May 2024 Southwest Florida’s Real Estate Market Report

Explore the most recent findings about May’s Southwest Florida real estate market in our exclusive report. Whether you’re considering buying or investing, this comprehensive analysis offers valuable insights into pricing trends, buyer behavior, and investment prospects.

Market Perspective

First off, let’s talk about the real estate market. The market has gone back into an equilibrium. We have a 4% decrease in the number of sales over last year, and we have a 16% increase in inventory, which has helped to bring our inventory back into equilibrium.

We’re still below the highest amount of inventory we’ve had, yet we are nearly double what we had at our all-time low. So we’ve come right back into what is normal.

Closed sales for the 12 months ending May 31st were down 4% from the preceding 12 months.

New Listings Analysis

Despite a 16% increase during the same period, the market experienced one of the slowest growth rates in the past decade. New listings over the preceding 12 months hit a ten-year low. However, this year-over-year increase of 16% helped stabilize inventory levels, aligning them more closely with historical norms rather than pushing the market into oversupply. As of May 31st, there were 13,602 listings available, up from the previous year’s count of 7,627 but down from April’s 13,912 units.

Supply and Average Selling Price

In May, the months of supply decreased to 6.88, down from April’s 6.95 months. Meanwhile, the average selling price rose by 2.7% compared to the previous 12 months, reaching $815,827.

Food for Thought

Buyer Advice

If you’re considering real estate investment in Southwest Florida, now is an opportune time. Summer brings motivated sellers who may have missed the peak season or are ready to move. While it’s a great time to buy, be discerning. Work with an experienced agent to align your goals—whether it’s investment returns or family enjoyment—with the right property. Sellers are now more open to negotiation, unlike a few years ago.

Seller Advice

In regions like Southwest Florida, sellers should diligently track pricing trends and be prepared to adjust their expectations if they were previously out of sync with the current market dynamics.

As a seller in the current market, you have excellent options. Consider whether you want to sell now or wait. If you choose to sell now, follow the current market dynamics. Alternatively, waiting may allow you to benefit from future market shifts. While rapid appreciation isn’t sustainable, prices are likely to rise. Expect some fluctuations, but overall, the market will recover. Patience could position you well for a competitive seller’s market.

Watch the whole Market Report here:

Through May, 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.

WP Featured Photo of Top Agent Team Florida

*Broker ranking according to SWFLA MLS for residential improved property excluding manufactured housing in Lee and Collier Counties.

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