Closed sales for the 12-month period ending April 30, 2023 were down 29% from the preceding 12 months, from 35,507 to 25,036. The 2,460 sales posted for the month of April were down 26% when compared to April of 2022, and down 12% compared to per-pandemic levels.
Listing Inventory / New Listings
As of April 30, 7,573 properties were available, up almost threefold from the year prior and up 3% from the prior month. New listings for the 12-month period ending April 30 were down 5% from the preceding 12 months, from 36,210 to 34,526. For the month of April, new listings were down 16% from the same period in 2022, and down 15% from the pre-pandemic pace. 3.63 months of supply was posted as of April 30, up 315% from April 2022 when month of supply was an unusually low .88 months.
Average Selling Price
The average selling price for the 12-month period through April 30 was $796,053, up 15% from the preceding 12-month period when the average selling price was $689,285.
With year-to-date closed sales posting close to the pre-pandemic pace, and with new listings down by a notable 20% from the time, sharp growth of available listing inventory has been kept at bay as the market continues to normalize. As a result, months of supply, a barometer measuring the relationship between supply and demand, is still low, posting 3.63 months as of April 30. This, in turn, has largely prevented any measurable overall downturn in the average sales price. However, sellers should remember that, although it remains a very good time to sell, in most cases it’s no longer a market where a seller can list at a price above recent closed sales and expect to easily achieve it. Although Inventory levels are still slowly working their way back up to normal levels, buyers currently have more options than at any time in the past two and a half years, taking away the pressure they experienced at the height of the market when competitive bids were the norm and homes, on average, were selling at and above list price. For April, closed sales averaged 97% of list price, a number that has changed little over the past 10 months and is consistent with pre-pandemic trends. Overall, the Southwest Florida market continues to fare well after the slowdown from the unprecedented surge of buying activity that occurred well into last year.
John R. Wood Christie’s International agents continue to outpace the competition and the market! Year-to-date through April, John R. Wood Christie’s International Real Estate continues to hold the first-place position for closed sales volume and transactions in Southwest Florida!*
*Broker ranking according to SWFLA MLS for residential improved property excluding manufactured in Lee and Collier Counties.