Punta Gorda Market Update-September 2009

Sometimes it truly does depend on how you look at the situation to decide if it is good or bad.  The Punta Gorda Isles/Burnt Store Isles (PGI/BSI) real estate market has good news, bad news and some that I am not quite sure is which. 

Transactions in Punta Gorda Isles and Burnt Store Isles are definitely up.  There are simply more buyers buying properties which is good for any market.  Whether the buyers are back due to pent-up demand, lower prices, more confidence in the economy, or lack of any real hurricane threats is anyone’s opinion. 

An example of the up tick in transactions certainly can be seen in Burnt Store Isles.  In 2008, there were 24 single family residential homes sold.  Through September 1 of 2009, there were 24 single family residential homes sold with 6 currently in Pending.   With 6 in Pending and 4 more selling months, there will certainly be more homes sold in Burnt Store Isles this year than last.

However, this up tick in transactions has not resulted in appreciation.  I believe that this is due to the still very high amount of properties for sale (inventory).  In August 2008, the average sale price in PGI/BSI was $414,856.  In February 2009, the average sale price was $379,765.  In August 2009, the average sale price was $359,780. 

Good news – more sales due to more buyers
Bad news – prices still dropping due to very high inventory

For more information about the Punta Gorda Real Estate market, visit our website. You can view new listings by neighborhood, see all available properties organized by neighborhood, search all properties available in Charlotte County or even view Just Sold reports for many area neighborhoods.

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