Over the past few months, home inventory levels across Southwest Florida have been lower than usual. Typically around this time of year we have roughly 9-11 months worth of inventory on the market. This year, however, we’ve been bouncing between just 7 and 8 months worth.
Normally this means that the number of transactions will also decrease accordingly, until more inventory comes on the market again. The opposite is happening, though. While our current inventory levels are lower than this time last year, sales are actually higher. In October of 2018, there were 13,055 active listings across Southwest Florida. This October, that number shrunk to 11,988. Inversely, the number of sales this October was 1,527, while October of 2018 saw just 1,425.
In September of this year, Southwest Florida sellers broke a 3-year record by netting (on average) 96.5% of asking price– a whole half-percent higher than previous years. That number continued to move North in October, reaching a new record high of 96.7%!
We all know that when demand rises and inventory falls, prices go up. We’re expecting to see this same trend continue into season until the inventory levels begin to raise again. To see what your home could sell for in today’s market, check out our free, no obligation home value estimator below.
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Here’s your October, 2019 market breakdown by city:
Bonita Springs:
- Total sales: 125
- Average sale price: $445,678
- Median days on market: 45
- Percentage of cash transactions: 47%
Naples:
- Total sales: 725
- Average sale price: $513,253
- Median days on market: 74
- Percentage of cash transactions: 44%
Estero:
- Total sales: 115
- Average sale price: $311,960
- Median days on market: 69
- Percentage of cash transactions: 49%
Fort Myers:
- Total sales: 562
- Average sale price: $267,197
- Median days on market: 50
- Percentage of cash transactions: 38%
