Post Hurricane Irma Real Estate Market Report
Simply put, Hurricane Irma interfered with pending sale and closed sales. We still had a healthy amount of closed sales but there would have been many more had Irma not occurred. Pre-storm there is a freeze on insurance so some closings do not occur. After a storm the lenders and buyers often require a new appraisal photo and/or a re-inspection in order to close. These tasks require a lot of time so many September closings were pushed to October. So be prepared for a lot of real estate closings in next month’s report.
In all, the September real estate sales echoed the previous month with the $200,000-$400,000 price range leading the way in sales. Our closed sales were paid for with about 55% cash.
Since Hurricane Irma sales have taken off again. First, it’s fall and buyers generally return in September so they were just delayed a little. Second, those with homes or condos in the area returned early to check their homes and condos. We’re having an early season. The restaurants are full and, US 41 northbound at Bonita Beach road is backed up every evening two to three traffic light turns to get through. Yes, already.
Going forward, we’ll have a healthy season. The builders put up a lot of new product over the last few years that “filled the gap” of entry level priced homes which were in short supply. In all, consider entry level single family homes starting at $200,000 (and needing work and/or updating) and condos around $200,000 (still needing work or updating). There is a little new construction here or there in both condos and homes but they sell quickly.
If you’d like to learn more about the community you already own real estate in or a community you’re thinking of buying in, give me a call to get the latest stats. 239-273-7430 - Chris