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Hi! I have a question about new listings in the North Port/Port Charlotte area.
Is it still the considered opinion that the number of listings has fallen?
After watching this market for a couple of years I have noted that the prices are rising and that it is now the norm to have multiple offers on houses. We have been out bid on a number of houses stating in April and that would have been the exception before that time.
Additionally, there seem to still be many new listings in Cape Coral but there too multiple offers seem to be the norm.
Any input is welcome. Thanks.
First, I am not in the real estate business, so I wanted to start out by mentioning that to you. However, I do have an opinion, right or wrong.
You said you notice that prices have risen on homes in certain areas. In April an agent told me that prices in Cape Coral have increased by more than 20% since Oct. Bullfeathers! IMHO the prices listed are just more realistic. In other words, there were hundreds (even thousands) of listings for short sales that weren't even close to what the bank would take. Just because a house was listed for $79,000 doesn't mean it would ever sell for that amount. I looked at a few homes in North Port & Lake Suzy, for example, that were listed as short sales at lower prices and they're still on the market. So does that mean the value of the homes has increased? 2 years ago real estate agents told me with confidence it was the best time to buy.
I'm sure many agents here will disagree with me, and I admit I am no expert, but I've been getting listings for over a year and prices are still dropping. A few have increased, but not by much. Of course it depends on the area and the demand for houses.
In 2008 a broker told me what a steal a house was and that the market had hit bottom. I am thankful that I didn't rush into anything last year before the Chinese Dry Wall problem was exposed. This is the community where I almost bought a house last year.
[URL="http://www.cape-coral-daily-breeze.com/page/content.detail/id/504941.html?nav=5011"]Senator visits Cape to investigate suspected drywall at Coral Lakes - cape-coral-daily-breeze.com | News, sports, community info. - Cape Coral Daily Breeze[/URL]
By the way, I think now is a very good time to buy. I just don't feel someone has to rush into anything unless she finds her dream house. There is plenty of inventory left. I looked at a house over a month ago that "will be gone this weekend" that is still listed on the agent's website. On June 1st I moved over to the east coast temporarily and I get daily listings of bank owned homes in Port Saint Lucie. Many of the houses listed have dropped in price in the past few weeks.
Last edited by justNancy; 06-19-2009 at 01:16 PM..
First, I am not in the real estate business, so I wanted to start out by mentioning that to you. However, I do have an opinion, right or wrong.
You said you notice that prices have risen on homes in certain areas. In April an agent told me that prices in Cape Coral have increased by more than 20% since Oct. Bullfeathers! IMHO the prices listed are just more realistic. In other words, there were hundreds (even thousands) of listings for short sales that weren't even close to what the bank would take. Just because a house was listed for $79,000 doesn't mean it would ever sell for that amount. I looked at a few homes in North Port & Lake Suzy, for example, that were listed as short sales at lower prices and they're still on the market. So does that mean the value of the homes has increased? 2 years ago real estate agents told me with confidence it was the best time to buy.
I'm sure many agents here will disagree with me, and I admit I am no expert, but I've been getting listings for over a year and prices are still dropping. A few have increased, but not by much. Of course it depends on the area and the demand for houses.
In 2008 a broker told me what a steal a house was and that the market had hit bottom. I am thankful that I didn't rush into anything last year before the Chinese Dry Wall problem was exposed. This is the community where I almost bought a house last year.
By the way, I think now is a very good time to buy. I just don't feel someone has to rush into anything unless she finds her dream house. There is plenty of inventory left. I looked at a house over a month ago that "will be gone this weekend" that is still listed on the agent's website. On June 1st I moved over to the east coast temporarily and I get daily listings of bank owned homes in Port Saint Lucie. Many of the houses listed have dropped in price in the past few weeks.
I'm not a real estate agent either, but I will add that . . .
I think there is a huge backlog of foreclosures to come, and that the government is controlling the release of them and that in turn has created a demand. The new demand (may be artificially created and influenced by the government and) is causing causing the supply to remain steady enough for the demand to rise and thus the prices to at least stablize, and maybe rise because investors have reentered the market (at the low end of the market right now, but entered none the less).
If this continues to be the tactic that the government has, then the demand will eventually out pace the supply, and continue to keep the prices up and demand up as they continue to trickle the supply into the market until it is absorbed. This help those that own houses maintain their value ((as well as those that hold the mortgages)) so they don't go completely broke ((ie the banks and big mortgage companies like Fannie Mae . . . )). It keeps their balance sheets in balance with the assets being held without them plummeting and destabilizing everything like it was a few months ago, and really hasn't changed much (but it is functioning). . . . {continuing thought} if this continues then the government policy will be viewed as a huge success! Yippeee! If not, we are all in trouble :-( Oh Crap!
In any case the current result is that we have hit the bottom and are bouncing back up, or bouncing, bouncing, bouncing. In any case my neck is getting sore! LOL So if you want to buy, and think the market is going to remain stable because of the government policy - buy now. If not, then wait until the enormous amount of foreclosures comes flooding throught he **** the government has established and buy then.
Tough Call!
