Welcome to the New Year. Let’s look at some things we’re watching this New Year in our January 2018 Southwest Florida real estate market update.
Many agents we talk to are focusing on the fact that sales are down 12.4% in November. Others notice that total dollar volume was down 10.5% in November. Those are two data points we also look to gauge the overall health of the market, but it must be done in context.
January 2018 Southwest Florida Real Estate Market Update
We’re choosing to look at other data points right now and we’ll explain why. New pending sales are up 8.1%. That bodes well for closed sales heading into season. New listings rose 9.8% in November over last year. One could argue that sales have been riding even or ahead of last year, but down from 2016 levels is the fact that inventory has been low. We’ve had a low inventory market for the past few years. It is slightly rising now and that may be a good sign.
This gives home buyers more choices. It also signals home sellers that have failed to sell that it’s time to re-evaluate their price. If the market hasn’t responded to your price in 2017, it may not in 2018 either if inventory rises. A new year is always a good time to re-evaluate and make changes.
While new listings increased in November, total available inventory fell. Pending inventory increased which took out some available inventory. Declining dollar volume in November makes agents feel like the market has slowed, but it’s a now indicator. That now is a direct result of the hurricane. The future indicators tell us the market could be picking up steam. Therefore, it’s dangerous to evaluate the market by a sole month or single data points. They must be evaluated in their entirety, and even then, it’s difficult to predict the future with certainty.
We always tell people season begins to pickup around January 12-15th, and it builds from there. Very soon the 2018 season will come into focus. We see some good signs moving forward. As always, proper pricing matters.
Proper Pricing Critical For Home Sellers
No matter if it’s an up, down, or sideways market it’s critical to price your home to today’s standards. Overpricing will get you in trouble regardless of how you perceive the market. We do not have a runaway market to the upside. We do not have a falling market. The 2018 Southwest Florida real estate market is holding its own. We have buyers and sellers, and that’s a good thing. Buyers want to pay a fair price and sellers want to sell at a fair price.
As an agent, buyer, or seller, you can’t ask for anything better than that. The difference between success and failure could well be determined by the agent you select. Proper pricing and presentation to the market are critical. Not every agent has the same skills or background to properly present your home to the market.
A great website to check out prices in your neighborhood is www.LeeCountyOnline.com You can be alerted when new properties come on the market in your neighborhood. You can even get an online evaluation of your home for free.
Buyers love this website too because it is updated instantly directly from the MLS. It has all the properties, so you don’t miss out on new properties hitting the market or outdated data.
Always Call the Ellis Team
If you’re looking to buy or sell, you should call the Ellis Team at Keller Williams Realty 239-489-4042. We make sure our buyers and sellers understand the market. Buying and selling real estate is easy when you have a pro backed with data that can help you make the best decision for your family. It’s scary when you’re not confident you’re making the right choice. An experienced agent backed by years of research can really help. We’re not here to sell you anything. The Ellis Team is focused on accomplishing your goals.
Call us if we can help, or research yourself at www.LeeCountyOnline.com Good luck and happy New Year!