Latest market info direct from the experts at John R. Wood
Southwest Florida Market Perspective:
After the market had decelerated in recent months due both to the effects of storms and pre-election hesitancy, both buyer and seller activity increased in November. This follows historical trends where there’s often a pullback in activity as a presidential election approaches, then a rebound afterwards. In the five weeks following this year’s election, new listings increased 42% while newly pended sales increased 32% when compared to the five weeks preceding the election. 4,080 new listings were posted for the month, up 26% from last year. Newly pended sales were up 7% year-over-year. Closed sales, however, were sluggish with 1,189 posted for the month, a 25% year-over-year decline. This decline can be partly attributed to the aforementioned slowdown in newly pended sales prior to the election.
Listing inventory in November rose 13% from 12,709 to 14,422 available properties due to usual seasonal increases in new listing activity combined with the post-election rebound. With this increase in inventory, months of supply also grew, from 6.76 to 7.81; a number still well within the 6-to-12-month range that is considered balanced in Southwest Florida. The average sales price for the 12-month period through November was $821,713, up 3.4% from the preceding 12 months.
Market conditions can vary greatly by location, product type, and price range. Navigating the market can be daunting, and the clarity and peace of mind an experienced local Realtor® brings to the equation cannot be underestimated.
We are pleased to announce that, through November, John R. Wood Christie’s International Real Estate continues to rank as the top brokerage in total year-to-date sales volume, listings sold, and transactions in Southwest Florida!*
Broker ranking according to SWFLA MLS for residential improved property excluding manufactured housing in Lee and Collier Counties.