In the first quarter of 2024, Punta Gorda MSA, covering Charlotte County, ranked second in the U.S. for seller profit margins, with a 103.1% increase, up from 83.5% in Q4 2023. However, not all sellers profited, especially those who bought during the 2020-21 frenzy.
Leanne Walker, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc., noted that long-time homeowners saw significant profits. Charlotte County’s inventory has grown, creating a buyer’s market, with stable single-family home prices despite national declines.
Nationwide, median single-family home and condo sales’ profit margins dropped to 55.3%. Florida dominated the top three spots in the ATTOM report, with Ocala leading at 128%. Overall, there’s been a decline in profit margins, coinciding with a quarterly 4.3% decrease in the national median home price.
Despite these trends, seller returns remain higher than during much of the past decade. CEO Rob Barber suggests caution in interpreting the data, noting similarities to previous patterns. The spring buying season will provide further insights into the market’s trajectory.