Discover the latest trends and insights in the Southwest Florida real estate market with our comprehensive August market report. Gain valuable information on property prices, demand, and investment opportunities, guiding you toward informed decisions in the thriving market.
Closed sales for the 12-month period ending August 31, 2023, were down 25% from the preceding 12 months, from 31,726 to 23,941. The 1,945 sales posted for the month of August were down 2% when compared to August of 2022.
Listing Inventory / New Listings
In addition, as of August 31, 7,564 properties were available, up 40% from the same date last year and static compared to the prior month. New listings for the 12-month period ending August 31 were down 9% from the preceding 12 months, from 36,467 to 33,076. For the month of August, new listings were down 1% from the same period in 2022. 3.79 months of supply was posted as of August 31, up 85% from August 2022 when months of supply was an unusually low 2.05 months, and unchanged from July 2023.
Average Selling Price
Furthermore, the average selling price for the 12 months ending on August 31 was $795,912, reflecting a 7% increase from the previous 12-month period when it stood at $746,900.
In August, closed sales performed strongly, increasing by 9% from July but only falling short by 2% compared to the previous August. Offering welcomed additional options for buyers, new listings posted month-over-month and year-over-year increases, at 5% and 1%, respectively. However, despite the steady sales, the current inventory is still relatively low with 7,564 units on the market as of August 31st. This marks a 40% increase compared to the previous year, but it falls significantly short of the 10,000+ typically seen during this season before the pandemic-driven surge in buyers. Because of sustained steady demand and minimal growth in inventory in recent months, and despite the slight increase in interest rates, closed sales prices have continued to rise year-over-year. However, the rate of increase now lags behind that seen during the market’s peak.
Through August, John R. Wood Christie’s International Real Estate continues to lead the market in Southwest Florida! John R. Wood also holds the top position in closed sales volume in the Bonita-Estero, Naples, Fort Myers, Fort Myers Beach, and Pine Island-Matlacha markets!
*Broker rankings according to SWFLA MLS. All rankings are for residential improved property excluding manufactured housing. “Southwest Florida” ranking includes Lee and Collier Counties.