Good Luck!
Best Wishes!
Jump in the water is fine. I can tell you that the price of some of the houses on the market right now are still be being sold below cost (even though some still aren't (and may never be) happy with the price).
My recommendation is to find a good agent! And when you find one, and she ((SoFLGal)) will give you a great balanced opinion.
Thanks for your post, Big House. Very interesting point of view. I want to take advantage of the $8,000 rebate, so I feel a little pressure to buy. That's why I didn't sign a 6 month lease, although I could have saved some money on rent and avoided the 11% tax. Most people didn't want to rent to me for just a month or 2. Since a "first time homeowner" is someone who hasn't owned a primary residence in 3 years, I qualify, and that's a lot of money to pass up, unless there's a larger one in 2010! Ya never know.
Hi! I have a question about new listings in the North Port/Port Charlotte area.
Is it still the considered opinion that the number of listings has fallen?
After watching this market for a couple of years I have noted that the prices are rising and that it is now the norm to have multiple offers on houses. We have been out bid on a number of houses stating in April and that would have been the exception before that time.
Additionally, there seem to still be many new listings in Cape Coral but there too multiple offers seem to be the norm.
Any input is welcome. Thanks.
I do know the North Port market very well and I can tell you that you are exactly right. We have several people that have put offers on 2-3-4 homes and the homes have gone substantially over list price and have lost the property. Just this week a few of the offers we lost were $40K over list on a home listed at $165K. And in another home at $190K we went 10K over list, lost that one. Another one was listed at $75K and we went 10K over list and lost it. Incidentally two were foreclosures and on was owner occupied. We did get a few others but all offers that I have written lately have been over list even then there's no guarantee you'll get it. This isn't hype or just trying to boost prices or anything. This is what's really happening. Many people just don't get it until they're out there making offers.
So, my direct answer to your question is yes, right now there is fierce competition. What I can also tell you is that I have gotten many, many orders from banks to price new properties coming on the market. Many/most of them are in North Port. Although in the last few months foreclosures coming on the market have been very slow and twice as many are coming off the market as on, I think there will be another batch coming very shortly.
I say this mainly because I get many of the orders from the banks and they seem to be picking up.
Many thanks for sharing your experience and thoughts.
I did read the long thread that SoFLGal posted about 'absorption' rates in North Port and that was most informative. I wonder if she has any updated information on this topic.
Perhaps the Summer is a better time to look at houses given that the heat will keep most potential buyers at bay. The idea of sweltering in SW FL in July is certainly keeping me away. Anyone think there is an advantage to looking now?
Thanks again.
Many thanks for sharing your experience and thoughts.
I did read the long thread that SoFLGal posted about 'absorption' rates in North Port and that was most informative. I wonder if she has any updated information on this topic.
Perhaps the Summer is a better time to look at houses given that the heat will keep most potential buyers at bay. The idea of sweltering in SW FL in July is certainly keeping me away. Anyone think there is an advantage to looking now?
Thanks again.
I'll go find my absorption rate thread and update the numbers for you
Now it’s been nearly two months since I started this thread. Here are some updated North Port stats.
April 22 there were 999 properties for sale and 812 of them were single family homes
In May there were 862 properties for sale and 700 of them were single family homes
In June there are 824 properties for sale and 663 of them are single family homes
Out of the 663 single family homes 257 of them are short sales. There are 38 bank owned homes in North Port currently.
Yesterday there were 76 new homes listed, 95 homes went pending and 59 sold in all of Sarasota and Charlotte counties.
OK, so let’s check out the absorption rate now for North Port and some surrounding cities. These stats only include single family homes not condos, townhomes, etc:
North Port
# of listings in North Port= 663 active listings
# of listings sold from May 20-June 20: 149
# of listings sold from Apr 20-May 20: 157
# of listings sold from Mar 20-Apr 20: 177
# of listings sold from Feb 20-Mar 20: 185
# of listings sold from Jan 20-Feb 20: 163
# of listings sold from Dec 20-Jan 20: 121
952 homes sold in the last six months in NP. Average number of homes sold per month over the last 6 months in NP: 159 homes
#sold (159 homes) X 12 (months) = 1908
divide 1908 by 52 weeks= 37 units per week
If 37 units sell each week divide that number into the number of active listings 37 divided by 663 = 18 weeks is the absorption rate or 4 ½ months of inventory in North Port. The average list price in North Port for the last six months was $110,451 and the average sales price was $104,719. Average days on the market were 91. And the average size home that sold was 1637 sq ft under air.
Port Charlotte
# of listings in Port Charlotte= 1113 active listings
# of listings sold from May 20-June 20: 150
# of listings sold from Apr 20-May 20: 209
# of listings sold from Mar 20-Apr 20: 169
# of listings sold from Feb 20-Mar 20: 151
# of listings sold from Jan 20-Feb 20: 134
# of listings sold from Dec 20-Jan 20: 91
904 homes sold in the last six months in PC. Average number of homes sold per month over the last 6 months in PC: 151 homes
#sold (151 homes) X 12 (months) = 1812
divide 1812 by 52 weeks= 35 units per week
If 35 units sell each week divide that number into the number of active listings 35 divided by 1812 = 52 weeks is the absorption rate or a years worth of inventory in Port Charlotte. The average list price in Port Charlotte for the last six months was $120,755 and the average sales price was $110,874. Average days on the market were 173. And the average size home that sold was 1568 sq ft under air.
