Family events and outdoor activities around Charlotte County could help boost the local real estate market this year, two local Realtors said.
Cindy Marsh-Tichy, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc., said families with children often choose to move during the summer when school is out. This timing allows them to settle into their new homes before the start of the new school year.
A number of them will be moving to Florida, with some settling in Charlotte County.
Despite the interest from new buyers, Marsh-Tichy said the area continues to be a buyer’s market with bargains available for those looking to purchase.
Carla Nix, part of the Nix Team at Coldwell Banker Sunstar Realty, said summer draws visitors to the area for fishing, golfing, boating and the beaches. Subsequently, some decide to buy property while in the area.
The state of Florida assumed management of Gulf red snapper and extended its fishing season to a record 126 days, beginning Memorial Day weekend. In addition, the recently concluded World’s Richest Tarpon Tournament off Boca Grande attracted anglers from throughout the world.
Nix agreed with Marsh-Tichy that the market offers good buying opportunities, positive news for buyers but less favorable for sellers. Many sellers have had homes on the market longer than they expected, as inventory remains high and prices continue to decline.
Still, there were signs of hope in April, based on statistics provided by the Realtors association.
In April, 548 single-family homes sold, a 10% increase from 478 closed sales in April 2023. The median sale price was $349,970, down 10.3% from the previous year and slightly lower than March’s $358,972. The average sale price was $413,543, down from $435,490 in March and 12.8% lower than a year ago.
Although inventory levels dropped to 9.5 months in April from 9.7 months in March, this could be due in part to some sellers removing their listings and waiting to put their homes back on the market during tourist season in the fall, Marsh-Tichy said.
Active listings stood at 4,041 in April, up 29.2% from the same month last year, but slightly below March’s 4,116 listings.
Sellers in April received slightly better offers than in March, getting an average of 92% of the original list price compared to 91.7% the previous month. Homes also sold faster, taking an average of 92 days in April compared to 111 days in March.
The condo and townhome market showed even deeper buyer advantages. The median sale price dropped 14.9% year over year to $251,000 in April, down from $276,500 in March. The average sale price was $289,157, down 7.9% from the previous year and lower than March’s $302,961.
There were 128 condo and townhome sales in April, up from 118 in March. Sellers in this segment received about 88.6% of their original list price, slightly less than 89.3% in March. Inventory supply remained high at 14.1 months, just below March’s 14.2 months.
