May 2023 Market Update

As we move into the summer homebuying season and the fifth month of the year, many people are still inquiring about whether it’s a good time to sell their homes. Our answer to this question has remained consistent for the past two years – yes, it is a good time to sell.

This is primarily because housing prices continue to remain substantially higher than pre-pandemic levels, and there is still a strong interest among buyers. The current active inventory indicates that there are 9,492 active listings in the entire MLS, which is lower than the typical 15,000 listings before the pandemic.

For instance, in March 2023, the average sale price for single-family homes in Lee County was $583,341, which is comparable to the price range of a year ago. However, the average sale price for townhouses and condos has risen by 20% from last year, recording at $471,441.

Similarly, in Collier County, the average sale price for single-family homes has gone up to $1,468,187, representing a 7.1% increase from a year ago, whereas the average sale price for townhouses and condos has increased by 10% year-over-year, reaching $810,959.

If you’re considering putting your home up for sale and have any questions regarding the current state of the market, our team is always available to assist you. Our team of experienced professionals can help you achieve your residential real estate goals, whether you’re buying or selling. With our proven tools, you can be assured of getting the most out of your transaction.