Jul 24th, 2019
We are seeing a "shift" in the market, with nearly 5.7 months of inventory on the market, up from 5.4 month in May 2018, longer days to contract (now at 68 days up from 63 days in May 2018) and pending sales down 2.3%; it won't be long before we are at a true buyers market again in Southwest Florida.
Here are some key items to look at (Single Family Homes).
- Closed Sales are up 8.1% in May 2019 over LY May 2018. This is the first month in 2019 that we had positive comparable closed sales numbers! April we were down 6.8%, March we were down 4.4%, February we were down 4.1% and January we were down 18.7%.
- Prices are up! Median Sale Prices are up 1.6% and Average Sale Prices are up 3.3%.
- The Median Time to Contract (up 7.9%) and the Median Time to Sale (up 1.4%) have both increased - meaning the homes are taking longer to sell.
- The single family homes between $ 100,000 and $ 199,999 have the lowest median time to contract and days on listing. What is even more interesting is that this price range has the least amount of new inventory on the market. The most inventory we are seeing coming in on the market is the $ 250,000 - $ 350,000 price range - which ALSO has the highest Median Time to Contract (more inventory and less buyers in this pool).
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If you want to know what your home is worth - contact Jason Jakus or Eric Grainger for a no obligation Comparative Market Analysis and Broker Price Opinion.
Jason Jakus - www.JakusRealtyTeam.com - 239-931-9778
Eric Grainger - www.EricGraingerPA.com - 239-494-0775