October Real Estate Activity

October did not disappoint as real estate sales indicate a healthy, thriving market. Are you thinking about putting your home on the market this season? Let us help you get the price you want for it. Here we look at Charlotte County as a whole, along with Venice and Sarasota sales in October 2015 compared to October 2015.

Charlotte County single family home sales

20142015
Total Homes Sold370388
Average Sq. Ft.1,6971,738
Days on Market9071
Selling Price$181,412$201,592
Sales Price to List Price Ratio95%97%

Charlotte County condo, villa and townhome sales

20142015
Total Condos Sold7475
Average Sq. Ft.1,3211,232
Days on Market10577
Selling Price$164,497$150,497
Sales Price to List Price Ratio94%95%

Punta Gorda Isles and Burnt Store Isles single family home sales

20142015
Total Homes Sold2921
Average Sq. Ft.2,2562,007
Days on Market144123
Selling Price$420,484$389,400
Sales Price to List Price Ratio95%96%

Punta Gorda Isles and Burnt Store Isles condo, villa and townhome sales

20142015
Total Condos Sold1318
Average Sq. Ft.1,6561,630
Days on Market8652
Selling Price$216,640$234,572
Sales Price to List Price Ratio94%97%

Venice Area single family home sales

20142015
Total Homes Sold143127
Average Square Feet1,7371,794
Days on Market6858
Selling Price$227,845$263,230
Sales Price to List Price Ratio96%98%

Venice Area condo/townhome/villa sales

20142015
Total Homes Sold6660
Average Square Feet1,2591,344
Days on Market7872
Selling Price$173,979$226,685
Sales Price to List Price Ratio96%96%

Sarasota single family home sales

20142015
Total Homes Sold513429
Average Square Feet2,0212,042
Days on Market7373
Selling Price$381,624$380,746
Sales Price to List Price Ratio97%97%

Sarasota condo sales

20142015
Total Homes Sold282284
Average Square Feet1,4061,301
Days on Market8573
Selling Price$309,110$252,863
Sales Price to List Price Ratio96%96%

Real Estate Sales Are Steadily Climbing

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.

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.

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

20142015
Total Homes Sold3,1943,579
Average Sq. Ft.1,7351,767
Days on Market9682
Selling Price$181,959$204,432
Sales Price to List Price Ratio95%96%

Charlotte County condo sales

20142015
Total Condos Sold804848
Average Sq. Ft.1,3201,306
Days on Market114114
Selling Price$155,518$183,407
Sales Price to List Price Ratio94%95%

Charlotte County lot sales

20142015
Total Lots Sold4,9705,000
Days on Market222216
Selling Price$90,474$94,421
Sales Price to List Price Ratio94%95%

Punta Gorda Isles and Burnt Store Isles single family home sales

20142015
Total Homes Sold242272
Average Sq. Ft.2,2042,284
Days on Market112117
Selling Price$378,246$437,751
Sales Price to List Price Ratio95%95%

Punta Gorda Isles and Burnt Store Isles condo sales

20142015
Total Condos Sold176183
Average Sq. Ft.1,5431,598
Days on Market100104
Selling Price$187,023$218,112
Sales Price to List Price Ratio95%95%

Punta Gorda Isles and Burnt Store Isles lot sales

20142015
Total Lots Sold8385
Days on Market398427
Selling Price$151,923$170,841
Sales Price to List Price Ratio91%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.

New Home Starts – Another Sign That Florida’s Economy Is Recovering

In a Charlotte Sun article today, it appears our area is well on its way to recovery as new building starts continue to make great strides. Several months back the City of Punta Gorda stated building permits for residential new construction starts was on target to reach 50, up from approximately 36 the year before.

Today’s article seems to indicate this is not a local trend. According to Sarasota Building Official Greg Yantorno, 686 permits were granted in 2012 with 461 of those permits approved for areas south of Blackburn Rd in Nokomis and 225 to the north. Also noted where the over 900 permits that were in the pipeline for Sarasota county. While this may be down from the 2,400 permits issued during the height of the market, it is a clear signal that inventory levels of existing homes are down and there is a renewed confidence for new home construction.

Patrick Neal of Neal Communities, builders of homes in such communities as Palmer Ranch, and their $800 million project in Grand Palms, off Center Road in Venice, as well as the up to 500 homes projected in Boca Royale Golf and Country Club development in Englewood, says they are investing in the South Venice and Englewood areas as these are areas of great growth potential.

Greg Lapinsky, General Manager for Pulte Homes says they have seen the same resurgence as evidenced by the success of their Island Walk community located in North Port’s West Villages. Lapinsky characterizes today’s buyer as being a “more cautious northerner…half who are paying cash, and looking to buy as much home as possible without looking as much at zip code.” He continued by saying, “they are looking for nature walks, preserves and maintenance free living”… looking to “see Florida,” as more and more people are looking to enjoy the year round outdoor lifestyle that Florida has to offer.

The city of Punta Gorda seems to recognize that same interest with the near completion of their “Linear Park,” which is a walk way taking you through all the highlights around the city that include waterfront parks.

Robert Denk, Senior Economist with National Home Builders Association, said the U.S. averaged 1.3 million new residential building starts however, after 2009 it dropped to 27% but by 2013 it should be back up to 51% and by 2014 is projected to rise to about 70% of pre downturn levels. Florida it was stated averaged 127,000 new starts per year and dropped to 15%. By the end of 2013 it is projected the state will rebound to about 40% of pre downturn levels and 50% by 2014.

While Charlotte’s “West County,” south Sarasota and Englewood are seeing a more significant uptick as evidenced by Charlottes 29% increase in new starts, remodeling permits are also up. It is not uncommon to see $30,000 permits for kitchen remodels and $50,000 for pools. Monthly permit approvals have jumped from 7-8 per month to 25-30, a clear indication consumer confidence is on the rise.

Tom Danahy, President of Kitson Babcock, a division of Kitson Partners, said they are seeing the same trends. Danahy stated that typically 300,000-400,000 people move to Florida each year and a recent report showing Florida had a net gain of over 200,000 people moving to the sunshine state which ranks Florida within the top three states with that kind of population growth; Texas and California being the other two states.

However, of the states with the most robust growth most affected by the downturn, Florida appears to be the fastest on the road to recovery, and with prices in many areas not only stabilizing but showing signs of increase, now could be your last opportunity to get the most home for your dollar as inventory levels are much more in line with market consumption. While it was noted that new home starts priced over $400,000 still may prove a bit more challenging than those priced in the more affordable price ranges, we are seeing a greater number of homes being viewed that are priced above $500,000 than we have in the past few years, another sign we are well on the road to recovery!!!