As we cruise further into the summer months, let’s take a look at the local real estate market and how it performed in the month of July. When comparing July 2023 to July 2022, closed sales were down 13% and new listings were down 9%. In the 12 months period ending July 31, 2023, closed sales were down 26% and new listings were down 10% from the preceding 12 months. Months of supply, a metric which gauges the balance between supply and demand, was at 3.79 months as of July 31, and essentially unchanged from 3.80 months posted in June. In Southwest Florida, six to twelve months is generally considered a “healthy” balanced market, with fewer months being indicative of a seller’s market.
As most of us know, Covid created a very heavy seller’s market, peaking in February of 2022 when our area posted a mere .63 months of supply. Since that peak in the beginning of 2022, we have watched our local market begin to bounce back, ever so slightly, to more normal levels. Inventory is up 84% from July 2022 when supply was unusually low at 2.05 months. Although we didn’t necessarily see the inventory levels rise from June, we’re still noticing a positive uptick in the amount of new listings coming on and we project that amount to continue to grow over the coming months.
With the continued activity and growth that presents itself in the Southwest Florida area, sales prices have continued their year-over-year increases but at a much more modest level in comparison to the peak of buyer activity in 2021 and 2022.
For more detailed information and statistics, please click the market report link below. If you have any questions about your home or the market, please don’t hesitate to reach out!