Notes from Charlotte County, Florida

Our local Real Estate Market, which is serviced by the Punta Gorda, Port Charlotte, North Port Association of Realtors, experienced its highest residential sales figures since May of 2008, with 363 residential closing posted in the month of October.

Interesting to note is the fact that 184 of these sales, or 51%, were made up of distressed sales, either Short Sales (homes being sold for less than owed on the mortgage) or Bank Owned properties. Until we see a decrease in the number of these distressed properties coming on the market, we expect to continue seeing their numbers dramatically slice into the non-stressed property market.  The good news, which is tough to find in this market, is that many are taking advantage of these property bargains knowing it will not last.

Other local statistical facts: as of October 7^th, there were 14,743 properties for sale in our association marketing area, which includes all of Charlotte County and the city of North Port, 1133 of these are Short Sale properties and 587 are Bank Owned properties.

The below graph reflects recent month-by-month sales.