As we shift from the 2020-2022 surge we look through the historical lens at the pre-peak years of 2017-2019 for longer term trends in our market. While January’s closed sales tracked below historical levels, sales for February posted an uptick and, although down somewhat from 2023, were just 2% short of the pace of sales for the February average over the three years preceding the 2020 through 2022 surge. New listings for February followed a similar pattern; however, they tracked 7% slower than those pre-peak years. Reviewing the numbers in 12-month increments also tells a story of sales returning to a pace more consistent with longer term pre-peak trends, with the pace of new listings taking longer to resume to their previous pace after their slowdown in recent years. For the 12-month period ending February 29, closed sales were down 3% from the 2017-2019 average, while new listings were down 10%. As one would expect, listing inventory has increased as sales have slowed from their peak-pace; however, the relatively slow pace of new listings has prevented an oversupply of available properties. As of February 29, months of supply was 6.79. In Southwest Florida, six to twelve months signifies balance between supply and demand. After the 12-month rolling average sales price posted steady monthly increases from 2020 through 2022, this metric has been stable over the past year with little to no month-over-month variance.
Anytime a market undergoes a shift, it becomes especially critical to gain insight onto how different market segments are faring compared to the market-at-large. A good place to start is with the Neighborhood Snapshots in our monthly market report. Here, supply and demand can be compared across different communities at varying price-points. While many communities are balanced, with some even still experiencing sellers’ market conditions, others are posting 12 months or more of supply, indicating a likely oversupply of listings. It is in areas such as these where sellers need to pay especially close attention to pricing, and possibly adjust downward from previous expectations that may not be in line with current localized market dynamics. Assessing market conditions and advising consumers accordingly on strategies to create success is one of many areas where the skills and expertise of a local real estate professional are critical to achieving the best possible outcome.
Through February, 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! Sustained success at this level doesn’t come by chance. It comes as a result of achieving success for consumers, and the company’s #1 ranking is a direct reflection of John R. Wood Christie’s International agents bringing success to more buyers and sellers than any other brokerage in Southwest Florida.
For more detailed information, please click on the link below to view the detailed market report listed. Should you have any questions, please don't hesitate to ask!