Happy September! Now that Labor Day Weekend is finally behind us, you can finally sit back, relax and focus on other things. If you’re thinking about putting your home on the market, you may also be wondering if now is a good time is to sell.
For this month, we wanted to talk about absorption rates. If you’re not familiar with the term, the absorption rate is the rate at which properties in particular community sell in a defined period of time. To get local absorption rates, we divide the number of monthly sales by the number of properties listed.
For example, if there are 100 properties for sale in Naples during the month of August and 15 of those homes were sold, the absorption rate would be 15/100, or 15%. Anything over 20% is considered to be high, and a “high absorption rate” indicates two important things. First, homes are selling fast. Second, homeowners are operating in a sellers’ market.
As of August 2019, home inventory levels in Bonita Springs, Estero, Cape Coral, Fort Myers and Naples, FL were as follows:
- Bonita Springs- The cumulative monthly house and condos sold in this community was recorded at 164. A total of 767 homes were on the market. The August 2019 absorption rate for Bonita Springs was recorded at 21.4%.
- Estero- The cumulative monthly house and condos sold in this community was recorded at 115. A total of 531 homes were on the market. The August 2019 absorption rate for Estero was recorded at 21.7%
- Cape Coral- The cumulative monthly house and condos sold in this community was recorded at 495. A total of 2,009 homes were on the market. The August 2019 absorption rate for Cape Coral was recorded at 24.6%.
- Fort Myers- The cumulative monthly house and condos sold in this community was recorded at 557. A total of 2,354 homes were on the market. The August 2019 absorption rate for Fort Myers was recorded at 23.6%.
- Naples- The cumulative monthly house and condos sold in this community was recorded at 812.5. A total of 4,844 homes were on the market. The August 2019 absorption rate for this community was recorded at 16.8%.
We also noted that during Q1, 2019, there were 636 fewer sales in these communities than what was recorded during Q1, 2018. Although the initial numbers were off, since March, we’ve caught back up. Currently, there are only 35 home sales that are off pace from January through July (20,375 total sales during Jan-July 2018, compared to 20,340 total sales during January-July 2019.
These numbers also don’t reflect new construction sales.
So, what does this mean? Well, if you’re thinking about selling your home this fall, data suggest now is a great time to do it.
Let our team help you achieve your residential real estate goals this fall and make it happen with the best possible outcome! Here is a handy list of unique sales tools we provide our buying and selling clients. Whether buying or selling, our tools are PROVEN to help you get the most from your transaction!
- Open House Search! The Paradise Luxury Group now has a website dedicated to showing you all open houses in the Southwest Florida area! No more driving around aimlessly – now you have a plan! Don’t forget to call your Paradise Luxury Group Agent to accompany you on your open house visits! Check out today’s open houses at https://paradiseluxurygroup.com/open-house-search/
- Detailed Market Analysis – Get active, pending, and all sold properties near your home or within your community within the past six months, as well as average sale price and the average days on market and more right HERE!
- New Streamlined Communications System – Our client resources and tools now reside on a dedicated server, making your experience faster and more convenient than ever! No other real estate team in Southwest Florida has the technical tools we have dedicated to serve you!
- Monthly Market Report. Let us present you with the most accurate data about your neighborhood including closed and active home sales. Visit: MarketReportSignUp.com
- Website Online Chat. Chat with our team in real-time to get your questions answered now!
- Elite Seller Feedback System – Take advantage of my sophisticated and exclusive system that provides valuable feedback from your showings via email, so you know what buyers are thinking.
- Interactive Home Illustration – Give buyers what they want to see with professional images and videos of your home!
- Superior Marketing Plan – Our marketing plan is unlike all others in this market! It will maximize exposure and get top dollar for your home.
- Updated Easy-to-read eMail Template – You’ll be able to review our messages and quickly access such as our featured listings, market reports, and quick links to various communities and all of our exclusive market tools!