Sales of Charlotte County single-family homes in June had fewer cash buyers, and the median sale price slipped as inventory fell amid sellers removing their homes from the market for the summer months.
The situation for condo and townhome sales was similar with fewer buyers paying cash than in May. But the median sale price rose while listings inventory fell.
It is traditional in summer for sellers to remove their homes from the market and relist them again in the fall, said Leanne Walker, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc. She said others are awaiting answers on their insurance status.
Uncertainty about homeowner insurance rates, the economy and it being an election year have affected both sellers and buyers who “aren’t wanting to spend money to move,” she said.
In addition, she said many are waiting for Nov. 30, which marks the end of hurricane season, as the time to sell or buy a home.
Single-family homes
There were 478 closed sales in June versus 527 in May with the median sale price being $365,000, down 3.9% from a year ago and below May’s median sale price of $379,990.
Of those transactions in June, 167, or 34.9%, paid cash versus May, when 38% of the 200 homes sold were paid for in cash.
Inventory of 3,106 homes fell from 3,206 for sale in May, and the months’ supply of inventory in June fell to 7.4 months compared to May’s 7.7 months, reflecting both actual sales and inventory that was pulled, Walker said.
The inventory buildup in June was up 45.1% from a year ago.
It was taking longer for single-family homes to sell in June when the median time to sale was 112 days, up from 105 days in May.
Sellers in June received 92.7% of the original list price received, versus 93% in May.
Townhomes and condos
Among concerns of would-be buyers for condos and townhomes are homeowners association fees, which in many cases are increasing due to repairs from Hurricane Ian. Costs not covered by insurance are paid for by residents and reflected in their monthly HOA fees.
In June there were 84 closed sales versus 134 in May, with the median sale price of $275,000, up from May’s $265,000 but down 18.8% from a year ago.
Of those transactions in June, 44 units were paid for with cash, representing 52.4% of all transactions that month. In May, of the 134 units sold, 62.7% of the buyers paid cash.
The inventory level of 858 in June was down from 915 in May, and the monthly supply in June fell to 9.7 months from 10.2 months in May. However, supply in June was up 61.7% from the previous year.
It was taking less time for townhomes and condos to sell in June than the previous month. The median time to sale in June was 108 days, down from 120 days in May.
Sellers in June received 91.4% of the original list price received. In May, sellers received 89.9% of the listing price.