Single-family homes for sale in Charlotte County experienced more price reductions in May, while in some areas selling prices remained steady. Meanwhile, condominium and townhome prices decreased amid rising HOAs based on assessments from hurricane damage coupled with an inventory buildup.
Selling prices remained strong in Punta Gorda Isles and Burnt Store Isles, said Leanne Walker, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc.
“PGI and BSI have not been seeing price reductions,” she said. “I think the time of the year and rates, as well as the economy, are making everyone pause.”
She cited inflation, including the price of groceries and day-to-day living, as a factor making would-be buyers cautious.
Walker, who started her career in real estate in 1984, has sold thousands of homes for the Department of Housing and Urban Development and bank-owned properties.
While a few years ago buyers were engaged in bidding wars in Charlotte County, now the reverse has occurred. “What a ride this profession is,” Walker said.
The median price of single-family homes was $379,990 in May, down from April’s $390,000, while there was a 7.7-month supply of inventory, unchanged from April.
However, the median sale price was 1.3% higher than it was a year ago.
Of May’s 527 closed sales, 200 paid in cash, or 38% of buyers that month. Both closed sales and the number of cash buyers were up slightly from April.
However, it was taking longer for a home to sell, and sellers were getting 93% of the original listing price, slightly down from April’s 93.4%.
Shortly before Hurricane Ian, sellers were receiving 100% of their listing price and sometimes more.
Homes were on the market an average of 105 days in May. In April, the median time to sale was 99 days.
Listings continued to increase for single-family homes, as there were 3,206 homes on the market in May, up from 3,187 in April.
Most single-family homes sold in May were in the $300,000 to $399,999 range, representing 180 of the 527 closed sales. Million-dollar home sales also dipped, as 25 were sold for $1 million or more, representing a 3.8% decrease year over year.
Condos and townhomes
There were plenty of cash buyers for condos and townhomes in May. Of the 134 closed sales, 84, or 62.7%, paid in cash.
But in April, there were 141 closed sales in which 100 buyers, or 70.9% paid cash for their homes.
There were price reductions, and sales reflected that. The median sale price was $265,000 in May, down 18.5% year over year and down from April’s median sale price of $294,999.
Sellers in May were getting 89.9% of the original listed price versus 92.5% in April.
It also was taking longer for a condo or townhome to sell. In May, the median time to sale was 120 days, compared to 93 days in April.
The inventory level of 10.2 months was unchanged from April. More units were on the market in May, 915 versus 888 in April.
For nonluxury, newly built condos and townhomes that were not affected by hurricanes Ian and Idalia and have no storm-related assessments, some HOA fees are in the $200s range per month.
However, some older townhomes and condos in Charlotte County have assessment fees as much as in the $900s per month due to their assessments based on storm damage.
