Southwest Florida Real Estate Market Update [New for August 2023]
A reverse in rate of foreclosures in the 2nd quarter? And how did the real estate market in Southwest Florida do in July?
Hi it’s Marcus Larrea, Team Lead at Palm Paradise Real Estate and the numbers for how the Southwest Florida Real Estate Market performed in July are in!
Single Family Stats for July 2023
| Jul 2022 | Jul 2023 | % (+-) | |
|---|---|---|---|
| Closed Sales | 1,166 | 1,026 | -12% |
| Closed Sales YTD | 9,790 | 8,061 | -17.7% |
| Median Sale Price | $422,000 | $410,000 | -2.8% |
| Average Sale Price | $539,114 | $556,311 | 3.2% |
| (Inventory) Active Listings | 5,208 | 6,020 | 15.6% |
| Months Supply of Inventory | 4 | 6 | 50% |
| Close Price to List Price Ratio | 100% | 98% | -2.1% |
| Median Time to Contract | 10 | 28 | 180% |
| Jul 2022 | Jul 2023 | % (+-) | |
|---|---|---|---|
| Closed Sales | 710 | 680 | -4.2% |
| Closed Sales YTD | 6,777 | 5,606 | -17.3% |
| Median Sale Price | $600,000 | $625,000 | 4.2% |
| Average Sale Price | $1,087,007 | $1,032,792 | -5% |
| (Inventory) Active Listings | 3,759 | 3,978 | 5.8% |
| Months Supply of Inventory | 5 | 6 | 20% |
| Close Price to List Price Ratio | 99% | 97% | -2.2% |
| Median Time to Contract | 13 | 27 | 107.7% |
Townhouses & Condo Sales in July 2023
| Jul 2022 | Jul 2023 | % (+-) | |
|---|---|---|---|
| Closed Sales | 465 | 364 | -21.7% |
| Closed Sales YTD | 4,445 | 3,467 | -22% |
| Median Sale Price | $325,000 | $320,000 | -1.5% |
| Average Sale Price | $373,823 | $372,826 | -0.3% |
| (Inventory) Active Listings | 1,736 | 2,576 | 48.4% |
| Months Supply of Inventory | 4 | 7 | 75% |
| Close Price to List Price Ratio | 99% | 97% | -2.2% |
| Median Time to Contract | 8 | 32 | 300% |
| Jul 2022 | Jul 2023 | % (+-) | |
|---|---|---|---|
| Closed Sales | 391 | 301 | -23% |
| Closed Sales YTD | 4,249 | 3,353 | -21.1% |
| Median Sale Price | $440,000 | $492,000 | 11.8% |
| Average Sale Price | $622,466 | $746,873 | 20% |
| (Inventory) Active Listings | 1,804 | 2,068 | 14.6% |
| Months Supply of Inventory | 5 | 7 | 40% |
| Close Price to List Price Ratio | 99% | 97% | -2.1% |
| Median Time to Contract | 11 | 30 | 172.7% |
*Data pulled from Southwest Florida MLS on 8/7/2023
The number of closed sales across Lee and Collier Counties are down about 20% compared to the numbers through July of 2022. Inventory is rising slightly in some areas, up 5.8% for single family homes in Collier County and jumping up other areas, up 48.4% for townhomes and condos in Lee County.
As mentioned in previous monthly updates, inventory is up somewhat artificially due to hurricane damaged homes and condos still awaiting to be repaired or still having open claims on them.
The median sale price across Lee and Collier County continues to be relatively flat compared to last year. In Lee County, the median sale price is down 2.8% for single family homes and down 1.5% for condos and townhomes, but in Collier County the median sale price is up 4.2% for single family homes and up 11.8% for townhomes and condos.
Months supply of inventory continues to increase slightly each month with our market seeing 6-7 months supply of inventory. This means we are now officially in a balanced market. Again this number will also be inflated due to properties affected by Hurricane Ian sitting on the market longer.
Median days to contract are up significantly compared to this time last year up 107% to 300% depending on property type and location.
This means if you are listing your home, you will want to work with experienced real estate professionals like those on our team at Palm Paradise Real Estate to help you price and market your home appropriately under you and your properties unique circumstances. This is more important than ever, as over the last 5+ years the market continues to become more challenging.
If buying, it's also just as important to work with an experienced professional or team like us at Palm Paradise Real Estate. There is some room to negotiate off list price in today’s market as we continue to see the average list price to close price ratio stay around 96% - 98% across Lee and Collier Counties. By working with a professional realtor who has your best interests as a buyer in mind, you should be able to negotiate the price down slightly off list price in many situations in todays market. A good agent will guide you through this process by providing data and a negotiation strategy to help get you the best price possible.
Waiting for more foreclosures to hit the market? Well it looks like you may be waiting longer because the Mortgage Banker Associations National Delinquency Survey for the 2nd quarter showed that delinquency rates dropped to 3.37%, the lowest rate since it started gathering data in 1979. These low rates have been supported by a strong job market and low interest rates on most current home loans.
Whether you are looking to buy or sell, if you have any questions or would like a free valuation of your home, our team of experienced agents at Palm Paradise Real Estate is here for you. Visit us at www.PalmParadiseRealEstate.com today to see how we can help!
Thanks for watching, and see you in the next video!
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