Recapping the 2020 SWFL Real Estate Market

Happy New Year! We hope that everyone had a safe and happy holiday season. Now that the calendar page has finally turned, I think it’s safe to say we’re all happy that 2020 is finally behind us.

Speaking from a real estate perspective, 2020 was an interesting year—because while many sectors of the economy experienced hardship, the local real estate market forged ahead at full speed. The numbers speak for themselves.

For example, last year, closed sales for Southwest Florida were recorded at 37,993, against 33,490 in 2019. That’s a 13.44% increase, year-over-year, despite the pandemic (and the most active hurricane season, ever, in Florida history.)

Shifting to the luxury home market, for the year 2020, there were 2,767 homes sold valued at $1M+, against 1,788 in 2019. That’s a 54.75% year-over-year increase!

And while sales are up year-over-year, inventory has taken a nosedive. As of Dec. 30, 2020, there were 7,862 active listings in the local market, against 23,660 active listings in January 2019.

The bottom line is this- if you’re planning on buying in 2021- you need to have a pre-approval in hand and you need be prepared to make an offer. The market is competitive and most (if not all) listings are receiving multiple offers. On the other hand, if you’re thinking about selling but you have yet to get off the sidelines, now is the time to do it. You’ll want to get in while the market is still hot!

If you’re looking to buy or sell a home, our team is here to help you achieve your residential real estate goals. Whether buying or selling, our tools are PROVEN to help you get the most from your transaction!