SW FL Home Prices up 20%
The average selling price for the 12 months leading up to March 31, 2023, was $801,702, up 20% from the previous 12-month period when the average selling price was $670,142. In the 12 months leading up to March 31, 2023, closed sales decreased by 30% from the previous year, dropping from 36,886 to 25,837. Meanwhile, in March, 2,644 sales were recorded, marking a 20% decline compared to March of 2022. Nevertheless, closed sales in March were consistent with pre-pandemic levels.
As of March 31, 2023, there were 7,322 properties listed for sale, a 193% increase from one year prior and an 8% increase from the previous month. New listings for the 12-month period ending March 31, 2023, decreased by 3% from the preceding 12 months, from 36,089 to 35,112. However, new listings for March saw a 4% increase from the same period in 2022, but fell 7% short of pre-pandemic levels. The supply of properties available as of March 31, 2023, was 3.40 months, a 319% increase from March 2022, when supply was at .81 months, and up from February’s 3.07 months of supply.
The average selling price for the 12 months leading up to March 31, 2023, was $801,702, up 20% from the previous 12-month period when the average selling price was $670,142.
Year-to-date figures show that closed sales in Southwest Florida are slightly up compared to pre-pandemic trends, although they have decreased from the peak of the market. Monthly sales have been variable compared to pre-pandemic levels, with January down 2%, February up 5%, and March unchanged. However, the pace of sales for each of these months was better than the second half of 2022, when monthly sales were 8% to 19% below pre-pandemic levels. New listings have been slow to enter the market for 12 of the past 15 months, with March’s new listings showing a 4% decline from the previous year and a 7% decline from pre-pandemic levels. These declines are modest compared to the last five months of 2022 when monthly new listings were between 14% and 49% below pre-pandemic levels. Overall, new listings and closed sales are currently trending closer to normal than in the second half of 2022, which is a positive trend. Inventory is slowly increasing, offering buyers more options but not yet indicating an oversupply. It’s important to remember that market conditions vary by location, so buyers and sellers should consult their Realtor® to assess their local market.
