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Once again there was only one new listing in July – 9637 (2,106sf) came to the market at $575,000. There were no sales in July and there are no listings pending closure. Vivante is still extraordinarily quiet so I really don’t have much to add; instead, let’s take a look at the larger picture of current statistics and influences. These are Charlotte County details for condos and townhouses for June 2023 vs: June 2022. Closed sales were down 13.6% to 102: median sale price was up 13.9% to $338,750: average sale price was up 12.3% to $348,223: median percent of list price received was down 4.5% to 95.5%: median time to contract was up 277.8% to 34 days: pending sales were down 23.4% to 72: new listings were up 12.7% t0 133: active listings were up 183.2% to 456 and the months supply rose to 6 from 1.5. Florida Realtors publish to members regularly and one of their latest articles noted “Consumer confidence hit its highest level since July 2021 after the second straight month of increases. In July, the Conference Board Consumer Confidence Index rose to 117.0, up from 110.1 in June. The Present Situation Index – consumers’ assessment of current business and labor market conditions – improved to 160.0 from 155.3 month-to-month. The Expectations Index – consumers’ short-term outlook for income, business and labor market conditions – improved to 88.3 from 80.0 in June.” Plus, inflation’s at 3%, jobs added in June were 209,000, the unemployment rate is 3.6% and GDP growth is 2.4%. I think the FOMC has now increased interest rates enough as a serious recession seems to be cooling embers at best. I’ve been suggesting that activity in Vivante will start again when we see rebuilding fully underway and we’re certainly experiencing the start of that now, but it’s not yet percolated through to activity. My view hasn’t changed and the positive market and economic influences I’ve noted above should certainly help us along.
Note please – I’ve added a few down arrows to some list prices to show how many times they have actually been reduced.
