February 2024 Real Estate MARKET UPDATE

BY: D. MICHAEL BURKE & HUNTER D. HABIB

As we step into February 2024, it’s crucial to take stock of the current state of the real estate market in Southwest Florida. With a dynamic blend of data, trends, and external factors shaping the landscape, this analysis aims to provide a comprehensive overview for both buyers and sellers.

Market Overview:

As of February 1, 2024, Southwest Florida boasts a total of 16,078 active listings on the real estate market. This figure serves as a pivotal point for potential investors and homeowners, illustrating the range of options available.

Price Movements:

In the last seven days, the market has witnessed 1,876 price decreases, indicating a degree of flexibility in the pricing strategy among sellers. This trend could potentially create opportunities for savvy buyers looking for favorable deals in this market.

Inventory Insights:

One key metric to consider is the months’ supply of inventory. In Lee County, the supply has increased to 6 months, while Collier County has experienced a slightly higher increase, reaching 6.5 months. This shift implies a market that could be moving towards a more balanced state, offering both buyers and sellers a more stable ground for transactions.

Days on the Market:

Despite fluctuations in other areas, the average days on the market have remained relatively stable. Lee County stands at 65 days, while Collier County averages 63 days. This consistency indicates a resilient market where properties are moving at a steady pace.

External Factors:

It’s essential to consider external elements influencing the real estate market. Southwest Florida International Airport, a vital player in the region’s connectivity, recently achieved a significant milestone. In its 41-year history, the airport recorded its best December for passenger traffic. A staggering 1,094,783 passengers traveled through the south Fort Myers airport, marking a remarkable 27% increase from December 2022. This data, provided by Lee County Port Authority, signifies not only the region’s appeal but also its potential for growth and economic vibrancy.

Overall Thoughts:

The current state of the real estate market in Southwest Florida paints a picture of resilience and adaptability. With a diverse range of listings, fluctuating prices, and a balanced inventory, both buyers and sellers can navigate this market with a sense of informed confidence. The positive growth in passenger traffic at Southwest Florida International Airport further underlines the region’s attractiveness, hinting at a promising future for the real estate landscape in the coming months.