October 2023 MARKET UPDATEBY: D. MICHAEL BURKE & HUNTER D. HABIB Florida has … Continue reading...
Greetings and salutations! For this month, we wanted to talk about something new that we’re seeing in the market: it appears as if we’ve surpassed the peak of the market bell curve.
For example, data from June shows that in Collier County, the average sale prices for single-family homes was recorded at $1,437,972, against an average sale price of $1,468,666, in May. Looking to Lee County sales in June, the average sale price for single-family homes was recorded at $604,184, against $607,554, in May.
What’s interesting, however, is that we’re seeing a different trend for condos and townhomes. Also in June, the average sale prices for townhomes and condos in Collier County was recorded at $774,023, against an average sale price of $764,701, one month prior. The average sale prices for townhouses and condos in Lee County also increased month-over-month, from $413,844 in May, to $423,463 in June
Now that the market appears to have crested, we’re also starting to see a growing number of price reductions. In the last week of July, we saw 745 new listings added to the MLS, and 881 price reductions. (We’re also seeing a lot of people who went fishing for a high price, who are now waking their properties off of the market after their sought-after price failed to attract buyers.)
The bottom line is this- if you’re wondering if it’s still a good time to put your home on the market, the answer is still yes. Sales prices are still up substantially year-over-year—and if you bought when prices were lower, you still stand to make a very good profit.
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