Roxanne & Shannon Moore-Realtors, North Port FL

Port Charlotte:
Port Charlotte's average listing price for the last 6 months $118,867-Average selling price for the last six months is $107,762:
Average list price Mar 22-Apr 22 was $116,838 and the average selling price was $104,512. Average size home was 1480 sq ft under air.
Average list price Feb 22-Mar 22 was $114,300 and the average selling price was $104,148. Average size home selling is 1468 sq ft under air.
Average list price Jan 22-Feb 22 was $121,914 and the average selling price was $109,562. Average size home selling was 1548 under air.
Average list price Dec 22-Jan 22 was $119,471 and average selling price was $108,448. Average size home selling was 1598 sq ft under air.
Average list price Nov 22-Dec 22 was $133,749 and average selling price was $122,182. Average size home selling was 1633 sq ft under air.
Average list price Oct 22-Nov 22 was $106,930 and average selling price was $97,724. Average size home selling was 1400 sq ft under air.

Here are some more facts that people might find interesting. People always ask me if they can afford a certain area. Here are average listing and selling prices and average square footage of homes.
Often time people ask me, "What do you think they'll take?'' Well, here's your answer. You better stay pretty close to list price in North Port if you want any chance of getting a home and a lot of homes have been going for over list price.

You might be able to get away with $10K under list in Port Charlotte. In Venice and Punta Gorda the average selling price is running around $20K under list. Englewood is running $30K under list and some of the more expensive areas where the homes are selling for more like Osprey and Sarasota you might be able to get away with $50K or so below list. Of course, each home needs to be looked at on an individual basis.

North Port:
North Port's average listing price for the last 6 months $109,942-Average selling price for the last six months is $103,348:
Average list price Mar 22-Apr 22 was $110,581 and the average selling price was $104,375. (Which I think will be much different next month with many homes going for over list). Average size home was 1584 sq ft under air.
Average list price Feb 22-Mar 22 was $102,866 and the average selling price was $97,740. Average size home selling is 1577 sq ft under air.
Average list price Jan 22-Feb 22 was $107,611 and the average selling price was $102,215. Average size home selling was 1570 under air.
Average list price Dec 22-Jan 22 was $109,632 and average selling price was $102,361. Average size home selling was 1580 sq ft under air.
Average list price Nov 22-Dec 22 was $115,575 and average selling price was $108,624. Average size home selling was 1661 sq ft under air.
Average list price Oct 22-Nov 22 was $110, 261 and average selling price was $104,772. Average size home selling was 1582 sq ft under air.

I must get asked a few times a day about different communities in the area and if things are selling quickly or taking longer to sell, if things are picking up, which towns are selling the best, etc. So, here are some answers to questions using the absorption rate formula. I was answering a lot of calls while doing this so hope I did my calculations correctly and hopefully this can answer some of the emails of gotten lately

Another thing I wanted to point out is that we deal with a lot of foreclosures and we are seeing very few come on in the last month or so. This is true of all of the foreclosure Realtors I speak with in the area. So, the absorption rate may be a little quicker due to this fact. I was told that one cause for the slow down in foreclosures is that some counties are requiring the bank or their representative to meet with the homeowner to see if there's anything that can be done to keep them in their home. If they fail to do this the foreclosure is denied.

http://www.heraldtribune.com/article.../ADVERTISEMENT

I was looking at a few of the closings in North Port for today and many of them went for $15-$20K over list price on homes price around $100K.

I do know though that many of the option ARM mortgages are set to have their first adjustment in May. It was my understanding that many of the option ARM loans were given to borrowers with great credit so this might affect some of the homes on the higher end.

