November 2022 Market Update

By D. Michael Burke

It’s been a little over a month since Hurricane Ian first made landfall in Southwest Florida, but the effects of the storm are still reverberating throughout the market. For example, back in September, the number of active listings on the MLS topped 7,500, but today, that number has dwindled down to 6,672.

However, while we see a slight drop in active listings, it’s worth noting that historical data shows closed sales tend to rebound within 1-3 months after a major storm hits.

In the year before Hurricane Katrina (2005), home price appreciation was recorded at 7.6%, only to jump to 14.1%, 12 months after the storm. A similar trend was seen after Hurricane Harvey in 2017. A year before the storm, home price appreciation was recorded at 2.5%, against 4.9% 12 months later.

Also, of note is that the Florida REALTORS analysis of the past 9 major hurricanes (classified as a category 3 or higher) to strike Florida found that afterward, although closed sales fell temporarily, there were no statewide impacts to the median sales price.

If you’re thinking about listing your home and you have questions about the current state of the market, we’re here for you. We are in this together and if you have a need please reach out to your local experts.

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