While pulling data for the latest monthly supply of inventory we noticed some increases in buying activity in certain price ranges.  Today we thought we’d bring you the latest monthly supply numbers and answer what price ranges are hot in SW Florida real estate market.

What Price Ranges Are Hot in SW Florida Real Estate

The overall months’ supply of homes on the market today stands at 4.2 months.  5.5 months’ supply is considered a balanced market, so overall, we’re in a seller’s market.  However, as we all know, there are segments in the market and supply changes by price range.

Obviously by looking at the chart, anything $250k or under is the sweet spot for this market.  However, anything up to $400k isn’t too bad either.  So where did we see a pickup in home sales since we last published this report?

What Price Ranges Are Hot in SW Florida Real Estate?

We saw a nice gain in sales in the $200-250 range.  For the past 365 days there were 2,177 sales compared to a rolling 365 day count back in April of 2,059.  That’s a pickup of 118 sales in a 3-month period.  The overall market saw a pickup of just 6 homes.  There were almost 19,000 home sales in the last 365 days, so 6 homes is almost dead-even.

The $300-$399k range saw a pickup of 87 homes, and the $400-$599k range saw a pickup of 86 homes.  So, if the overall market only picked up 6 homes, there had to be some drops.  The $100-$149k range saw the largest drop of 160 homes followed by the $100k or less of 108 homes.  Now, this isn’t necessarily a bad thing.  It means these homes graduated to higher prices and there were fewer homes available in those ranges.  The market didn’t suffer because as those homes graduated, we saw an increase in home sales into the prices ranges they graduated into.

What does all this tell us?  It tells us the market is segmented and you have to know your numbers.  Pricing is still important as to how aggressive you choose to be.  When you’re stretching it, you must market the home well, and be prepared to adjust if the market doesn’t respond.

Nationally, homes sales slipped month over month.  Interest rates are creeping up.  Rents are high in Southwest Florida which motivates buyers to purchase, however rising rates crimp their ability to pay.  We love a seller’s market that is close to balanced.  There are winners and losers in every transaction.

Getting to Win-Win

Many times, there are two winners, the buyer and seller.  The loser is the buyer who missed out because they weren’t ready.  Getting pre-approved before you offer helps so much, especially in a multi-offer situation.  Having an experienced agent who can help make your offer look the best to the seller helps too.

Remember this.  The buyer and seller are not in competition with each other.  Buyers are in competition with all the other buyers out there competing for the same supply of homes.  The sellers are in competition with all the other sellers out there for the interested buyers.  When you find a home you like, don’t screw it up.  Go get it.

Sellers, when you find a buyer that works, don’t screw it up either.  The best homes go fast, and the best buyers go fast.  You must ask yourself, am I willing to lose this transaction, because the next may not be as appealing to me as this one?

It Takes a Pro

It takes a strong real estate professional who knows the market and knows the numbers to properly help you make that decision.  If you’re thinking of buying, selling, or both, always call the Ellis Team at Keller Williams Realty.  We’ve been doing this awhile, and we’ve seen a few things.  We can help make the difference for you!

Feel free to search the MLS, or find out what your homes is worth online for free at www.LeeCountyOnline.com  Or call us at 239-489-4042  We’re glad to help!

Ellis Team voted best real estate team in SW Florida News Press Readers Poll
Brett and Sande Ellis Voted Best Real Estate Team in SW Florida

Ellis Team Voted Best Real Estate Team in SW Florida by News Press Readers

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Did you know the average Realtor in Southwest Florida sells less than one home per year?  When you combine that fact with the fact that some realtors sell 25, 50, or 100+ homes per year you begin to realize that a large percentage of Realtors sell no homes at all. When looking at recent data I discovered Southwest Florida Realtors outnumber home listings, by a lot.

I called the Royal Palm Coast Realtor Association which is the largest board.  It services Fort Myers, Cape Coral, Estero, the Islands, etc.  They told me they have about 7,000 current members.  This doesn’t include all the members from Bonita/Estero or Sanibel/Captiva.  It does include some of them because some of them are secondary members.

Southwest Florida Realtors Outnumber Home Listings

So, we know there are 7,000+ Realtors in just one Realtor Board in  Southwest Florida.  Currently there are 5,364 single family home listings in Southwest Florida as of May 2017.  That breaks down to each Realtor having .76 listings.   When you factor in that many top agents who sell a lot of property have 10-20 or more listings, you realize a lot of Realtors have no listings.

You might be saying, what about condos and townhomes?  Good point. There were 3,417 of those on the market in May.  You’re still looking at a lot of Realtors with no listings.

To sum it up, the average Realtor sells less than 1 home per year and many sell none.  The average Realtor doesn’t have a listing, or 1 at best.  So how is a Realtor supposed to gain experience?

A Realtor might consider joining an established team with a mentor, leads, and listings.  You can only gain experience by working on deals.  You will make mistakes, and those mistakes will cost your customer a closing, time, or money, and sometimes all three.  By having a team that guides you through the process you can avoid making costly mistakes due to inexperience.