Punta Gorda
# of listings in Punta Gorda= 758 active listings
# of listings sold from May 20-June 20: 66
# of listings sold from Apr 20-May 20: 59
# of listings sold from Mar 20-Apr 20: 57
# of listings sold from Feb 20-Mar 20: 65
# of listings sold from Jan 20-Feb 20: 53
# of listings sold from Dec 20-Jan 20: 39
339 homes sold in the last six months in PG. Average number of homes sold per month over the last 6 months in PG: 57 homes
#sold (57 homes) X 12 (months) = 684
divide 684 by 52 weeks= 13 units per week
If 13 units sell each week divide that number into the number of active listings 13 divided by 684 = 53 weeks of inventory or a little more than a years worth of inventory in Punta Gorda. The average list price in Punta Gorda for the last six months was $227,385 and the average sales price was $207,543. Average days on the market were 216. And the average size home that sold was 1899 sq ft under air.
Venice
# of listings in Venice= 700 active listings
# of listings sold from May 20-June 20: 94
# of listings sold from Apr 20-May 20: 91
# of listings sold from Mar 20-Apr 20: 84
# of listings sold from Feb 20-Mar 20: 71
# of listings sold from Jan 20-Feb 20: 69
# of listings sold from Dec 20-Jan 20: 52
461 homes sold in the last six months in Venice. Average number of homes sold per month over the last 6 months in Venice: 77 homes
#sold (77 homes) X 12 (months) = 924
divide 924 by 52 weeks= 18 units per week
If 18 units sell each week divide that number into the number of active listings 18 divided by 924 = 51 weeks of inventory or a little less than a years worth of inventory in Venice. The average list price in Venice for the last six months was $214,695 and the average sales price was $192,797. Average days on the market were 176. And the average size home that sold was 1715 sq ft under air.
Sarasota
# of listings in Sarasota= 2286 active listings
# of listings sold from May 20-June 20: 263
# of listings sold from Apr 20-May 20: 263
# of listings sold from Mar 20-Apr 20: 247
# of listings sold from Feb 20-Mar 20: 214
# of listings sold from Jan 20-Feb 20: 197
# of listings sold from Dec 20-Jan 20: 179
1363 homes sold in the last six months in Sarasota. Average number of homes sold per month over the last 6 months in Sarasota: 227 homes
#sold (227 homes) X 12 (months) = 2724
divide 2724 by 52 weeks= 52 units per week
If 52 units sell each week divide that number into the number of active listings 52 divided by 2724 = 52 weeks of inventory or a years worth of inventory in Sarasota. The average list price in Sarasota for the last six months was $292,148 and the average sales price was $261,802. Average days on the market were 175. And the average size home that sold was 1900 sq ft under air.
Osprey
# of listings in Osprey= 181 active listings
# of listings sold from May 20-June 20: 10
# of listings sold from Apr 20-May 20: 11
# of listings sold from Mar 20-Apr 20: 9
# of listings sold from Feb 20-Mar 20: 9
# of listings sold from Jan 20-Feb 20: 13
# of listings sold from Dec 20-Jan 20: 5
57 homes sold in the last six months in Osprey. Average number of homes sold per month over the last 6 months in Osprey: 10 homes
#sold (10 homes) X 12 (months) = 120
divide 120 by 52 weeks= 2.3 units per week
If 2.3 units sell each week divide that number into the number of active listings 2.3 divided by 120 = 52 weeks of inventory or a years worth of inventory in Osprey. The average list price in Osprey for the last six months was $539,398 and the average sales price was $464,108. Average days on the market were 185. And the average size home that sold was 2547 sq ft under air.
Englewood
# of listings in Englewood= 499 active listings
# of listings sold from May 20-June 20: 56
# of listings sold from Apr 20-May 20: 47
# of listings sold from Mar 20-Apr 20: 45
# of listings sold from Feb 20-Mar 20: 52
# of listings sold from Jan 20-Feb 20: 37
# of listings sold from Dec 20-Jan 20: 35
272 homes sold in the last six months in Englewood. Average number of homes sold per month over the last 6 months in Englewood: 45 homes
#sold (45 homes) X 12 (months) = 540
divide 540 by 52 weeks= 10 units per week
If 10 units sell each week divide that number into the number of active listings 10 divided by 540 = 54 weeks of inventory or a little more than a years worth of inventory in Englewood.
The average list price in Englewood for the last six months was $230,241 and the average sales price was $199,920. Average days on the market were 228. And the average size home that sold was 1620 sq ft under air.
Thank you so much for the information, SoFLGal. This is truly a valuable site.
I am very impressed by the replies and the fact that interested people take the time to help. It seems like a happy place to settle.
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New Lisings in North Port et al
