Real Estate Update - September 2020

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer on Sep 25, 2020 12:33:11 PM
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Area Real Estate: An Update as of September 2020

Here’s a quick overview of important real estate highlights in our area:

1. Number of Single-Family Homes and Condos sold: Our local, wonderful Realtors of Punta Gorda-Port Charlotte-North Port- DeSoto, Inc. reports that there were 540 sales in the month of August in our COVID environment. This data reflects home sales for Punta Gorda, Port Charlotte and North Port.

2. Inventory of Single-Family Homes: The Realtor association reports that inventory continues to be down. As of Aug. 31, 2020, there were 1,071 homes available for sale. This represents just two months of inventory and is lowest level of inventory in our area that I have ever seen.

That low level of inventory creates opportunity. Please contact your local Realtor for details on how this can benefit you.

3. Monthly Sale: There were 400 sales in June, 580 in July, and 540 in August. This indicates the level of strong interest in our area.

4. New Construction: Thanks to the fabulous Charlotte DeSoto Building Industry Association's Donna Barrett and our wonderfully transparent Charlotte County Community Development Department, we have the following update:

-Despite COVID, and lower activity in April and May, local Charlotte County Single Family Permits are now 23% higher than last year.

-Remember – always hire a licensed contractor, and if you need a referral, check out CDBIA.com

 

5. Recent Commercial Real Estate Transactions:

There were too many recent transactions to list them all. What follows is just a sampling:

  1. 301 Dupont, Punta Gorda, a vacant lot at the corner of Olympia and Dupont sold in August for $175,000
  2. 310 Nesbit, Punta Gorda, sold in August $500,000
  3. 4191 Tamiami Trail, Port Charlotte, sold in September for $500,000
  4. 7431 Sawyer Circle, Port Charlotte, sold in September for $600,000
  5. Vacant Land, King Industrial Park, Punta Gorda, sold in August for $714,000
  6. 3092 Tamiami Trail, Port Charlotte, sold in September for $750,000
  7. Lost Lagoon Development, +/- 100 acres in the Murdock Village area, sold September for $3,755,700

 

While we are working and living with COVID nationally and locally, it’s comforting and encouraging to continue to see opportunities and confidence in our local real estate market.

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer

Senior Vice President and Senior Credit Officer of Charlotte State Bank & Trust

Topics: Market Update, Investment, Business, Real Estate, economy