There’s no question that market characteristics have changed over the past 12 months. However, we have to look at the context to understand what those changes really mean. The pandemic-driven market was unprecedented, and it acts like a “bubble” when comparing historical trends.
Through March, closed sales were down 8.6% from the preceding 12 months, while new listings were up 9.7%. Some might view the surge of new listings entering the market as unusual, however we’re coming off a 12-month period which represented a 10-year low in new listings. Listings are only up when compared to the “pandemic timeframe” when the pace of new listings was historically slow.
Although sales have slowed, our overall market remains in balance with 7 months of supply. It’s important to remember that the relationship between supply and demand is what gives us the clearest insight into the status of the real estate market. Sellers should keep in mind that buyers now have more options than they’ve had in the past few years and aren’t likely to make an offer on a home that’s not properly priced. That being said, a well-presented home that’s priced for today’s market will attract offers. Buyers should consider this when identifying one of these homes, as they may not be the only buyers to have realized the opportunity.
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! Should you have any questions regarding the market report or real estate in general, please don’t hesitate to reach out!
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