Moderate Home Price Gains Seen in Charlotte County


Here’s a piece of good news for prospective home buyers in Charlotte County. The consensus among local realtors is that growth in average home sales prices in the county will only be moderate this year, after seeing gains ranging from 15% to 25% last year. An analysis by CoreLogic Case-Shiller validates this realtor sentiment, predicting that Charlotte County home prices will advance by just 4.3% through mid-2014. Continuing concerns on rising mortgage rates have been cited as a dampener to a faster acceleration of home prices in the county and in neighboring Manatee and Sarasota counties where median home sale prices surged by an estimated 21% last year.

Loan-financed home buyers, however, are likely to find stiffer competition from cash buyers for available properties in Charlotte County. During the 2014 first quarter, cash purchases accounted for 83% of all sales of single family homes and condos in the county. This clip is three times higher than the same quarter in 2013 and compares with the estimated 65% slice of cash sales in Sarasota and Manatee during this year’ first three months.

Vacation home sales surge

Moderate Home Price Gains Seen in Charlotte County

The dominance of cash sales in Charlotte County appears being driven by the surging sales of vacation homes where cash purchases outnumber mortgage-financed residential property deals. The lifestyle factors which are the perennial motivation for vacation-home buyers are evident in particular at Port Charlotte. It has thrived as an active community with a significant number of residents composed of snowbirds and retirees.

At Port Charlotte, there are still a lot of affordable golf course and waterfront homes, as well as 55+ condo neighborhoods. Some of the city’s top attractions for buyers of second homes or vacation residences include access to Charlotte Harbor and to the Myakka and Peace Rivers.

Competitively priced choices

The Kings Gate golf community in Port Charlotte is one ideal destination for buyers of vacation homes. Only a few properties are currently available here and could go fast as these are being offered under the $168,700 estimated U.S. median vacation-home price in 2013.

Besides its 18-hole executive golf links, this gated community has a 30,000-square-foot clubhouse. The amenities available at the clubhouse include dining facilities, a heated Olympic-sized swimming pool, and lighted clay tennis courts.