Southwest Florida Real Estate Market Update [New for July 2022]

Southwest Florida Real Estate Market Update - JulyThinking about buying or selling your Florida home this summer? You'll want to have the latest information on what the local real estate market's been doing. Palm Paradise Real Estate is here to help you make informed buying and selling decisions with your Southwest Florida July real estate market update.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

A surprising statistic for Florida in June that contradicts the rest of the country, and where does Florida rank in the country’s top “Fun” states?

Hi, it’s Marcus Larrea, Team Lead at Palm Paradise Real Estate, and summer is in full swing with July’s market update.

Your Southwest Florida Real Estate Market Update Going Into July 2022

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Single Family Stats for June 2022

Lee County
Jun 2021Jun 2022% (+-)
Closed Sales 1,791 1,467 -18.1%
Closed Sales YTD 9,790 8,816 -9.9%
Median Sale Price $363,000 $450,000 24%
Average Sale Price $493,156 $593,094 20.3%
(Inventory) Active Listings 4,385 5,172 17.9%
Months Supply of Inventory 2 4 100%
Close Price to List Price Ratio 100% 100% 0%
Median Time to Contract 5 7 40%
Collier County
Jun 2021Jun 2022% (+-)
Closed Sales 846 462 -45.4%
Closed Sales YTD 4,667 3,315 -29.%
Median Sale Price $657,740 $805,000 22.4%
Average Sale Price $1,098,639 $1,256,820 14.4%
(Inventory) Active Listings 2,119 2,279 7.6%
Months Supply of Inventory 3 5 66.7%
Close Price to List Price Ratio 100% 100% 0%
Median Time to Contract 7 10 42.9%

Townhouses & Condo Sales in June 2022

Lee County
Jun 2021Jun 2022% (+-)
Closed Sales 949 638 -32.8%
Closed Sales YTD 5,710 4,118 -27.9%
Median Sale Price $255,000 $351,050 37.7%
Average Sale Price $334,576 $456,204 36.4%
(Inventory) Active Listings 1,681 1,837 9.3%
Months Supply of Inventory 2 3 50%
Close Price to List Price Ratio 100% 100% 0%
Median Time to Contract 6 6 0%
Collier County
Jun 2021Jun 2022% (+-)
Closed Sales 936 583 -37.7%
Closed Sales YTD 6,001 3,783 -37%
Median Sale Price $352,634 $515,000 46%
Average Sale Price $550,851 $846,707 53.7%
(Inventory) Active Listings 1,811 1,831 1.1%
Months Supply of Inventory 2 3 50%
Close Price to List Price Ratio 100% 100% 0.2%
Median Time to Contract 6 7 16.7%

*Data pulled from Southwest Florida MLS on 7/6/2022

With signs of the rest of the country being in a market slowdown, June’s numbers finally have brought a slight slowdown to our market in Southwest Florida. Now just to point out, I used the word slowdown, not a market crash or price decreases. This has been expected with the rising interest rates among other economic factors.

The median sale price for single-family homes in Lee County is up 24% from June of 2021 and the median sale price for single-family homes in Collier County is up over 22% from last year.

For condos and townhomes, the median sale price increases are even greater, as we saw over a 37% year-over-year increase in Lee County and a 46% year-over-year increase in Collier County.

In June, new inventory started to surpass the number of homes pending, thus giving us a net gain in inventory across all property types and increasing the months of inventory.

Remember, months of inventory is how long it would take for all existing inventory in a market to be sold.

6 months is considered a balanced market, while anything under 6 months is a sellers’ market and anything over 6 months is a buyers’ market.

What Does This Mean for Buyers and Sellers?

We have been deep in a sellers’ market for some time now, but we are starting to see signs in the raw data of the market shifting towards a more balanced market with months of inventory going from 2–3 months to 3–5 months depending on the property location and property type. This is a good thing for the overall market.

Nevertheless, we are still seeing homes go under contract very quickly. The median days to contract in Southwest Florida is between 6 to 10 days and properties are still selling at 100% of list price on average across all property types.

Now for the surprising statistic in the month of June for Florida. According to the University of Florida, as the rest of the country saw national consumer sentiment down to its lowest level on record in June, Florida actually saw an uptick, up 2.1 points higher than May to 62.9 on a scale of 2 to 150.

And where does Florida rank among the top “Fun” States across the country? According to a study conducted by WalletHub, Florida ranks as the number 2 most “Fun” state, only behind California.

With its wide range of recreational options including golf, beaches, parks, fishing, boating, performing art centers, professional sports teams, all the restaurants, etc. along with many other advantages the state has to offer, it’s no wonder many Americans are looking relocate to the Sunshine State.

Planning On a Summer Move? Let Palm Paradise Real Estate Help Your Home Purchase or Sale Be a Success

If you have any questions about the real estate market across Southwest Florida or are interested in buying or selling, don't hesitate to reach out to myself or one of our team members online or give us a call at 239-349-2487.

Thanks for watching, and we’ll see you on the next one.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Discussion

#1 By Jacqueline Benedict at 9/21/2021 4:53 AM

Real estate market is very volatile ,it get affected by multiple factors. Agents should keep themselves updated

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