The Charlotte County residential real estate market remains a buyer’s market amid rising inventory levels.
Cindy Marsh-Tichy, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto, Inc. explained a normal market consists of a five-month inventory, while anything more than six months is considered a buyer’s market.
In March, inventory for single-family homes was 9.7 months, up from 9.5 months in February. Meanwhile, there was a 14.2-month supply of townhomes and condos.
Although home inventory levels remained high, there were more buyers than in February, and the median sale price for both single-family homes and condos was higher.
There are several factors affecting the real estate market in the county, Marsh-Tichy said.
The area has been popular with Canadians, but uncertainty over the U.S. political climate, she said, has prompted some to sell their second homes, as they plan to no longer spend winters in Florida.
In addition, the threat of hurricane season has caused others to move out of state or further inland. Others who were ready to sell their homes before hurricanes Ian, Helene and Milton the last few years have put their homes back on the market after finishing repairs.
Economic uncertainty, rising insurance costs and condo owners association fees have already caused some to sell their units.
As the Florida Legislature winds down its session, it has proposed bills with sweeping changes favoring homeowners. Senate Bill 1742 unanimously passed the Senate and moved on to the House. It would allow condo associations to take out a loan to make building repairs rather than tapping the owners’ reserve fund, which can cause increases in association fees.
Florida Senate Joint Resolution 1016, approved by both the Senate and House, proposes an amendment to the Florida Constitution to raise the homestead exemption to $75,000 for all levies, including school district levies.
While the proposed new legislation might entice some to buy into the market, Marsh-Tichy said the market is in a correction phase after the explosion of buying activity during the pandemic.
Pointing out that the market is cyclical, it will eventually become a seller’s market in the future, she said.
March real estate transactions were higher than in February.
There were 478 single-family homes in the county that sold, versus 359 in February. The median sale price for single-family homes in March was $358,972, close to a $10,000 month-over-month increase.
There were 4,116 single-family homes listed in March, up from 4,042 in February.
A total of 118 condo units changed ownership with a median sale price of $276,500, a $9,500 month-over-month increase.
There were 1,192 active listings for condos and townhomes.
