February’s inventory for single-family homes and condos in Charlotte County soared to heights not seen in years, but some sellers are expected to pull their homes off the market after Easter, an area Realtor said.
Ryan Finnegan, of The Nix Team at Coldwell Banker Sunstar Realty, said the predicated dip inventory will come after seasonal visitors return north after April 21, causing some sellers to remove their listings.
Ryan Finnegan
This tourist season saw a few twists with many homes on the market sustaining flooding from hurricanes Helene and Milton in September and October. As a result, they were pulled off the market before the arrival of many seasonal visitors. Some Charlotte County homes are currently being totally renovated and/or elevated to withstand flooding from future storms, Finnegan said.
After the storms, sellers with finished repair work relisted their homes back, adding to inventory levels. But a decrease in inventory may occur when the warmer months arrive and owners decide to wait until next season to sell, Finnegan said.
Single-family inventory rose to 9.5 months in February, a 26.7% year-over-year increase, according to data from Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc. It represented a 0.6-month increase from January.
Stiff competition in the market caused sellers to lower their asking price, and in February, sellers were getting an average of 92.7% of their asking price. The median price of single-family homes was $349,000, down $1,000 from January.
Cash buyers comprised 43.7% of February’s sales, reflecting a 3.7% decrease from a year ago.
Meanwhile, there were 4,042 single-family homes in inventory, a 32.3% year-over-year increase.
Condominiums and townhomes saw a huge inventory buildup in February. There were 1,176 condominium and townhome units for sale, a 36% increase from February 2024.
Of the buyers, 67.9% paid cash, with a median sale price of $267,000.
Sellers of condos and townhomes fared a bit better in February than in January, as they received 91.3% of the original listed price versus 88.8% the previous month.
For both single-family homes and condos, it took a shorter amount of time to contract and sale, but this could have been due to buyers returning north and seeking to buy homes before they leave.
