SW Florida Market Update November 2023. The real estate market showed signs of slowing down in November, with median sales prices and closed sales both declining from October. However, active inventory increased and median days on the market decreased, suggesting that the market may be starting to stabilize.
Median Sales Price
The median sales price for a home in SW Florida was $390,000 in November(this is combined SFH Condos and Townhomes and I included Fort Myers, Cape Coral, Estero, Bonita Springs, Golden Gate, and Naples so it is a fine blend of everything), down 8.2% from October. This is the first time the median sales price has declined that much in several months, but it is still 15.4% higher than it was a year ago.
Closed Sales
Closed sales of homes in SW Florida were 1,154 in November, down 28% from October. This is the largest decline in closed sales since the start of the year but it is still 11.4% higher than it was a year ago. This could be because of inflation and a higher cost of living.
Active Inventory
Active inventory of homes in SW Florida was 11,470 in November, up 10% from October. This is the highest level of active inventory since March. However, it is still 13.5% lower than it was a year ago.
Median Days on Market
The median number of days a home spent on the market in SW Florida was 35 days in November, down 2.8% from October. This is the shortest median number of days on the market since June.
Median Sold $/Sq Ft
The median sold price per square foot in SW Florida was $250 in November, down 5.3% from October. This is the first time the median sold price per square foot has declined since August.
New Listings
New listings on the market in SW Florida were 4,034 in November, up 23.6% from October.
What it Means for Buyers and Sellers
What are our takeaways from the SW Florida Market Update November 2023? – The recent decline in median sales prices and closed sales is a good sign for buyers, as it may mean that they will be able to negotiate better deals. Buyers should still be prepared to act quickly, as homes are still selling fast in SW Florida.
The increase in active inventory is also a good sign for buyers, as it means that they will have more options to choose from. But, buyers should still be prepared to compete with other buyers, as there is still a strong demand for homes in SW Florida.
The mortgage rates are still high is a bad sign for buyers, as it will make it more expensive to purchase a home. But buyers can refinance later to get lower interest rates. Remember the saying:
“Marry the house and date the interest rates.”
The increase in new listings is a good thing for Buyers.
The SW Florida real estate market is still strong but it is showing signs of slowing down. Buyers and sellers should be aware of the current market conditions and make adjustments to their strategies accordingly. As SW Florida prepares to embrace the traditional winter peak, the real estate market stands at a crossroads between the interplay of shifting dynamics and seasonal influences. Buyers and sellers alike must adapt their strategies to navigate the ever-evolving landscape.
