Real Estate Update: July 2020

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer on Jul 24, 2020 1:30:00 PM
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Here’s a quick overview of important real estate highlights in our area:

1. Number of Single Family Homes and Condos sold: Our local Realtor association (Realtors of Punta Gorda-Port Charlotte-North Port- DeSoto, Inc.) reports that there were 408 sales in the month of June, in our COVID environment.

2. Inventory of Single Family Homes: The Realtor association reports that inventory continues to be down. As of June 30, 2020, there were 1,311 homes available for sale. That low level of inventory creates opportunity. Please contact your local Realtor for details on how this can benefit you.

3. New Construction: Thanks to the fabulous Charlotte DeSoto Building Industry Association (CDBIA) and @DonnaBarrett, we have the following update:

 -Local Charlotte County Single Family Permits: Prior to COVID, we had trailing six months of increased permit activity over the prior four years. As expected, it slowed in April and May.

- In June, Single Family permits increased and exceeded prior years.

- Comparing 2019 and 2020 year to date, Single Family permits have increased 24% .

4. 2020 Commercial Real Estate Transactions: There were too many transaction to list them all. Below is just a sampling of the recent transactions.

- 18350 Paulson Drive, Unit B-4, Port Charlotte, sold in June for $68,800

- 17880 Toledo Blade, Port Charlotte, sold in June for $400,000

- Vacant Lot on Peachland sold in May for $525,000 – the buyer is AutoZone, and they have already commenced construction.

- The Rio Villa Convenience Store at the corner of Rio Villa and US 41 in Punta Gorda sold in June for $462,500.

- Family Health Centers purchased a 15 acre parcel on Harborview Road near Kings Highway in April for $2,600,000.

- Bloom Academy on Airport Road, Punta Gorda sold in May for $3,270,0000.

While nationally and locally, we are working and living with COVID, 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, Real Estate