January 2022 Market UpdateBy D. Michael BurkeHappy New Year! It’s almost hard to … Continue reading...
Happy December! It’s almost hard to believe that we’ve entered the final stretch for 2021.
Regardless of inventory challenges, the year 2021 has been a highly active year for residential sales in Southwest Florida, and for those who were thinking about making the move here, many finally got the push they needed to commit in 2021. Not only was there a strong influx of buyers coming in from the Midwest and Northeast, but there were also local buyers who upgraded to larger homes that could accommodate more people and provide more stay-at-home amenities, certainly a concept emphasized by the recent pandemic.
Additionally, many folks had major life or job changes, or found new jobs that allowed remote working, as well as the freedom to work from anywhere, which added to the increased interest in the local market. Incidentally, Florida currently ranks 5th on the list for fastest growing states in the U.S. with over 300,000 people moving to Florida in 2021 thus far. Bonita Springs is also 5th on the list for the fastest growing cities in Florida (strategistico.com). In comparing the local numbers to date from 2020 vs. 2021, it is clear that increased demand played a significant role in 2021.
As such, here is a recap of some notable aspects of the local real estate market.
Recent data from Florida Gulf Coast University (FGCU) indicates that single-family home building permits within our coastal counties rose by 19% and single-family home prices for all three coastal counties increased by 16-27% between October 2020 and October 2021. Also, notable is the number of active listings within the coastal counties has fallen by 63%, year-over-year. Suffice to say, if you’ve been on the fence about selling your home, you can see that market conditions are still in your favor.
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