Notes from Charlotte County, Florida

The MLS Detectives Team just posted board statistics for June 2011. These numbers represent current MLS data as provided through the My Florida Regional Multiple Listing Service and the Punta Gorda, Port Charlotte, North Port Association of Realtors.

As shown in the below tables, the average number of Single Family homes sales over the last 13 months is 440 units per month. With that in mind, June saw 437 units change hands. March of this year saw this number spike to 578, the highest number of any monthly in 3+ years.

Multi Family homes (mostly condominiums) have a 13 month average of 77 unit sales per month; June saw 81 sales.

Vacant land sales, which have averaged 137 over the last 13 months, held their own in June with 153 vacant parcels changing hands.

Of particular interest is our board’s current residential inventory absorption rate. Based on the current month sales, a “healthy market” would be one with about a 6 month supply (current sales divided by current supply/listings). Based on June sales, we have indicated below our areas supply. Despite what is roughly a 50% stressed factor (those homes with being sold as a foreclosure or short sale), our residential inventory is quite impressive.

• Single family homes - currently available for sale 2740, divided by June sale of 437 = 6.27 month of inventory.
• Multi-family homes - currently available for sale 854, divided by June sales of 81 = 10.5 month of inventory.

These “normal” inventory rates represent a huge improvement over just a year ago. Despite this, there are still some really nice buys to be had. You just need to be ready to react, as the best buys seldom stay on the market long.

Call the MLS Detectives and ask to be put on an automatic property notification watch and be one of the first to know about newly listed properties and/or those which the price has been adjusted. This is the best way to catch a really great deal.

941-626-3640 – Curt

941-626-3569 - Mike