Southwest Florida Market Perspective: Just a year ago, due to the pandemic-driven surge having depleted much of the available listing inventory, just 2.57 months of supply was posted at the end of 2022. Twelve months later, as of December 2023, that number grew to 5.41 months; just shy of the 6-to-12 month range that’s considered to reflect a balanced market in Southwest Florida. Sales for 2023 were down 11% compared to 2022, the early part of which was influenced by the tail end of the pandemic-driven surge. Compared with the average of 2017-2019, the years just preceding the pandemic, 2023 sales posted a more modest decline of 6%. Although new listings in 2023 were up 5% year over year, they were down 14% compared to the aforementioned pre-pandemic years. This relatively slow pace of new listings is what has kept inventory at bay and the market from converting to a buyers’ market. With the market essentially balanced at 5.41 months of supply, the average sales price for 2023 moved little from 2022, posting a 2% increase. Average days on market, the time it takes for a home to go under contract for purchase, was 59 for December and 49 for the year. Although longer than in recent years, these numbers are low from a historical perspective. The average for 2017 through 2019 was 89 days. Even with current days on market remaining low, when establishing a list price, sellers mustn’t lose sight of the fact that buyers currently have more options than at any time in the past 5 years and that closed sales prices stabilized in 2023. For buyers, the increase in options is welcome news, but in order to keep from losing out when the right home is identified, buyers should to bear in mind that homes are indeed selling and that the market is not in an oversupply situation. Whether for buyer or seller, market conditions can vary by price segment, product type, and location. Having a skilled and knowledgeable real estate professional by one’s side is critical to navigating this dynamic market and creating a strategy to achieve success.
We are thrilled to announce that, for 2023, John R. Wood Christie’s International Real Estate was once again the #1 brokerage in Southwest Florida! At $4.5 Billion in closed sales volume, the company ended the year over $1.4 Billion ahead of the nearest competitor! John R. Wood was also #1 in the number of closed transactions and sold listings sold in Southwest Florida and, additionally, came in as the top brokerage in closed Sales Volume in Naples, Ave Maria, Bonita-Estero, Fort Myers, Fort Myers Beach, and Pine Island!
We are optimistic about the market in 2024 and we look forward to continuing to play a key role achieving success for buyers and sellers throughout Southwest Florida!
*Broker rankings according to SWFLA MLS. All rankings are for residential improved property excluding manufactured housing. “Southwest Florida” ranking includes Lee and Collier Counties.
Click on either of the links below to view the December 2023 Market Report.
December 2023 Southwest Florida Market Report – flipbook
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December 2023 Southwest Florida Market Report - for print
