Real estate is slowing down but prices remain stable

The real estate market in Southwest Florida had already stabilized when Hurricane Ian rocked the region, but some real estate experts predict that prices will remain stable.
"I don't foresee a drop in prices," said Sharon Neuhofer, president of Punta Gorda-Port Charlotte-De Soto Realtors, Ltd. "Once we get through a bit of a lull in November, I think prices will remain strong."
Before the storm, sales were off the peak of 2021 and the early part of 2022 as inventory built.

But prices in the region remain strong.
"We are continuing the trend we have seen for several months, where the number of closed sales is decreasing, and the prices are leveling off," said Tony Waldkamp.
Waldkamp is the 2022 president of the Sarasota and Manatee Association of Realtors.
"The inventory has also leveled off," he said. "Sellers seem to have a 'wait and see' attitude about the economy... Prices continue to be very strong, but inventory has not increased significantly, which means it's still a great time to sell."
Neuhofer said the hurricane "gave us a new hand."
But there is something positive to see in the market. Many are working to get new pool cages and roofs, and soon Punta Gorda, largely rebuilt after Hurricane Charley, will have a second facelift.
"My gut tells me we're going to have an influx of people who want to stay in the area and probably move to Charlotte County," Neuhofer said.
She said the problem would be the supply chain, which has been stuck in the past. Now there is more demand as people recover from the storm.
Neuhofer said everyone will get rid of the waste.
“Our area is going to be beautiful again but stronger and the new building code; The code works", she said. "I see sunny days again; I don't see gloom and doom."
Charlotte County
In September there were 309 closed sales for single-family homes, down from 468 in August and down 34.4% on the year.
The median sales price of single-family homes in September was $370,000, down from $389,900 in August, but up 12.1% from September 2021.
The trend was similar for townhouses and apartments.
There were 59 closed sales in September; 85 in August, and a decrease of 40.4% in the year.
The median sales price of $309,000, just $1,000 off August's median price, is still up 40.5% from September 2021.
The inventory for single-family homes was 2.8 months; 1.8 months for townhouses and apartments.
In the second month, the median percentage of the original listing price of single-family homes sold for less than 100% - 96.7% in September and 98.5% in August.
The median percentage of the original listing price for townhomes and condos was also lower than the 100% it had received for about a year; In September it was 97.4%; 96.7% in August.
Sarasota County
The median price for single-family homes in Sarasota County rose 22.2% year-over-year to $497,275, and the median price for Sarasota condos was $399,999 – up 23.1% from last year.
"Historically, whenever Florida has a catastrophic event like Hurricane Ian, the real estate market bounces back very quickly with strong growth," Waldkamp said. "However, with high interest rates and rising inflation, this time may be different. These factors may cause our market to continue to remain at a level with less jump towards higher values".
Ian may have led to fewer closings and fewer listings during the month, she said.
"Since the storm arrived near the end of September, many sales that were supposed to close before the end of the month were pushed back to October or canceled entirely," Waldkamp said.
In the North Port-Sarasota-Bradenton MSA, new listings fell 22% year-over-year to 1,225 new listings for single-family homes, while new listings in the condo market fell 25.3% to 469 new listings.
North Port statistics are also included in the Punta Gorda-Port Charlotte-North Port-DeSoto, Inc. realtor reports.
When Charlotte County and North Port are combined, the median single-family home price was $369,950, down from $383,000 in August, but up 15.6% on the year.
The median price of townhomes and condos in the area was $255,000, down from $310,000 in August, but still up 14.9% on the year.
Venice
Venice Area Board of Realtors figures for September show that 120 units sold, at prices ranging from $160,000 to more than $350,000 million (one sold), with most sales in the $499,999 to $XNUMX range.
In August, 151 units were sold in the $180,000 to over $400,000 million range, with most selling in the $599,999 to $XNUMX range.
North Port sees the biggest increase in monthly mortgage payments
Waldkamp said higher interest rates and rising inflation may limit the housing price gains typically seen after a hurricane in Florida.
An Axios story cites Zillow data showing North Port's typical mortgage payment of $2,572 rose 102% from September 2021 to September 2022.
Zillow reported that Florida has 9 of the 10 fastest growing monthly mortgage payments. Only Fort Myers' 102.5% increase is higher than North Fort's, although Fort Myers' typical monthly mortgage payment is lower at $2,203.
North Port leads Miami, Lakeland, Orlando, Tampa, Jacksonville, Melbourne and Daytona Beach in terms of the largest mortgage increase and amount from September 2021 to September 2022.