SWFL Housing Market | Spring 2024
Late-winter through Spring is historically the busiest time of year in the SWFL Housing Market. Buyers from across the country are coming out of hibernation, ready to buy their warm slice of paradise in Southwest Florida.
Rising interest rates in 2023 cooled our market down, which, in-turn, added a lot of housing inventory. In fact, throughout 2023, our inventory levels rose by over 63 percent! This has many sellers and buyers asking us the following questions:
- Will this rising inventory trend continue?
- How has this affected prices?
- How long will my home take to sell?
Rather than toss opinions around, we’ll answer these questions with data and statistics from the Southwest Florida MLS.
Will this rising inventory trend continue?
The above graph measures ‘months of inventory,’ which is the easiest way to gauge overall for-sale inventory levels. ‘Months of inventory’ refers to how long it would take to sell-off all current homes on the market, at the current sales pace.
After an inventory increase through basically all of 2023, Spring buyers are beginning to put a dent in those higher levels. Year-to-date in 2024, we’ve gone from 11 months of inventory (typically considered a buyer’s market) back down to 7 months of inventory, which is a much more balanced market.
As we move further into spring, inventory levels will likely reduce a bit further before creeping back up as they do toward the end of every year. So far, SWFL inventory levels are showing a good rebound to the higher interest rates, which sets the SWFL housing market on a healthier and more manageable pace than previous years.
How has this affected prices?
The above graph measures the median sale price for all residential units across Southwest Florida. Aside from the usual summertime dip, sale prices have been practically unaffected by the rising interest rates and inventory levels of 2023.
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How long will my home take to sell?
The above graph shows the median number of days it takes from listing to closing. This number has gone up about 30 percent since March of 2023 from 73 days to the current 103 days. This will likely creep down a bit as we progress further into spring. This range indicates a very healthy market.
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