August, 2007 Market Report
North Port bustling with commercial activity, home prices dropping, foreclosures up
It comes as no surprise that the average selling price has been slowly dropping since the first of the year. Even though Adams Homes and Centex, two of the larger builders, are nearing the end of inventory homes, the market is under intense pressure from foreclosures. Listed price of pre-foreclosure properties is often below what they actually sell for, but this is attracting buyers into the market.
Today's paper says "Of the 190 foreclosures in this region, 100 were in Sarasota County"likely concentrated in struggling North Port . . ." Sarasota County jumped from #16 to #12 in the highest per capita foreclosure activity in the state.
Some months do have more days, but there is still a downward trend in North Port prices.
January 2007-55 homes sold or 1.8 homes sold per day, $11,415,369 worth of property-average selling price, $207,552.
February 2007-78 homes sold or 2.8 homes sold per day, $15,707,992 worth of property-average selling price, $201,384.
March 2007-72 homes sold or 2.3 homes sold per day, $13,578,209 worth of property-average selling price, $188,586.
April 2007-73 homes sold or 2.4 homes sold per day, $14,699,737 worth of property-average selling price, $201,366.
May 2007-68 homes sold or 2.2 homes sold per day, $12,494,859 worth of property-average selling price, $189,316.
June 2007-63 homes sold or 2.1 homes sold per day, $10,581,652 worth of property-average selling price, $182,442.
July 2007-60 homes sold or 1.9 homes sold per day, $10,394,540 worth of property-average selling price, $185,616.
August 2007-73 homes have sold or 2.4 homes sold per day, $13,942,893 worth of property-average selling price, $190,998.
September, 2007-48 homes have sold or 1.6 homes sold per day, $9,582,765 worth of property-average selling price, $199,641.
October, 1-20 2007-17 homes have sold or 1.2 homes sold per day, $3,654,575 worth of property-average selling price, $214,975.
Breaking it down here's the picture. Check out our website at http://www.twomoores.net/ to see what's happening in your area.
There are 1494 properties for sale in North Port, Florida in the MLS. The number of available properties is down by 60 properties from last month. 513 of the active listings are brand new, 2006-2007. This number has decreased by 29 properties since last month.
In the past 31 days August 1-31, 59 properties went pending. 19 of the pending listings are brand new, built in 2006-2007. 2 less properties went pending this month than last month.
Looking at the pending properties, 15 have a listing price of -$150,000 or less.
28 of the pending properties have a listing price of between $150,001-$200,000.
4 of the pending properties have a listing price of between $200,001-$225,000.
6 of the pending properties have a listing price of between $225,001-$250,000.
3 of the pending properties have a listing price of between $250,001-$275,000.
0 of the pending properties have a listing price of between $275,001-$300,000.
4 properties have a listing price of $300,001 or more.
Using the same time frame, 73 properties closed. 13 more properties sold this month than last month. 20 of the sold listings were brand new, built in 2006-2007. The number of brand new listings sold is up this month by 9. Last month 1.9 listings sold per day, this month 2.4 listings sold per day.
Looking at the sold properties, 15 have a listing price of -$150,000 or less.
30 properties sold between $150,001-$200,000.
6 properties sold between $200,001-$225,000.
9 properties sold between $225,001-$250,000.
3 properties sold between $250,001-$275,000.
7 properties sold between $275,001-$300,000.
4 properties sold for $300,001 or more.
Helping the building industry survive
Charlotte County is considering lowering the impact fee builders pay from around $9000 to $3000 in an effort to kick-start the construction industry. Many of the builders who were here for the good times have closed their doors. Some are selling their models, and no one is building spec homes anymore. When this inventory of spec homes is gone, the general consensus is that building will only be done on demand. To keep crews working, contractors have turned to more commercial jobs.
New homes abound in resale market
Right now there is an abundant supply of never lived in homes. As these disappear, this will eventually help the resale market since there are many customers who do not want to wait for several months to build a home and new construction is at a standstill. If you are buying or selling a home, take a look at our tips for buyers or tips for sellers on the home page of http://www.twomoores.net/
In actual experience, we have found that the secrets to selling an older home in this market are charm, cleanliness and price. We have hundreds of new cookie cutter houses on the market. When we find a home that is immaculate, has wonderful upgrades, is well maintained and attractively furnished, it sells itself, especially if the home is well priced. Customers are particularly impressed with gorgeous kitchens (regardless of size), luxurious baths, tile or hardwood floors and architectural details. A pool is a real draw as well, but if they like the house, customers will add a pool.
A better ride
Remember how bad the roads were off Chamberlain? You would need an alignment every time you drove down the street. Well, the city of North Port has repaved most of the roads off South Chamberlain and a portion of Chamberlain itself making for a much smoother ride. Hallelujah!
New commercial everywhere
Other changes you may notice if you've been out of town are that the Publix shopping center at Toledo Blade and Price is really taking shape, The parking lot is being curbed, main building painted and more stores are coming to life. Target is building in this area. Next door to that center is Largo Preserve, a new two-story affordable housing complex. A new YMCA, helipad and fire station will be on this property. Across the street, work has begun on the third Walgreen's in the city.
Down on US 41 near Home Depot, Buffalo Wild Wings, Mattress Giant, an Italian deli, Chinese restaurant, ABC Liquor and many other tenants are moving in. Next door to that is a three-story office building. Perkins Restaurant is also slated to build there.
Up the road at Pan American, Peter Shipps, who developed Charleston Park, is finishing another attractive office building. Across the street from our office at North Port Commons will be a new Lowe's store.
Even with the housing market down, retail stores are planning for an influx of new residents. With this much inventory and lots of foreclosures, now is a great time to find a deal. Search our website at http://www.twomoores.net/ for bargains in every price range.
Visit our new site TropicalFloridaProperty.com - coming in January 2008!
Looking for property in North Port, Port Charlotte, Punta Gorda, Englewood and the surrounding areas, visit any of our websites at http://www.twomoores.com/