Southwest Florida Market Perspective:
After the pace of new listings posted modest year-over-year increases in August and September, October posted a year-over-year decline of 15%. Closed sales for the month continued recent patterns of year-over-year declines, with October down 20% compared to 2023. At least part of the reasoning for this recent sluggish activity may be due to the election. In an election year, activity typically subsides as the election approaches, and then comes back if not rebounds over the following weeks and months. Listing inventory as of October 31st stood at 12,709 units, up 7% from the prior month. This month-over-month increase is in line with historical seasonal patterns. Months of supply, the benchmark in real estate to gauge supply and demand, remains in balance at 6.8 months, up slightly from September due to the seasonal increase in available listing inventory.
Historical patterns suggest that as we move into season, we can expect listing inventory to grow as the pace of new listings increases, with new listing activity peaking in January and February. With so many sellers strategizing to enter the market during that peak, all competing with one another for buyer-attention, listing ahead of the pack in November or December can lessen the chance a property gets lost in the mix. Regardless of timing to list, it’s important for sellers to remember that the listing shortages of past that allowed sellers to practically name their price have come and gone and, to attract offers, a property must be priced in line with recent closed sales and competitively with other available listings. For buyers, it’s important to recognize that, although the market has cooled, the balanced market conditions which have steadily been in play over the past year continue. With buyers and sellers on a level playing field, properly priced homes are selling, making it important for buyers to be positioned to confidently recognize how a home is priced so they can act accordingly when the right property is found.
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 October, 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.
Click on either of the links below to view the October 2024 Market Report.
October Southwest Florida Market Report – flipbook
OctoberSouthwest Florida Market Report - for print
