Monthly Vivante Review, 1st September, 2023.

There were no new listings in August – traditionally on of the quieter months anyway, but this year interest in Vivante is comatose. Neither were there any sales and no listings are pending closure, the third month in a row. One listing expired, 8934, (2,338sf) was listed at $715,000 and one has been reduced, 98217 (1,915sf) to $469,000. I really don’t have much to add again so let’s take a look at the market data for Charlotte County’s condos and townhouses for July 2023 vs: July 2022. Closed sales were down 27.5% to 66: median sale price was down 2.6% to $297,000: average sale price was down 8.9% to $312,486: median percent of list price received was down 3.2% to 95.7%: median time to contract was up 135.7% to 33 days: new pending sales were up 16.9% to 90: new listings were up 11.3% t0 102: active listings were up 120.6% to 417 and the months supply rose to 5.6 from 1.7. I am confused by what the FOMC seems to be indicating for interest rates, but maybe my confusion is due to the myriad of directional opinions of commentating economists. I think the Fed has increased interest rates enough as a recession seems to be absent from the worry list – the economy continues to strengthen. At the risk of eternal repetition, I think Vivante will remain quiet until we see action in season and more appearance of our repairs; meanwhile both sellers and buyers are stymied by mortgage rates which are now close to 7½%. Sellers don’t want to pay off their debt at 3% and buyers don’t want to pay 7.5% – it’s that simple. Meanwhile, Idalia passed us by some 200 miles into the Gulf, but rainfall in the outer bands was considerable – 5+ inches was recorded at PGD.
Vivante MLS Review 1 Sep 2023