Official numbers were released for March single family home sales and it’s no surprise that March SW Florida closed sales fall as prices rise slightly.

March SW Florida Closed Sales Fall as Prices Rise Slightly Home Prices

Home sales were down 13.2% in March while median home prices were up 4.2%.  This could have been worse except for the fact that numbers last year were revised down.  As you can see from the attached sales prices chart we’ve been bouncing around close to a recent high which was set in January.  Each year median prices tend to top out in April so we’ll be watching next month’s numbers to see what the trend is for the balance of 2016.

March SW Florida Closed Sales Fall as Prices Rise Slightly

Closed home sales tend to top out in March/April or May so we’ll be watching closed sales over the next few months to see how that trend scores as well.

Active inventory has risen 8.4% over last year at a time when closed sales are falling which has led to an increase in months supply of inventory, which is up to 5.4 months, up from 5.1 months last year.

All in all we have a fairly stable market.  Sellers have gotten used to the new normal for the most part.  It’s been the hardest on sellers who listed last Fall as they were expecting prices to continue rising.  Sellers listing today look at the facts and realize prices aren’t rising like they were.

Buyers are under tremendous pressure and it’s going to get much worse.  Prices have risen, but so have rents.  In fact, you could argue rents have risen at a faster rate than prices have.  What have saved home buyers are ridiculously low interest rates.  Low rates have contributed to affordability.  Rising prices lowers affordability as does rising rates.  If you have both, you’ve got real problems for buyers.  Rising home affordability only pushes rents higher too as landlords know buyers can’t afford homes.

Really, now is the time to make the move.  Whether you’re considering replacing your current home or buying your 1st home, now is the time as rates are low.  You’ve still got affordability on your side, but not for long.

Ellis Team Moves to Keller Williams

Speaking of moving, in case you haven’t heard, the Ellis Team has moved to Keller Williams after nearly 30 years with RE/MAX.  Our team, phone numbers, and websites all stay the same.  Simply go to to search the MLS, view market reports, or find out what your home is worth.  You can always call us at 239-489-4042.

Our team is growing.  We now have new opportunities to grow with our team we didn’t have before.  The future has never been brighter.  If you’ve got a property to sell, you should definitely give us a call.  We’re experts at selling homes in any kind of market, and we’ve got a good market right now.  Just because it isn’t appreciating at double digits doesn’t mean it’s not good.  That kind of market is unsustainable and invariably runs out of gas.

I’ll take a steady slow growth kind of market any day.  It’s what we used to have back in the 80’s and 90’s.

Always Call the Ellis Team 239-489-4042, we’ll handle you with care.


Good luck and Happy House Hunting!

Ellis Team Google+ Page

Check us out on Facebook

Comments are closed.