National Real Estate numbers
Local Real Estate Stats and Market Data for SW Florida
– July 2019 data
Median Sale Price:
Locally, the median sale price for single family homes decreased about 3.7% from the previous month to $255,000. but represents an increase of 2% from the same time a year ago. The median sales price for condos and town homes decreased from last month 5% to $190,000. This reflects an overall decrease of 5% from the same time last year, but is up 1% year-to-date.
For the most part, median sales price has been “flat” for the past 6 months, and up only slightly from a year ago.
Inventory of homes:
Housing inventory for single family home increased 5.5%, and condos/town home inventory is about the same over the same time last year. This represents a 5.2 months supply of inventory for single family dwellings and 5.8 months supply for condos/town homes. Experts typically equate an inventory level of about 6.0 months or more to a buyers market;and less than 5.0 months to a sellers market. Average days on market are 71 days for single family homes and 75 days for condos and town homes.
A great month of May has given us a fairly flat number of sales year-to-date. Given this, the number of single family homes on the market has continued to increasing, but the condo inventory has leveled off. Both higher inventory levels as well as the continued levels of new construction has kept median sales prices flat and will continue to do so in the near future.
Prices points of over 300k are clearly in a buyer’s market in both condos and single family homes. Price points of under 300k are still a balanced market for single family homes, but a buyer’s market for condos. In many price points and communities, appreciation has slowed or stopped. This may be the perfect time to sell being at the “peak” of the cycle. One must be cautious not to over-price their home.
Interest rates remain very low and gives the average buyer continued buying power.
Single Family Stats:
Condo/Town Home Stats: