When shopping for your next home, it is important to understand the most recent market trends in Southwest Florida. In November, the market experienced another month of strong housing growth and John R. Wood Properties continues to lead the Southwest Florida market in closed dollar volume and closed units.
After listing inventory posted modest growth in late spring and over the summer months, the number of listings on the market has declined somewhat due to a slower than usual pace of listings entering the market in October and November. The fall and early winter months are typically the slowest for new listings, and the rate at which listings enter the market for those months tends to vary from year to year. Although there’s little doubt that low standing inventory has constrained sales to some degree, closed sales for October and November were still up 33% compared to pre-pandemic levels. The busiest months for new listings are January through March and, if history is any indication, an increase in new listings over the next few months will fuel the market by further satisfying continued exceptionally strong demand. CLICK HERE to view full report.
Closed sales for the 12-month period ending November 30 were up 30% from the preceding 12-months, from 30,675 to 39,641. Year-to-date, closed sales posted a 28% increase over the same period last year. Sales for the month of November, although down 18% from the unprecedented surge we experienced last year, were up 37% when compared to pre-pandemic levels of the three preceding years.
Listing Inventory / New Listings
With 2,229 properties on the market as of November 30, listing inventory has decreased somewhat since a modest increase that occurred over the summer. New listings for the 12-month period ending November 30 were down 4% from the preceding 12 months, from 38,145 to 36,554. For the month of November, new listings were down 13% from last year, and down 33% from the average of the three preceding years.
Average Selling Price
The average selling price for the 12-months through November 30 was $630,814, up 25% from the preceding 12-month period when the average selling price was $502,766.
If you are looking to buy or sell next year, it is critical to have a professional with experience in the luxury real estate market. I have been listing and selling properties in Naples, Bonita Springs, and Estero Fl for 21 years and love to introduce my clients to the unrivaled amenities and vibrant lifestyle of Southwest Florida. I will make the entire experience effortless and enjoyable for you, from start to finish. Call me today for assistance with all your real estate needs.