punta gorda real estate Tag

 

May 2014 Market Update

28.05.2014 in Market Update

May 2014 Market Update

We have compiled data for the Burnt Store & PGI/BSI market place for the first four months of 2014, which represents our peak selling season.  The charts below demonstrate that unit sales have remained stable in comparison to the same period in the past couple years, allowing the market to gain strength and momentum.

 

While many market participants have been awaiting an uptick in prices after the extended 5 year slide down, we have not witnessed any significant price appreciation in the markets we service.  We do remain optimistic that the continued demand for housing in the greater Punta Gorda marketplace, coupled with shrinking supply will ultimately result in modest price increases in the 3rd & 4th quarter of this year.

 

New visitors to the area continue to share their winter horror stories about the harsh 2013-2014 winter season and are searching for a way to escape the potential punishment in upcoming years.

 

Below you will see that the biggest change in the market has been in land sales; most notably in Burnt Store Lakes & the Punta Gorda Isles market.  This activity has in turn fueled a continued increase in building permits issued and new housing starts, as substantiated by a couple of our local custom home builders.

 

Click the link below to open a PDF containing Market Trends Charts.

May 2014 Market Update

 

 

 

 

 

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January Market Update

20.03.2014 in Market Update

January 2014 market update

Overall 2013 finished slightly ahead of 2012 in terms of unit sales across the board with less than 5% growth in unit sales in Charlotte County, PGI/BSI & the Burnt Store markets. Where we recognized the most significant increases in unit sales is in the sale of vacant land.  Specifically, Charlotte County experienced a 14% increase in lot sales in 2013 over 2012, while the 33950 (PGI/BSI market) witnessed a 27% increase, and 33955 (Burnt Store market area) witnessed a 19% increase. The increase in lot sales had a corresponding increase on the number of building permits issued, as confirmed by the city of Punta Gorda who alone issued 87 permits in 2013. Copy of BSM Entrance

This is encouraging news for property sellers in our market today, as many of the “value lots” are being cleared from the market pushing buyers back into the resale market, versus considering new construction.  With our market now one year stronger and our feeder markets firming up in the Midwest and Northeast we are better poised for a potential uptick in property prices.

Abnormally cold weather experienced so far this winter will certainly contribute to the migration that Michael wrote about last week.  This coupled with more mortgage markets opening back up will in fact help to spur buying activity this season.

We will continue to experience the challenges with mortgage lenders being more rigid with their qualification of buyers, though more money should be available for those who qualify.  Moreover, as prices start to creep up we will be confronted with the never ending challenge of access to adequate data to substantiate the necessary appraisal.

The other hurdle on the horizon for sellers with older homes is the Biggert- Waters Flood Insurance reform, which is grossly increasing the cost of flood insurance for homes built in 1973 and before in Charlotte County and 1982 and before in Lee County.  The Senate is currently moving to postpone the implementation of this act, which will have a devastating impact on these property owners.

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