Port Charlotte single family homes
# of listings in Port Charlotte= 1298 active listings
# of listings sold from Mar 22-Apr 22: 155
# of listings sold from Feb 22-Mar 22: 153
# of listings sold from Jan 22-Feb 22: 121
# of listings sold from Dec 22-Jan 22: 103
# of listings sold from Nov 22-Dec 22: 100
# of listings sold from Oct 22-Nov 22: 119
751 single family homes sold in the last six months in PC. Average number of homes sold per month over the last 6 months in PC: 125 homes
#sold (125 homes) X 12 (months) = 1500
divide 1500 by 52 weeks= 29 units per week
If 29 units sell each week divide that number into the number of active listings 29 divided by 1298 = 45 weeks is the absorption rate or about a years worth of inventory in Port Charlotte.

Port Charlotte condos and townhomes
# of listings in Port Charlotte= 202 active listings
# of listings sold from Mar 22-Apr 22: 11
# of listings sold from Feb 22-Mar 22: 20
# of listings sold from Jan 22-Feb 22: 12
# of listings sold from Dec 22-Jan 22: 6
# of listings sold from Nov 22-Dec 22: 8
# of listings sold from Oct 22-Nov 22: 12
69 condos and townhomes sold in the last six months in PC. Average number of condos sold per month over the last 6 months in PC: 12 condos
#sold (12 condos) X 12 (months) = 144
divide 202 by 52 weeks= 4 units per week
If 4 units sell each week divide that number into the number of active listings 4 divided by 202 = 51 weeks is the absorption rate or about a years worth of inventory in Port Charlotte.

North Port
# of listings in North Port= 999 active listings
# of listings sold from Mar 22-Apr 22: 153
# of listings sold from Feb 22-Mar 22: 165
# of listings sold from Jan 22-Feb 22: 155
# of listings sold from Dec 22-Jan 22: 126
# of listings sold from Nov 22-Dec 22: 127
# of listings sold from Oct 22-Nov 22: 138
864 homes sold in the last six months in NP. Average number of homes sold per month over the last 6 months in NP: 144 homes
#sold (144 homes) X 12 (months) = 1728
divide 1728 by 52 weeks= 33.23 units per week
If 33.23 units sell each week divide that number into the number of active listings 33.23 divided by 999 = 30 weeks is the absorption rate or 7 ½ months of inventory in North Port.\

Venice single family homes
# of listings in Venice= 819 active listings
# of listings sold from Mar 22-Apr 22: 79
# of listings sold from Feb 22-Mar 22: 69
# of listings sold from Jan 22-Feb 22: 67
# of listings sold from Dec 22-Jan 22: 54
# of listings sold from Nov 22-Dec 22: 67
# of listings sold from Oct 22-Nov 22: 63
399 single family homes sold in the last six months in Venice. Average number of homes sold per month over the last 6 months in Venice: 67 homes
#sold (67 homes) X 12 (months) = 804
divide 804 by 52 weeks= 16 units per week
If 16 units sell each week divide that number into the number of active listings 16 divided by 819 = 51 weeks is the absorption rate or about a years worth of inventory in Venice.

Venice condos and townhomes
# of listings in Venice= 461 active listings
# of listings sold from Mar 22-Apr 22: 34
# of listings sold from Feb 22-Mar 22: 31
# of listings sold from Jan 22-Feb 22: 23
# of listings sold from Dec 22-Jan 22: 16
# of listings sold from Nov 22-Dec 22: 19
# of listings sold from Oct 22-Nov 22: 20
143 condos and townhomes sold in the last six months in Venice. Average number of condos sold per month over the last 6 months in Venice: 24 condos
#sold (24 condos) X 12 (months) = 288
divide 288 by 52 weeks= 6 units per week
If 6 units sell each week divide that number into the number of active listings 6 divided by 461 = 77 weeks is the absorption rate or about a year and a half worth of inventory in Venice.

Punta Gorda
# of listings in Punta Gorda= 1616 active listings
# of listings sold from Mar 22-Apr 22: 95
# of listings sold from Feb 22-Mar 22: 85
# of listings sold from Jan 22-Feb 22: 69
# of listings sold from Dec 22-Jan 22: 58
# of listings sold from Nov 22-Dec 22: 53
# of listings sold from Oct 22-Nov 22: 71
431 homes sold in the last six months in PG. Average number of homes sold per month over the last 6 months in PG: 72 homes
#sold (72 homes) X 12 (months) = 864
divide 864 by 52 weeks= 17 units per week
If 17 units sell each week divide that number into the number of active listings 17 divided by 1616 = 95 weeks of inventory or nearly two years worth of inventory in Punta Gorda.

