Find out with our exclusive March market report if Southwest Florida’s sizzling real estate market is right for you. Get the inside scoop on current pricing, buyer trends, and hot investment opportunities. This market report will help you navigate the dynamic market with confidence and make informed decisions.
Southwest Florida Market Perspective
Sales
While January’s closed tracked below historical levels, sales for February posted an uptick and, although down somewhat from 2023, were just 2% short of the pace of sales for the average of the same month over the three years preceding the 2020 through 2022 surge in sales.
New Listings
New listings for February followed a similar pattern; however, they tracked 7% slower than those pre-peak years. Reviewing the numbers in 12-month increments also tells a story of sales returning to a pace more consistent with longer-term pre-peak trends, with the pace of new listings taking longer to resume their previous pace after their slowdown in recent years.
For the 12-month period ending February 29, closed sales were down 3% from the 2017-2019 average, while new listings were down 10%. As one would expect, listing inventory has increased as sales have slowed from their peak pace; however, the relatively slow pace of new listings has prevented an oversupply of available properties.
Supply
As of February 29, months of supply was 6.79. In Southwest Florida, six to twelve months signifies a balance between supply and demand.
Average Sales Price
After the 12-month rolling average sales price posted steady monthly increases from 2020 through 2022, this metric has been stable over the past year with little to no month-over-month variance.
Analysis
During market shifts, it’s crucial to grasp how various segments perform compared to the overall market. A good place to start is comparing supply and demand across different communities at varying price points. While many communities are balanced, with some even still experiencing sellers’ market conditions, others are posting 12 months or more of supply, indicating a likely oversupply of listings.
In such areas, sellers must closely monitor pricing, possibly adjusting downward from previous expectations not aligned with current market dynamics. Assessing market conditions and advising consumers accordingly on strategies to create success is one of many areas where the skills and expertise of a local real estate professional are critical to achieving the best possible outcome.
Through February, John R. Wood Christie’s International Real Estate continues to rank as the top brokerage in total year-to-date sales volume and transactions in Southwest Florida! Sustained success at this level doesn’t come by chance. It comes as a result of achieving success for consumers, and the company’s #1 ranking is a direct reflection of John R. Wood Christie’s International agents bringing success to more buyers and sellers than any other brokerage in Southwest Florida.
*Broker ranking according to SWFLA MLS for residential improved property excluding manufactured housing in Lee and Collier Counties.
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