April Real Estate Market Update
Posted by Marcus Larrea on Thursday, May 6, 2021 at 9:08 AM By Marcus Larrea / May 6, 2021 Comment
A booming real estate market EVEN without this key demographic???
April's Southwest Florida real estate market update is here!
Hi It’s Marcus Larrea with Palm Paradise Real Estate in Southwest Florida.
Home prices continue to increase and inventory continues to drop across Southwest Florida and across the nation.
In last month's market update, I talked about how for every month you wait to buy a home, you will likely pay about 2% more for the home. Well, that trend continues to increase as single family home prices are now up over 30% in Lee County and a whopping 47% in Collier County year over year! That means we are seeing prices increase monthly 2 to 4.5 percent each month across Southwest Florida!
Condo and townhome prices continue to rise as well but at a slower pace than single family homes. In Lee and Collier Counties, condo and townhome sale prices are up about 14% from 2020.
One key statistic we have been keeping an eye on under current market conditions is close price to list price ratio. Homes across Southwest Florida are now selling at an average of 100% of asking price. We can expect this number to increase even more as inventory continues to shrink.
At Palm Paradise Real Estate, we have put together a marketing strategy that is sure to get you top dollar if you are looking to sell your home. If you are looking to cash out on massive equity gains on your property, contact one of our team members today.
What are the key demographics that are missing in our market
The real estate market across the nation and specifically in southwest Florida is seeing record prices and record low inventory all without buyers from Canada and Europe! Due to travel restrictions and mandatory quarantine periods of 2 weeks, Canadians specifically have held back on traveling to the United States.
Imagine what will happen when travel restrictions and quarantine periods are lifted and Canadians and Europeans enter the real estate market again!
There are now more real estate agents than homes available for sale nationally. If you are buying or selling, make sure you are working with an experienced team that is up to date on market statistics, listing strategies and even purchasing strategies. An experienced team will help for a smoother transaction during what can be an already stressful time in this fast paced market we are in.
If you have any questions about buying or selling, please don't hesitate to reach out to one of our team members.
Thank you so much.