In June, we saw a considerable drop in residential market activity from the highs in April and May! There were only nine residential sales in June. . . 8 single family and one manufactured home . . . ranging in price from $105,000 to $769,000. Currently, there are 307 residential listings on the market on Pine Island.
In the same month we had 7 land sales, which is comparable to previous months this year. Of these 7 sales, 5 were off-water and 2 waterfront, ranging in price from $19,000 for a 1/2 acre in Bokeelia, to $408,000 for a waterfront lot in St. James City. Currently, there are 373 active land listings on the market.
Although the market sales were lower in June, at least we are seeing the overall inventory numbers drop from near 400 to close to 300 for residential listings, and from over 400 to 373 for active land listings. This inventory remains higher than normal and our buyers are still holding out for "THE BOTTOM"!
Well, if all predictions are accurate, we are very near "THE BOTTOM" - at least we hope so! If you are a buyer, act now or you may miss it!
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