We have fresh residential SW Florida residential inventory supply numbers to report for April 2023. The overall single family inventory supply stands at 3.03 months, up from 2.81 months in February.
Each week we evaluate inventory supply numbers, and we’ve reported how they have been going up since last year. For instance, on April 12th of 2022 Lee County had 1,337 single family homes on the market. In 2023 we have 3,740. That is a 179.73% increase in inventory in one year.
SW Florida Residential Inventory Supply Gains by Price Range
We like to break it down by price range. Where we see the most inventory gains are in the higher price ranges. The $400-$600k price range increased from 2.82 months in February to 3.38 months currently. Even more gains can be seen in the $600k-$1 million price range which increased from 3.27 months in February to 4.20 months now. That is almost a one-month gain in inventory.
The $1 million + market did gain a full month in inventory going from 5.35 months in February to 6.35 months now. The $200k-$300k markets lost inventory in the past two months, while the $100k-$200k markets gained slightly.
Rising inventory underscores the need to do two things to achieve success when selling. A home should be properly priced to attract all the buyers for a home, and it should be marketed to all those potential buyers. Let me explain further.
When a home is overpriced, it is not reaching the true buyers for that home. The home attracts higher priced buyers whom after investigating the home are disappointed because the home does not measure up to other similarly priced homes they are looking at. The higher priced buyers balk at the home and make offers on other homes that offer more of what they are looking for.
The true buyer for the home never sees the home because it isn’t on their radar. It is over their price range, so they do not even see the home on their search. It might as well be invisible.
TV Guide
Think of it like a TV Guide. You can choose to see all channels, or just the ones you are subscribed to. Let’s say Comcast or DirectTv offer 1,200 channels but you subscribe to 140. Most people don’t want to waste time searching through channels they can never watch. It is not only frustrating but time consuming to do over and over every time you want to see something. The same is true when searching for homes. It is frustrating to see homes you can never afford when you are seriously looking to purchase. The serious buyers do not want to waste their time. The casual lookers don’t mind wasting their time, or yours. They aren’t going to buy anyway, they’re just looking to see what’s out there killing time.
Market to Every Buyer
Secondly, once you’ve identified true buyers for your home, you must market to them. Fortunately, our company has developed a new form of marketing that leverages online technology to identify the best potential buyers for any home in America in just 72 hours. Once we’ve identified the best buyers for your home, we can create a competitive environment which validates your home’s desirability. Identifying buyers quickly keeps your home from sitting on the market for months causing buyers to think it’s overpriced.
Sell in 8 Days
Sellers love the program because we can sell most homes in 8 days or less. It’s no fun having your home on the market for months, keeping your home clean everyday for showings, and reducing your price while your neighbors sell their home. Our program sells homes for thousands more than the traditional way of selling, and it’s fast. To learn more, simply call 239-444-8150 or visit www.MyHomeSoldin8Days.com