Punta Gorda Market Update: 40 days into Covid-19
- Kerry Duvall Andreae
It has been 40 days since President Trump declared a Nat’l Emergency due to Covid-19. Life has changed in many ways. Our local real estate market has also seen significant changes.
The most marked change is the decreased level of BOTH buyers and sellers. We have seen showings decline due to the number of northern buyers who are not getting on planes to fly to PG. The planes are scary enough for many buyers but closed hotels and eating take-out is not logistically inviting. We also have seen the number of homes/condos for sale decline as many sellers do not want those same northern buyers walking through their home. Most sellers do really want to sell but it is a tough decision between allowing a showing to that nice couple from NJ that just got off a plane or saying “Let’s wait until this blows over”.
Sales are happening. Since Mar 13th, 28 homes have gone Pending in PGI/BSI. 28 homes in 40 days would be low for typical “Season” but is higher than I would have expected 40 days ago. During the same period in 2019, 72 homes went Pending in PGI/BSI. 72 is a LOT better than 28 but 28 is a LOT better than zero.
One analogy is that our market is like driving on I-75. We were cruising at 72 MPH and are now driving 28 MPH. 28 MPH will get you there but could be more stressful.
What has totally evaporated from our market is the casual looker/buyer. If you ever wanted to list/sell without “lookie-loos”, this may be the best time in history for that.
We did sell a villa via a FaceTime virtual showing earlier this week. That is not the norm but is happening.