Osprey
# of listings in Osprey= 304 active listings
# of listings sold from Mar 22-Apr 22: 11
# of listings sold from Feb 22-Mar 22: 15
# of listings sold from Jan 22-Feb 22: 14
# of listings sold from Dec 22-Jan 22: 7
# of listings sold from Nov 22-Dec 22: 17
# of listings sold from Oct 22-Nov 22: 9
73 homes sold in the last six months in Osprey. Average number of homes sold per month over the last 6 months in Osprey: 12 homes
#sold (12 homes) X 12 (months) = 144
divide 144 by 52 weeks= 3 units per week
If 3 units sell each week divide that number into the number of active listings 3 divided by 304 = 101 weeks of inventory or about two years worth of inventory in Osprey.

Englewood
# of listings in Englewood= 1050 active listings
# of listings sold from Mar 22-Apr 22: 68
# of listings sold from Feb 22-Mar 22: 73
# of listings sold from Jan 22-Feb 22: 44
# of listings sold from Dec 22-Jan 22: 57
# of listings sold from Nov 22-Dec 22: 60
# of listings sold from Oct 22-Nov 22: 47
349 homes sold in the last six months in Englewood. Average number of homes sold per month over the last 6 months in Englewood: 58 homes
#sold (58 homes) X 12 (months) = 696
divide 696 by 52 weeks= 13 units per week
If 13 units sell each week divide that number into the number of active listings 13 divided by 1050 = 81 weeks of inventory or about a year and a half worth of inventory in Englewood.

Sarasota single family homes
# of listings in Sarasota= 2667 active listings
# of listings sold from Mar 22-Apr 22: 236
# of listings sold from Feb 22-Mar 22: 210
# of listings sold from Jan 22-Feb 22: 180
# of listings sold from Dec 22-Jan 22: 195
# of listings sold from Nov 22-Dec 22: 194
# of listings sold from Oct 22-Nov 22: 206
1026 single family homes sold in the last six months in Sarasota. Average number of homes sold per month over the last 6 months in Sarasota: 171 homes
#sold (171 homes) X 12 (months) = 2052
divide 2052 by 52 weeks= 40 units per week
If 40 units sell each week divide that number into the number of active listings 40 divided by 2052 = 51 weeks is the absorption rate or about a years worth of inventory in Sarasota.

Sarasota condos and townhomes
# of listings in Sarasota= 1876 active listings
# of listings sold from Mar 22-Apr 22: 119
# of listings sold from Feb 22-Mar 22: 91
# of listings sold from Jan 22-Feb 22: 79
# of listings sold from Dec 22-Jan 22: 49
# of listings sold from Nov 22-Dec 22: 73
# of listings sold from Oct 22-Nov 22: 67
478 condos and townhomes sold in the last six months in Sarasota. Average number of condos sold per month over the last 6 months in Sarasota: 80 condos
#sold (80 condos) X 12 (months) = 960
divide 960 by 52 weeks= 19 units per week
If 19 units sell each week divide that number into the number of active listings 19 divided by 1876 = 99 weeks is the absorption rate or about a two years worth of inventory in Sarasota.

Not your typical hobbies!

Here in Southwest Florida, people from all over the world come to enjoy the sunshine. If you live here or have visited, you know the typical lifestyle here: beaching, fishing, boating, shopping. However, recently I have starting thinking about all the other hobbies that Southwest Florida is great for and there is a lot to be said for people who come here for reasons OTHER than the beach!

