May 2023 Market UpdateBy: D. Michael Burke & Hunter D. Habib As we move into … Continue reading...
Happy post 4th of July everyone. And while it’s still a bit hard to believe we’re now a week into the 7th month of the year, we did want to note that if you’ve been thinking about selling your home in 2022, you still have a few months left to get it listed.
You should also know that while there have been some news reports about the real estate market slowing down, we’re not so much seeing that in our area.
For example, data from May shows that in Collier County, the average sale price for single-family homes was recorded at $1,468,666, which is a 20% increase from levels seen a year ago. Additionally, the average sale prices for townhomes and condos in that county were recorded at $764,701, which is up an astonishing 37% from the same reporting period in 2021.
A similar situation is being seen in Lee County. Also in the month of May, the average sale price for single-family homes was recorded at $607,54, which reflects a 21% jump, year-over-year. The average sale prices for townhouses and condos were also up by 30% year-over-year, to $413,844.
For-sale inventory levels for townhouses and condos are both down by approximately 41.5% since May 2021. However, although active inventory for single-family homes is up slightly (at +2.7% for Lee County and +3.1% in Collier County, still-rising sales prices indicate that interest is still outpacing demand.
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, once again, is a resounding “yes.”
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