Southwest Florida Market Perspective:
With 2,314 closed sales reported for March, the pace picked up compared to February when 1,608 sales were posted. Year over year, sales for March were down 6.2%, an improvement from February which was down 13% year over year. 4,230 new listings entered the market in March, down 5% from February and in line with long term trends for the month. At 10.69 months as of March 31, months of supply moved little from February but posted a 53% increase from the same date in 2024. At that time last year, the market carried 6.97 months of supply, within the 6 to 12 month range of balance, but much closer to seller’s market territory. The 10.69 months posted this March, although leaning toward buyer’s market territory, remains within the range of balance. It’s important to remember, however, that there is not a hard cut-off point that changes how buyers and sellers should navigate the market. Some markets within that 6 to12 month range of balance are experiencing downward pressure on pricing, while others are holding true price-wise.
With a sufficient supply of homes on the market, and with the days of properties receiving multiple bids as soon as they enter the market largely behind us, buyers are taking their time and being more selective, resulting in confident final decisions. Buyers are making purchases based on current market conditions, and sellers who have aligned with the market are experiencing showing activity, receiving offers, and successfully closing sales. These sellers are finding the market, in part through a well presented home promoted through a strategic marketing plan like that executed by Realtors® with John R. Wood Christie’s International Real Estate. But even after a buyer has identified a well presented home, if the price isn’t reflective of today’s market, they will often remain silent, creating an illusion for the seller that there’s not a market for their home. With plenty of options and no need for urgency, buyers are hesitant to invest time or become attached to a home that isn't priced for today’s market. Instead, they typically remain quiet until that home adjusts to the market—or another, better-priced option appears.
