Southwest Florida Real Estate Market Update [New for June 2022]
We're headed into June now, and as always, we've got the latest information for you about the Southwest Florida real estate market. Is this summer the perfect time to buy or sell your Florida home? We've got the data to help you find out with this June real estate market update.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Are we finally starting to see a more balanced market? Let's find out!
Hi, it's Marcus Larrea with Palm Paradise Real Estate, and we have all the data from the real estate market across Southwest Florida.
Your SWFL Real Estate Market Update Going Into June 2022
In May, the median sale price across Southwest Florida remained over 32% higher compared to this time last year.
Single Family Stats for May 2022
| May 2021 | May 2022 | % (+-) | |
|---|---|---|---|
| Closed Sales | 1,691 | 1,562 | -7.6% |
| Closed Sales YTD | 7,999 | 7,294 | -8.8% |
| Median Sale Price | $364,900 | $470,000 | 28.8% |
| Average Sale Price | $504,048 | $650,709 | 29.1% |
| (Inventory) Active Listings | 4,487 | 4,941 | 10.1% |
| Months Supply of Inventory | 3 | 3 | 0% |
| Close Price to List Price Ratio | 100% | 100% | 0% |
| Median Time to Contract | 6 | 6 | 0% |
| May 2021 | May 2022 | % (+-) | |
|---|---|---|---|
| Closed Sales | 803 | 623 | -22.4% |
| Closed Sales YTD | 3,821 | 2,836 | -25.8% |
| Median Sale Price | $650,000 | $859,000 | 32.2% |
| Average Sale Price | $1,214,460 | $1,567,368 | 29.1% |
| (Inventory) Active Listings | 2,273 | 2,213 | -2.6% |
| Months Supply of Inventory | 3 | 4 | 33.3% |
| Close Price to List Price Ratio | 100% | 100% | 0% |
| Median Time to Contract | 7 | 7 | 0% |
Townhouses & Condo Sales in May 2022
| May 2021 | May 2022 | % (+-) | |
|---|---|---|---|
| Closed Sales | 918 | 772 | -34.98% |
| Closed Sales YTD | 4,761 | 3,462 | -60.06% |
| Median Sale Price | $248,000 | $345,000 | 86.02% |
| Average Sale Price | $336,124 | $441,916 | 69.3% |
| (Inventory) Active Listings | 1,854 | 1,845 | -1.1% |
| Months Supply of Inventory | 2 | 2 | 0% |
| Close Price to List Price Ratio | 100% | 100% | 0% |
| Median Time to Contract | 6 | 5 | -36.74% |
| May 2021 | May 2022 | % (+-) | |
|---|---|---|---|
| Closed Sales | 1,051 | 749 | -63.14% |
| Closed Sales YTD | 5,064 | 3,167 | -82.5% |
| Median Sale Price | $345,000 | $510,000 | 105.16% |
| Average Sale Price | $604,976 | $851,617 | 89.76% |
| (Inventory) Active Listings | 2,067 | 1,946 | -12.98% |
| Months Supply of Inventory | 2 | 3 | 110% |
| Close Price to List Price Ratio | 100% | 100% | 0.44% |
| Median Time to Contract | 10 | 6 | -88% |
*Data pulled from Southwest Florida MLS on 6/6/2022
Inventory still remains to be a problem, but we are starting to see more and more inventory hit our market. Inventory across the Southwest Florida MLS is up 3.4% from last year.
Homes are still selling fairly fast with the median days to contract still at 6 days.
We have noticed 2 things in the market recently. Home prices are still going up. Prices are not expected to tumble anytime in the near future.
And secondly, the large advantage sellers have had over the last year is is beginning to deminish.
What Does This Mean For Buyers and Sellers?
Now don't get me wrong, we are still in a seller's market, but the days of listing your house high and getting multiple offers well above list price within a few days are most likely behind us.
We will continue to see more price decreases from listings as many sellers will continue to try and push the market higher when they initially list. This does not mean that prices are going down, but that year over year price appreciation will begin to slow down and normalize.
So to answer the question at the beginning of this video, it is safe to say we are still in a seller's market, but there are signs that the market may be starting to shift towards a more balanced market.
If selling, it will be important to list with an experienced agent to help you navigate the changing market conditions and still get top dollar for your home.
If buying, I would still recommend buying sooner than later to take advantage of today's interest rates, as they are still expected to rise and prices are not expected to fall.
Not Sure If It's a Good Time to Jump Into the Real Estate Market? Palm Paradise Real Estate Has the Knowledge You Need
If you'd like to discuss your upcoming real estate needs in the ever-changing market, whether you are considering buying or selling, you can reach any of our experienced team members online or give us a call at 239-349-2487.
Thanks for watching.
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