It could be a good time to sell your condo.
At least Afra Newell, president of the Punta Gorda-Port Charlotte-North Port Realtors Association, thinks so.
Condos are selling at a median price of $160,000, meaning it’s a great time to sell your condo if you want to get the best bang for your buck.
“Buyers still see the value at this price point,” Newell said.
This is approaching the highest recorded median sale price for condos, which was $172,000 in April 2018.
Learn more about the current health of the real estate market thanks to information from the Punta Gorda-Port Charlotte-North Port REALTORS Association February report:
Home and condo sales are still lowFebruary saw 296 closed home sales, which was 15.40 percent less than this time last year. Actually, this whole winter has been slow in terms of sales, with November, December and January each having less than 300 closed sales, and underperforming compared to the year before.
According to Newell, this decline in closed sales is due to a shortage of inventory in certain price ranges. Particularly in the $100,000 to $250,000 price range.
There are currently 682 listings in this range, with 943 listed above this price range, going up to $1 million, and and only 22 houses listed less than $100,000.
And condo-land isn’t doing much better, with January being the lowest month for closed sales since 2015 at 48 sales. February didn’t do much better with 63 closed sales.
“Due to the holidays, sales tend to be lower in December which leads to fewer closings in January and February,” Newell said. “The great influx of out-of-town buyers during the season usually results in more sales during this period, and therefore more closings between March and May.”
Home prices are recoveringMedian home prices are still above the $200,000 mark, but January threatened to dip below this at $202,450.
February’s median price, though, is starting to creep up there at $217,000, and approaching the highest median sale price recorded in the area: $225,000, which was in November 2018.
The market is slowly flippingThe rule of thumb for a balanced market is six months of inventory. Anything higher is a buyers’ market, and anything lower is a sellers’ market.
The area currently has 4.9 months supply of inventory for single-family homes, the highest its been since January 2017.
But Newell doesn’t think the market will flip anytime soon.
“Not in a short period of time,” she said.
Meanwhile, there are 5.3 months supply of inventory for condos and townhomes.
“Eventually, we may see a balanced market, not necessarily a buyer’s market,” she said.