Sales of single-family homes and condos slowed in August, but prices remained high, with sellers getting 100% or more of their listing price for both types of properties.
It doesn’t surprise Bill Dryburgh, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto.
“It’s always this way in August,” he said.
He said families with children usually buy in in June or July — before school starts.
“Restaurants are slow in August and for the first two weeks of September as people take vacations,” Dryburgh added.
He said a clue that the market hasn’t slowed is the fact that local title companies are backlogged with work.
August’s numbers show inventory remains low, and more buyers were paying cash for both single-family homes and townhomes and condos.
For the sixth consecutive month, buyers were paying 100% or more of the listing price for single-family homes, while condos and townhomes for four consecutive months — May through August, were also getting 100% or more of the listing price.
In some cases, properties were getting multiple offers, Dryburgh said.
Charlotte County single-family homes
There were 514 sales of homes in August; in July 572 were sold.
The average sale price for a single-family house in Charlotte County was $379,796, up 29% from August of last year. In July, home sales averaged $404,044.
Meanwhile, inventory was at a 1.2 month supply, down 50% from the same time a year earlier.
On the high end, 11 homes sold for $1 million or more, which was a 175% increase from last year. However, 126 sold in the $300,000 to $399,999 range, followed by 96 which sold between $400,000 to $599,999.
Sales transactions remained fast. The median time to contract in August was just nine days, down 76.9% from a year ago when time to contract was 39 days.
There were 581 new listings, an increase from 574 in July 2021. Also, the number of homes for sale — 617, was up from July’s 578.
Townhomes and condos
There were 99 sales of condos and/or townhomes in August, down from 107 sold in July, and a 9.2% decrease from a year ago.
But prices were higher. The average sale price in August was $274,229, up 19% from the previous year. The average price also beat July’s average sale price of $253,687.
Like buyers of single-family homes, most condo and townhome purchases were cash transactions. In August, 63 buyers paid cash, an increase of 8.6% from a year ago.
Inventory remained low at 0.7 months, down 85.1% from August 2020 when there was a 4.7 month supply.
There were 97 active listings in August, while a year earlier there were 407 in inventory, representing a 76.2% decrease.
Sales transactions went quickly: the median time to contract was seven days in August, which was an 89.2% decrease from a year ago. The median time to sale of 48 days in August compared to 106 days a year earlier, represented a 54.7% decrease.
Dollar volume of $27.1 million in sales for August was up 8.1% from last year.