February 2007-- North Port Florida market report
Is the market leveling off?
There are 1674 properties for sale in North Port, Florida in the MLS. 571 of the active listings are brand new 2006-2007. The number of properties for sale is up by 6 properties from last month's market report, but the number of brand new homes has decreased by 15 homes.
In the past 30 days Feb. 1-28, 60 properties went pending. 18 of the pending listings are brand new, built in 2006-2007. Last month there were 7 more properties that went pending than this month.
Looking at the pending properties 35 of the properties have a listing price of $200,000 or less.
14 of the pending properties have a listing price of between $200,001-$300,000.
10 properties have a listing price of $300,000 or more.
Using the same time frame, 66 properties closed. 25 of the sold listings were brand new, built in 2006-2007.
Of those 66 properties that closed 34 properties closed under $200,000.
29 properties were-$200,001-$300,000.
3 properties were over $300,001.
Area Realtors® seem to agree that sales will be higher by the end of 2007 since prices are becoming more realistic, which is attracting more buyers. Showings are increasing dramatically at our office on any market priced properties, particularly those close to the $200,000 range.
We think the buyers are realizing that the market may have bottomed out and they better take advantage of the good deals before prices rise.
The Sarasota Herald-Tribune reported today that prices may be leveling off to late 2004 levels. The article continued, ". . . sales in Charlotte County-North Port dropped 20 percent while prices dropped 12 percent, from $227,400 to $199,400."
"Southwest Florida's experience mirrored what happened nationally during January as the once-roaring housing market continued to cool. Nationally, sales of existing homes rose by the largest amount in two years, raising hopes that the worst of the severe slump in housing might be coming to an end. But median prices fell for a sixth straight month.
The National Association of Realtors said that sales of previously owned homes rose by 3 percent last month, the biggest one-month increase since a 3.3 percent advance in January 2005. That was near the peak of real estate's five-year boom. The median price of an existing home sold in January dropped to $210,600, a decline of 3.1 percent from a year ago.
In Florida, 9,382 homes changed hands during January, a 27 percent decline, but the median sales price remained relatively stable, declining only 2 percent to $239,300."
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