The number of homes for sale in North Port is at an all-time low, while both the number of pending home sales (under contract) and sold homes (closings) continue at a high and unabated pace. 
The overall median price is at its highest point since the first of the year, second only to July and August. At $88,000 it was 2.3% higher than the $86,000 median price in September 2011, and 3.5% higher than October 2010’s $85,000 median price. 
A 6 month inventory of homes is considered a balanced market. Inventory remains low. There was only a 4.1 month inventory in October 2011, 20.9% less than the 5.2 month supply in September, and 46.2% less than the 7.6 month supply in October. 
Distressed Properties vs. Non-Distressed Properties As we drill down, what is particularly striking is the impact Distressed Properties, bank owned and short sales have had on real estate values and activity in North Port. Distressed Properties are selling much quicker and for less money than Non-Distressed Properties. As Non-Distressed Property owners try to hold out for more money, Distressed Properties are pulling down the value of all properties. Further, as between Bank Owned Properties (“BOPs”) and Short Sales (“SS”), BOPs are selling at lightning speed. In October, 67% of all closed home sales were for Distressed Properties. If a picture tells a thousand words, compare the graphs below. Bank Owned Homes Due to the consistently high number of BOPs pending contract, there were actually more BOP closings in October than actual BOP homes available for sale. With a median selling price of $81,000, in October there were 40 closed sales and only 29 homes for sale; a 3 week inventory! 
Short Sale Homes In October, the number of SS for sale (122), pending (82) and sold (49) were extremely strong, as they have been all year; however, on a pro rata basis they do not approximate the speed of sale and diminution of inventory for BPOs. The median selling price for October was $85,000, and there was a 2.5 month inventory. 
Non Distressed Properties Conventional sales linger longer, as sellers hold out for more money; in October the median price for Non Distressed Properties was $108,000, a 9 month inventory. 
- For Sale: As of October 31, 2011, there were only 546 homes for sale, 39.9% less than the 908 homes for sale in October 2010.
- Pending: There were 180 homes under contract, representing 15.4% more than the 156 homes under contract the previous month, and 20% more than the 150 homes one year ago.
- Sold: There were 133 closings (sold homes), which was 24.3% more than the 107 closings in September, and 11.8% more than the 119 in October 2010.
The overall median price is at its highest point since the first of the year, second only to July and August. At $88,000 it was 2.3% higher than the $86,000 median price in September 2011, and 3.5% higher than October 2010’s $85,000 median price. A 6 month inventory of homes is considered a balanced market. Inventory remains low. There was only a 4.1 month inventory in October 2011, 20.9% less than the 5.2 month supply in September, and 46.2% less than the 7.6 month supply in October. Distressed Properties vs. Non-Distressed Properties As we drill down, what is particularly striking is the impact Distressed Properties, bank owned and short sales have had on real estate values and activity in North Port. Distressed Properties are selling much quicker and for less money than Non-Distressed Properties. As Non-Distressed Property owners try to hold out for more money, Distressed Properties are pulling down the value of all properties. Further, as between Bank Owned Properties (“BOPs”) and Short Sales (“SS”), BOPs are selling at lightning speed. In October, 67% of all closed home sales were for Distressed Properties. If a picture tells a thousand words, compare the graphs below. Bank Owned Homes Due to the consistently high number of BOPs pending contract, there were actually more BOP closings in October than actual BOP homes available for sale. With a median selling price of $81,000, in October there were 40 closed sales and only 29 homes for sale; a 3 week inventory! Short Sale Homes In October, the number of SS for sale (122), pending (82) and sold (49) were extremely strong, as they have been all year; however, on a pro rata basis they do not approximate the speed of sale and diminution of inventory for BPOs. The median selling price for October was $85,000, and there was a 2.5 month inventory. Non Distressed Properties Conventional sales linger longer, as sellers hold out for more money; in October the median price for Non Distressed Properties was $108,000, a 9 month inventory. 
