benefits to be enjoyed. In other words “weather, water, way of life!”
As I’ve mentioned many times before, ever since the onset of Covid, those moving from the north found they could work remotely and sold their homes at a much higher price than the homes they were purchasing in Florida. Most paid cash, while others only borrowed 50-60%. There were no sub-prime mortgages and over leveraging granted to buyers who, under normal circumstances, wouldn’t qualify for the loans they were seeking. From a lending point of view the banks were in much better position to sustain a real estate slow down knowing those that were approved for loans were well qualified and weren’t a great risk.
Port Charlotte and Punta Gorda specifically were considered the fastest growing areas in the country and compared to our surrounding counties, we were the “bargain” that attracted the growth. However, with that growth and low inventory levels sellers started taking full advantage of the “captive market” and property prices started to soar. Unfortunately, when prices start to take meteoric rises on properties that shouldn’t be rising to that level, that is when you can start to see some pull back. I base this more on buyer feedback than any prediction of a crash.
While Covid may still be a presence, I think more people feel they can cope with it better now than at the panic levels we have experienced the past few years. While the real estate market has become a 365 day a year business, we are starting to see some of our winter visitors heading back home to be with family for Easter. These may ease the “frenzy” a bit when it comes to bidding wars, but keep in mind a well-priced property doesn’t require a buyer to be present to submit an offer on a home, so I would still expect to see multiple offers on those properties.
So what do I see? I feel prices will remain high, but for those properties that are perceived as excessively priced, there will be price reductions as buyers are keeping an eye on those market rates and inflation. The result is they will hedge themselves a bit from going out on a limb and submitting an offer for a property that is perceived to be well over market value. Coupled with material costs to build or remodel, I feel the market will remain strong, but buyers will exhibit a bit more caution and make offers more in line for what they feel their total investment will be in a home, and not be as influenced by emotion as what we may have been experiencing.
Very few can argue that Florida affords one an incredible lifestyle, and that bodes well for our community. By comparison we are better poised for continued growth and with developers and national home builders still attracted to our area I think pricing, especially in the $250,000-600,000 will remain very competitive.

Real Estate Update-“Nearly half of home buyers pay cash”

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By NANCY J. SEMON STAFF WRITER “Charlotte Sun Newspaper”

Homes sales strong despite holidays
January traditionally is a slower month for real estate sales, and although closed sales were down from December, the market shows no sign of slowing.
“There is a 30-day lag and due to the holidays in December, Realtors were not writing as many contracts; January is even lower than the summer months,” said Sharon Neuhofer, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto, Inc.
She said in some parts of the nation, rising interest rates might be attributed to slowing home sales, but not in our area.
Many buyers in Southwest Florida are paying cash, so the mortgage interest rates do not affect them, she pointed out.
In January, when there were 323 closed sales of single-family homes in Charlotte County, 46.4%, or 150 buyers, paid cash.
Neuhofer said beside January’s traditional slowdown in sales, Realtors “have buyers we don’t have houses for.”
She said current low inventory levels means would-be buyers do not have a lot to choose from, and when they do find a house, often there are multiple parties interested.
“You can’t sell what we don’t have,” she said.
The same scenario held true for townhomes and condominiums. Of the 66 closed sales, 47 buyers paid cash, or 71.2% in January.
But while the median and average sale prices of single- family homes in January was lower than in December, the median and average price of townhomes and condos was higher.
SINGLE-FAMILY HOMES
The median sale price in January was $346,500, compared to $350,000 in December. The average sale price of $407,678 was also lower than December’s $450,671.
For 11 consecutive months, sellers were getting 100% of the original listed price.
The median time to sale was 57 days, and time to contract was 12 days. There were 370 homes in inventory in January, which represented a 0.9 month supply.
The inventory level from a year ago was down 30.8%.
TOWNHOMES AND CONDOS
The median sale price in January stood at $287,000, up from $269,950 in December.
The average sale price was $312,069 versus $296,717 in December.
The median percentage of the original listed price was 100% in January, continuing a nine-month trend.
Inventory stood at a 0.6 month supply, the same as it was in December. The inventory level was down 77.8% from a year ago.
Those wanting to sell should “know what you’re going to buy, or you could wind up homeless,” Neuhofer said.
QUICK SALES
She said with cash buyers coming to buy in Southwest Florida, homes are being bought up quickly.
The median time to contract for single family homes in Charlotte County was 12 days, and the median time to sale was 57 days — under two months.
But in some cases buyers will offer incentives — such as a higher price — if sellers agree to move in 30 days.
The median time to contract for townhomes and condos was similar — 10 days, and 53 days for the median time to sale.
January saw 671 single family homes about to come onto the market in February, and 119 townhomes and condos.

About The Gary Cardillo Group

Gary Cardillo, Realtor 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.
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