Real estate market remains robust; prices higher amid lower inventory | Charlotte Sun

The median prices of a single-family home was $265,000, or 12.8% higher than December 2019. For the year, the median price was up 9.6%, or $252,000.

The most striking percentage change was seen in inventory for active listings, which at 852 was 48.4% lower than in December a year ago.

The months supply of inventory in December was at a low of 1.9% compared to 4.1% in 2019, or down a whopping 53.7%. Inventory for the entire year was down 27.4%, making 2020 truly a seller’s market that continued into January this year.

“We’re now down to a two-month supply of inventory,” said Bill Dryburgh, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto. He said because of demand outpacing supply, the Realtors in his association are seeing bidding wars. “There have been five offers on one property,” he said.

Dryburgh gave this advice to anyone wanting to purchase a home in this market: “The smart thing to do is to give the agent your highest and best bid by noon the next day, or by the time-frame the Realtor suggests.” This way, he explained, when the offers are reviewed, the one offering the most gets the house or condo.

He said closings have shortened in some instances. He said that one condo closing was set for 30 days, but the buyers asked if they could “close earlier, and it was done in 22 days.”

Sales prices for condos and townhouses also rallied in December and closed the year outperforming 2019 in terms of prices. Like single-family homes, that inventory fell significantly as well.

The average sales price in December was $229,906, up 14.1% from December 2019. For the entire year, the average sales price of $230,677 reflected a 15.9% increase.

The median price of condos and townhouses, $204,135, rose 12.6% in December last year, over December a year ago. For the year, the median price of $190,900 was up 13% from a year ago.

Inventory for condos and townhouses was down, too. In December there was a three months supply of inventory versus 4.6 months the previous December, for a striking decrease of 34.8%. Inventory for the entire year was down 12.5%.

Shrinking inventory in our area presents a problem for Realtors, Dryburgh said.

As December’s trend of lower inventory continues amid a surge in demand, buyers need to act quickly if they find a listing they would want.

In December, there were 852 listings for single-family homes versus 1,650 the same month last year.

The same trend was seen in condo and townhouse listings in December, when there were 302 on the market. In December 2019 there were 414 listings.

Dryburgh said there have been buyers wanting to buy and move into a furnished condo rather than rent for the season.

Dryburgh gave this advice to anyone thinking of selling. “If anyone is sitting on the fence, the time to sell is now.”

He cited a recent U-Haul survey in which the company tracks pick-up and drop-off places. “The No. 1 drop-off city is North Port, and the number one pick-up place is California,” he related.

Dryburgh said his Realtors are seeing “a high number of people (moving here) from New York, New Jersey and Pennsylvania where taxes are high.”

Beside higher prices and lower inventory, homes and condos and townhouses remained on the market for shorter periods of time from a year ago, another indicator of demand.

The median time to sale for a single-family home was 69 days, versus 80 days in 2019, down 13.8%.

Townhouses and condos, however, took slightly longer; the time to sale in 2020 was 78 days against 74 days in 2019.

Dryburgh said he isn’t surprised at the increased interest in Southwest Florida’s real estate market.

“It’s a beautiful area; we don’t have high taxes and there is an infrastructure.”