November 2023 MARKET UPDATE

Months’ Supply of Inventory: 4.7 Months

The real estate market is intricately tied to the delicate balance of supply and demand. Understanding these dynamics is crucial for both buyers and sellers. In Southwest Florida, the monthly supply of inventory in both Lee and Collier counties currently stands at 4.7 months. A month’s supply of inventory at 4.7 months means that, theoretically, it would take 4.7 months to sell all the homes currently on the market if no new listings were added. This balance suggests that buyers have options, and sellers need to be competitive in pricing and presentation to attract buyers.

Average Days on the Market: 55-60 Days

Another key indicator of the real estate market’s health is the average number of days on the market. Since May 2022, we have observed a steady increase in the time it takes to sell a home. Currently, in Lee County, the average days on the market is 55 days, while in Collier County, it’s 60 days. This trend suggests that buyers might be taking a bit more time to make their decisions, and sellers should be prepared for a slightly longer selling process. The increase in average days on the market could be attributed to various factors, such as shifting buyer preferences, changes in mortgage rates, or economic uncertainties. Sellers should consider setting realistic expectations and pricing their properties competitively.

Median Home Prices: Flat

In terms of median home prices, Southwest Florida has seen relatively flat or even slightly downward trends. This is an essential consideration for both buyers and sellers. While it may be a more favorable environment for buyers due to potential pricing stability, sellers might need to be strategic in their pricing strategies to attract offers.

Overall Thoughts:

The real estate market in Southwest Florida is in a balanced state with 4.7 months’ supply of inventory, indicating a market that neither heavily favors buyers nor sellers. However, the increase in the average days on the market and the relatively flat or declining median home prices in the region indicate that the market is evolving. Buyers have more options and potentially more time to make decisions, while sellers need to adapt to these changing conditions. Staying informed about these supply and demand dynamics is crucial for making sound real estate decisions in Southwest Florida. Whether you are a buyer or a seller, understanding these market trends will help you navigate the local real estate landscape effectively.

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.