Discover the latest trends and insights in the Southwest Florida real estate market with our comprehensive January market report. Gain valuable information on property prices, demand, and investment opportunities, guiding you toward informed decisions in the thriving market.
Listing Inventory / New Listings
Just a year ago, due to the pandemic-driven surge having depleted much of the available listing inventory, just 2.57 months of supply was posted at the end of 2022. Twelve months later, as of December 2023, that number grew to 5.41 months; just shy of the 6-to-12-month range that’s considered to reflect a balanced market in Southwest Florida.
Sales for 2023 experienced an 11% decrease compared to 2022, which was influenced by the tail end of the pandemic-driven surge. Compared to the average of 2017-2019, the years just before the pandemic, 2023 sales experienced a more moderate decline of 6%. While new listings in 2023 rose by 5% year over year, they were 14% lower than the pre-pandemic years mentioned earlier. The relatively slow pace of new listings has prevented inventory from expanding, maintaining the market from transitioning to a buyers’ market.
Average Selling Price
With the market essentially balanced at 5.41 months of supply, the average sales price for 2023 moved little from 2022, posting a 2% increase.
The average days on the market, which represents the time a home takes to go under contract for purchase, were 59 for December and 49 for the year. While these figures are slightly longer than in recent years, they remain low from a historical standpoint. The average for 2017 through 2019 was 89 days. Despite the low current days on the market, sellers should consider that buyers have more options than in the past 5 years, and closed sales prices stabilized in 2023 when determining a list price.
Buyers should note the welcomed increase in options, but to secure their ideal home, it’s crucial to recognize that homes are selling, and the market is not oversaturated.
Top 1 Leading Brokerage
We are excited to announce that, for 2023, John R. Wood Christie’s International Real Estate has reclaimed the #1 position as the leading brokerage in Southwest Florida! Closing the year with $4.5 Billion in sales volume, the company surpassed the nearest competitor by over $1.4 Billion. John R. Wood also secured the top spot in closed transactions and sold listings in Southwest Florida. Additionally, the brokerage led in closed sales volume in Naples, Ave Maria, Bonita-Estero, Fort Myers, Fort Myers Beach, and Pine Island!
Check out this Youtube video of the whole Florida Market Update for January 2024!
We are optimistic about the 2024 market and excited to play a key role in achieving success for buyers and sellers in Southwest Florida!
*Broker rankings according to SWFLA MLS. All rankings are for residential improved property excluding manufactured housing. “Southwest Florida” ranking includes Lee and Collier Counties.
Whether for buyer or seller, market conditions can vary by price segment, product type, and location. Having a skilled and knowledgeable real estate professional is critical for navigating this dynamic market and creating a strategy for success.