Southwest Florida Real Estate Market Update [New for April 2023]
Spring is well underway here in Southwest Florida, and so is our local real estate market. We're at the tail end of Florida's typical busy season, which started back in January, but there's still plenty of activity going on. Thinking about buying or selling your home this spring? You're going to want to keep reading for the latest update on the Southwest Florida real estate market for April.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
State of SWFL's Real Estate Market Headed into April 2023
Are we still in a seller’s market across Southwest Florida?
Hi it’s Marcus Larrea, Team Lead at Palm Paradise Realty Group. Take a look below at the data for the Southwest Florida housing market for March, the last month of the 1st Quarter of 2023.
Single Family Stats for March 2023
Mar 2022 | Mar 2023 | % (+-) | |
---|---|---|---|
Closed Sales | 1,694 | 1,347 | -20.5% |
Closed Sales YTD | 4,133 | 3,245 | -21.5% |
Median Sale Price | $425,000 | $439,450 | 3.4% |
Average Sale Price | $593,758 | $585,431 | -1.4% |
(Inventory) Active Listings | 4,730 | 6,266 | 32.5% |
Months Supply of Inventory | 3 | 5 | 66.7% |
Close Price to List Price Ratio | 100.0% | 98.3% | -1.7% |
Median Time to Contract | 6 | 23 | 283.3% |
Mar 2022 | Mar 2023 | % (+-) | |
---|---|---|---|
Closed Sales | 675 | 515 | -23.7% |
Closed Sales YTD | 1,608 | 1,205 | -25.1% |
Median Sale Price | $795,000 | $830,000 | 4.4% |
Average Sale Price | $1,416,274 | $1,370,053 | -3.3% |
(Inventory) Active Listings | 2,106 | 2,780 | 32.0% |
Months Supply of Inventory | 3 | 5 | 66.7% |
Close Price to List Price Ratio | 100.0% | 97.2% | -2.8% |
Median Time to Contract | 7 | 33 | 371.4% |
Townhouse & Condo Sales in March 2023
Mar 2022 | Mar 2023 | % (+-) | |
---|---|---|---|
Closed Sales | 785 | 651 | -17.1% |
Closed Sales YTD | 1,875 | 1,450 | -22.7% |
Median Sale Price | $316,000 | $350,000 | 10.8% |
Average Sale Price | $397,022 | $475,094 | 19.7% |
(Inventory) Active Listings | 1,874 | 2,843 | 51.7% |
Months Supply of Inventory | 2 | 4 | 100% |
Close Price to List Price Ratio | 100.0% | 97.7% | -2.3% |
Median Time to Contract | 4 | 15 | 275.0% |
Mar 2022 | Mar 2023 | % (+-) | |
---|---|---|---|
Closed Sales | 719 | 591 | -17.8% |
Closed Sales YTD | 1,668 | 1,362 | -18.3% |
Median Sale Price | $475,500 | $515,000 | 8.3% |
Average Sale Price | $764,895 | $828,126 | 8.3% |
(Inventory) Active Listings | 2,061 | 2,558 | 24.1% |
Months Supply of Inventory | 3 | 4 | 33.3% |
Close Price to List Price Ratio | 100.0% | 97.4% | -2.6% |
Median Time to Contract | 4 | 22 | 450.0% |
*Data pulled from Southwest Florida MLS on 4/6/2023
Median sale price continues to increase in both Lee County and Collier County across all property types. However, those price increases continue to slow month over month. Condo and townhome sales are outperforming single-family sales in both counties in terms of median price increases.
Single home inventory in both Lee County and Collier County is up 32% from last year. For townhomes and condos in Lee County, inventory is up 52%; inventory for townhomes and condos in Collier County is up 24%. Even though inventory is rising, we still have very low inventory levels.
As price increases continue to slow and inventory continues to rise, we are still considered to be in a slight seller’s market across Southwest Florida. Even as we lean into a seller’s market, the close-price to list-price ratio across Lee and Collier Counties remains around an average of 97%-98%, showing that buyers do have room for negotiation on price in many circumstances.
Advice For SWFL Buyers and Sellers
As the shift occurs from a strong seller’s market heading towards a more balanced market, it is important—whether buying or selling—to work with an experienced, full-time realtor or team, like that at Palm Paradise Realty Group, that is closing deals on a regular basis, and that truly understands how the market is performing real-time at a microeconomic level.
If buying, it is important to strategize with your agent to use the best negotiation tactics under each unique circumstance to get you the best price and terms in order to reach your home-buying goals.
If selling, gone are the days of listing your home and getting multiple offers immediately with no strategy involved. A proper marketing and pricing strategy must be in place to get your home sold for the best possible price in the time you want.
Whether you are looking to buy or sell, if you have any questions, or would like a free home valuation, our experienced agents at Palm Paradise Realty Group are here for you. Please get in touch with us online or give us a call at 239-349-2487.
Thanks for watching!
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