Motorcyclists love our year-round warm climate and rare thunderstorms. I have family members who are Harley enthusiasts, and when they want to ride for days on end without having to avoid rainclouds, they come to southwest Florida! From sport bikes to touring cycles and Buell to Yamaha, every make and model of motorcycle can be seen on our highways. There is such a large number of motorcyclists here that it’s not uncommon to see large groups (I’ve always called them “swarms” because of the noise they make) of 15 or 20 motorcycles!

Speaking of swarms, beekeeping is another very popular Southwest Florida activity. So popular, in fact that there’s even a Beekeeper’s Association of Southwest Florida! Don’t start thinking that this is a bad thing though – bees sound scary sometimes but it’s a proven fact that the kind of bees that are best for honey are not really “violent” bees and don’t chase people or animals who get to close to their nest. Generally speaking, your neighbor could be a beekeeper and you may never know it. Apparently, our vegetation and climate is pretty nice for bees and beekeeping – and here’s another interesting thing I heard recently: A spoonful of honey from LOCAL bees, taken daily, can help treat and prevent allergies caused by local pollen and ragweed. Old wives tale or proven fact? You decide!

Have you ever dreamed of becoming a pilot? If taking to the skies inside a metal bird sounds like your idea of fun, then Southwest Florida is a great place for you. Other than our consistent, light breezes that flow through the area, there’s usually not much wind to speak of. I have heard pilots say that they would rather try scheduling a flight in our area than most others due to our mild weather and infrequent thunderstorms. There are plenty of places in the area to train you in the ways of aviation, and it’s not as expensive as you’d think! Check out Harborside Aviation in Punta Gorda for a “discovery flight” at only $99!

Bargain hunting is a tough sport: you have to seek out the perfect prey, pounce when the timing is right and then give your best haggle until the price is right! I continuously hear people say how great our area is for all types of bargain hunting (garage sales, yard sales, flea markets, consignment and secondhand shops). There are likely several reasons for this, one being that there is constantly people moving into and out of the area due to the snowbirds who are here annually for 3 to 6 months (more people moving equals more “stuff” to get rid of) and another is because the weather is perfect for yard sales and open-air flea markets year round. I have heard people from northern states say that summertime is the only time for bargain hunting, as it’s impossible to have garage sales and open flea markets in a foot of snow.

So, next time someone says that Southwest Florida is just for beach lovers, you’ll have to correct them and say that it’s also for fishermen, shoppers, pilots, skim boarders, bargain hunters, golfers, beekeepers, motorcyclists, hang-gliders, windsurfers……..the list goes on!

What is a BPO?

I was asked by another Realtor not too long ago, "What is a BPO? I've heard of it, but I have no idea what it is." In hopes of helping fellow Realtors as well as any confused homeowners, I'll explain.

BPO stands for "Broker Price opinion". It's a fancier version of a CMA, only BPO's are done specifically for banks. What happens is that when a homeowner has stopped making their mortgage payments, the lender will hire an agent to perform a BPO on the property in question. Depending on the bank (and the property), a BPO can require photos to be taken of the exterior and/or interior of the home. The Realtor then submits these photos, along with their assessment of the property's current market value. It's the Realtor's job to perform a BPO to the best of their ability, which often means that they do market research on the property's neighborhood, perform a full CMA on the property and include that data in their findings, and even make assumptions on how much repairs would cost (if any are needed). Once the Realtor has all of this information, they submit it to the bank who requested it.

The point behind a BPO is sometimes as mysterious as the banks themselves these days. It would seem reasonable that the bank wants to know a property's market value, especially if the property will foreclose soon. Typically, the bank will try to sell the property for an amount higher than what the BPO came in at. This is known as a short sale - when the homeowner will do ANYTHING to sell it, but the bank has to approve of the sale of the home first. Short sales rarely sell at all and almost always result in foreclosure. Once the property is foreclosed, the listing price on it may be closer to the BPO amount, but it depends on several different things, including the lender, the market and how many mortgages are on the property.

Hope this information has helped, and maybe the next time that someone wonders what a BPO is, they'll stumble upon this blog!