A post-hurricane market review points to the continuation of low inventory, high demand

Slow and steady best describes our recovery from Hurricane, the Category 4 storm that ravaged Southwest Florida on Sept. 28. It's not happening as fast as some would like, but the progression is evident, with less debris along our roadways, property damage mitigated or repaired and daily routines back to normal for many.

Fortunately, Charlotte County did not experience the storm surge like neighboring communities to the south. Flooding was minimal, except for in many riverfront homes and businesses.

Now many property owners are considering whether it's time to stay or sell. Some remember why they moved to paradise in the first place and will rebuild; others either don't have a choice financially or are deciding that living in a hurricane-prone area is too stressful and will move on. Low inventory with high demand from displaced residents and from winter buyers still looking for a place in the sun are keeping prices close to pre-Ian numbers, if not higher.

I was here working during the hot real estate market of pre-Hurricane Charley, which was similar to the market pre-Ian. Charley was far more devasting to our immediate area, and the longer recovery period meant the market did not rebound as quickly. Another difference is that the market after Charley was bank and investor driven, while the post-Ian market is being driven by end users.

At this writing, cash buyers remain the lion's share of the 482 sold properties in Charlotte County during the past 60 days. The blanket median list price versus sale price is 98% (encompassing mobile homes under $100,000 to single family homes just under $2 million).

Properties under contract top 589 within the same time period. As we approach our "season," it is projected that demand will remain constant. Our winter visitors are on the way, as evidenced by booked hotels and no availability for seasonal rentals.

I cannot express enough the importance of being leery of the quick cash closings offered by predatory companies or individuals. Their pitches boast no closing costs, no repairs and top dollar. I promise you this is not true.

My advice, as always, is to rely on professional, experienced Realtors® who are familiar with our communities and are happy to provide market information to assist both buyers and sellers in making the right decision.

Know your options, stay safe and stay grateful. ¦