North Port homes selling cheap

NORTH PORT — In June, 125 of the 136 homes sold in North Port went for less than $200,000, according to Michael Saunders & Co. And more than half of those were distressed sales.

The vast majority of those 71 distressed sales, 77%, Michael Saunders estimates — closed for less than $100,000.

As is the case with many Gulf Coast markets, the one silver lining may be that inventory appears to be clearing out. At the end of 2010, 939 North Port homes were listed for sale; at the end of June, 582 homes were listed, a 38% decrease.