January 2018 Market Update: Back to Normal

Back to Normal

The number of properties for sale has finally returned to the levels reported back in the 2004 to 2005 period. Simultaneously, prices have also returned to the pre-boom 2004-2005 levels.

Average sale prices in Punta Gorda Isles/Burnt Store Isles real estate and the Burnt Store Marina and Burnt Store Lakes markets have gone up roughly 10% from 2015-2017, with the number of unit sales back on track in 2017. This follows the dip in 2016 which was mainly attributed to the drop in the financial market in the first quarter of 2016, our prime selling season.

Perhaps the strongest change reported over the past two years is in the strengthening of the upper portion of our market. Sales of single family homes over $650,000 in Punta Gorda Isles/Burnt Store Isles increased 100% in 2017 from levels reported in 2015 and 2016. In 2017, houses in this price range generally sold in 5-6 months vs. 8 months the previous year. Sales in the same segment in Burnt Store Marina also increased 100% from 2016 (zero were reported in 2015) and generally sold in 1-2 months.

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