Southwest Florida Market Perspective: Closed sales for the 12 months ending May 31 were down 4% from the preceding 12 months. New listings, although posting a 16% increase over the same period, also posted one of the slowest paces in the past ten years. With new listings over the preceding 12 months posting a 10-year low, that 16% year-over-year increase helped bring inventory back to a level more in keeping with historical norms rather than moving the market into over-supply. As of May 31, there were 13,602 listings on the market, up from the still-low count of 7,627 posted one year prior, but down from April when 13,912 units were available. Months of supply was 6.88 as of May 31, down from April when 6.95 months was posted. The average selling price, at $815,827, posted a 2.7% increase from the preceding 12 months.
Although closed sales have slowed considerably compared to the pandemic-driven surge, and slowed somewhat compared to pre-pandemic norms, our market is in balance, and inventory levels are currently stable. Increased new listings have brought welcomed options for buyers; something sellers should keep top-of-mind when pricing their homes. And, especially with more available options, buyers should position themselves to quickly recognize well-priced listings so they can act while they are still available. Market conditions can vary greatly between neighborhoods, price segments, and product types. Whether a buyer or seller, making sense of such a market is one of many reasons enlisting the specialized skills and in-depth local knowledge of a Realtor® can prove an invaluable resource that will maintain a competitive advantage.
We are pleased to announce that through May, John R. Wood Christie’s International Real Estate continues to rank as the top brokerage in total year-to-date sales volume and transactions in Southwest Florida!*
*Broker ranking according to SWFLA MLS for residential improved property excluding manufactured housing in Lee and Collier Counties.
Click on either of the links below to view the May 2024 Market Report.
May Southwest Florida Market Report – flipbook
Open the flip booklet and easily share on social media via the “SHARE” option at the upper-right
May Southwest Florida Market Report - for print
Click here for historical reports