You also will want to join a company with a fantastic training program.  It is mandatory for success.  Lastly, you must have that drive, that indomitable spirit.  When people tell you that you can’t, you know you can.  You must be driven.  You are a leader, either today or in the making.  It is in you.

If you’re a seller, you want an established agent with lots of experience.  Sellers want agents who have seen everything, or enough to see problems coming before they arise and know how to avoid them or dig their way out of the problem to a successful resolution.  If you’re hiring a newer agent to sell your home you definitely want to know they have taken extensive training and have a mentor helping them always.  Your agent must have leads for your home.  They must have a database of buyers ready, willing, and able to buy soon.  Your agent must have marketing to sell your home.  If they have no marketing, how did they acquire all these ready, willing, and able leads?  Marketing and qualified leads go together.

Top Dollar

Experience matters!  If you want Top Dollar, you need a Realtor with leads, marketing, systems, drive, determination, honesty – to tell you the truth, and experience to put your deal together and keep it together.

If you’re thinking of selling, we’d love to talk to you.  Always call the Ellis team at Keller Williams Realty 239-489-4042  The Ellis Team was Voted Best Real Estate Team by News Press Readers.

Search the MLS for Free  You can also see what your home is worth and get neighborhood reports.  Best thing is database is updated every 5 minutes, and has all the homes.

Good luck and Happy House Selling/Buying!

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That’s correct.  Your eyes aren’t deceiving you.  Southwest Florida home prices rose $100,000 since 2013.  We could end the story right there, and it would be a beautiful story.  As you know, there’s always more to the story.

We really like where this market is right now.  We would say it is fully valued.  By that we do not mean it’s headed down.  Our market is balanced.  It’s not all the way back for some homes and for others perhaps it is.  We do not see signs of distress we saw back in late 2005 that caused us concern.

Inventory across the US is down.  Inventory in Southwest Florida went down in May to 5,369 homes.  This was down from 5,719 in April.  The number of closed homes is slightly lagging 2015 and 2016.  This is partly because of limited inventory and partly because home prices have risen so much.  Inventory was down the last few years as well, so we can’t attribute it to that.

Southwest Florida Home Prices Rose Home Prices May 2017

Lower prices means more people can afford to purchase.  Let’s look back since 2013.  As you can see by the graph, the median price of a home in January 2013 was $140,000.  In May 2013, it was $176,333.  Fast forward to 2017, in January, our median price was $227,000. That is a difference of $87,000.  The May 2017 median price was $237,500.  That is a difference of $61,167. Going back 4 years and 4 months the difference is $97,500.  Pretty close to $100k in the headline.

Southwest Florida Home Prices Rose

When we look at average prices we see January 2013 came in at $215,873.  May 2017 official numbers came in at $346,559.  This is a difference of $130,686. Maybe this isn’t fair since it’s not the same months. May 2013 average prices were $288,547.  May 2017 numbers were $58,012 higher.

Southwest Florida Home Prices Rose Homes Closed

Either way you look at it, our market has done very well since 2013.  We’ve had a good run, and there’s no reason to believe we won’t have a good market a year from now.  We may not see $100,000 price gains going forward, and that’s OK.  Our market should move in lock-step with the general economy.  As incomes rise, so should housing.  If incomes were to fall or the economy falter, it could put pressure on the housing market.

So far 2017 has been off to a great start.  The stock market has done well and housing has done well.  Consumer confidence is higher and mortgage rates have remained low.  People have money and equity they didn’t have 4 years ago, or even one year ago.  More Southwest Florida homeowners have recently gained positive equity, such that they could now sell if they wanted to.  This wasn’t always the case.

As people’s lives change so does their housing needs.  When kids go off to college parents don’t always need that large home.  Growing families can’t stay in that tiny first home they bought, and so begins the housing cycle. Southwest Florida also has baby boomers buying 2nd homes for vacation enjoyment.  We also get people retiring from Northern states.  As America changes, so too can the Southwest Florida real estate market.  We are affected by local, national, and even world events.

You can search the Southwest Florida real estate market like a pro at www.LeeCountyOnline.com  Our database has all the homes for sale and is updated every 5 minutes.  You won’t be bothered seeing homes that sold 8 years ago or missing new listings that just came to market.  In a low inventory market, it pays to use the best search site and ours definitely is the Best!

You can always call us too at 239-489-4042.  We’ll be happy to walk you through what it would take to buy or sell a home in SW Florida. Always call the Ellis Team at Keller Williams Realty!

This past week I had the chance to visit properties on Fort Myers Beach.  I’ve included a Fort Myers Beach Home Search for you here.  Here is a Fort Myers Beach Condo Search as well.

We previewed Grandview at Bay Beach.  We’ve created a special page for Grandview at Bay Beach for you here.

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Gladiolus Preserve 4 Bedroom Home

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South Pointe South Home

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