North Port Real Estate Market Conditions & Reports, North Port Market Trends, Florida

Market Commentary Provided by "The Sun Realty Team"
If you can qualify, now is an exceptional time to buy a home in North Port. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 941-28-5573 or 941-628-3912.

Report Date

Winter 2010

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"The Sun Realty Team"
Sun Realty
Port Charlotte, Florida
941-228-0100
Northport@agents.househunt.com
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Nearest Metro Area

Sarasota

Buyers’ or Sellers’ Market

More sellers than buyers

Average Time on Market

More than 120 days

Market Trend

Decreasing

Housing Inventory

Good supply - Some Prices

Inventory Comments

In 2008 we have enough homes for sale to last up to 4 years compared to a normal market. Currently our local Board of Realtors reports that we have only a 13 month supply of homes available for sale in our inventory. This is a good sign. Inventory is shrinking which means that prices will soon stabilize and gradually begin to rise again. Many of the bank owned properties are receiving multiple offers and often selling for above listing price. Of course, cash is king, and cash buyers always seem to have the advantage over buyers who are financing. Even the Short Sales are moving at an improved pace. We have many pendings and our closed sales from July thru Sept. of 2009 are up 35% over the same time period last year according to a recent report in the North Port Sun Newspaper. North Port's market is not comparable to areas such as Cape Coral, Fort Myers and Lehig Acres which have had a significantly higher decrease in property values than we have seen in North Port. Our homes are selling. No one can really time the market, but our advice is to buy now to get a great deal. Don't wait for the prices to start increasing and the inventory to continue to decrease.

Average Home Price

$150,000 - View Graph Trend

Best Selling Price Range

$100,000 - $149,000

Worst Selling Price Range

$300,000 - $349,000

Compared to Last Year

Down 5-10%

Prices As % of Asking Price

90-95%

Multiple Offers?

Yes

Greatest Activity

Repeat Buyers

Buyer Activity for the past 90 days in North Port is

Increasing

Seller Activity for the past 90 days in North Port is

Decreasing

Is Financing Available For Qualified Buyers in North Port?

Yes

Existing Home Prices for the past 90 days are

No Change

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

More than 50%

Housing Hot Spots

North Port is definitely the housing hot spot for the Sarasota and Charlotte County area. Beaches are only a 25 minute drive.

Reason to Buy/Sell

Lower prices with good selection and competitive interest rates creates a perfect time to buy in North Port! We have a great location with easy access to I 75 and a reasonable drive of about 30 minutes to Sarasota and 40 minutes to Fort Myers. Our home prices are less that those areas and we have a larger supply of newly constructed homes, many of which have never been lived in.

Average Sold Price

$150,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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