Latest released data shows SW Florida 12-month housing prices hold steady. The data was sort of a mixed bag.
Median sales price is down $25,000 from $425,000 down to $400,000 this October. However, average sales price was up $16,068. The median sales price is down 5.9% over last year while the average sales price is up 3.0%.
We like to look at year over year data because there is some seasonality to our local SWFL home prices. The larger luxury homes tend to sell in season or just after. Luxury buyers tend to visit in season and put in offers in the first half of the year more so than the second half. Don’t mistake that you cannot sell a higher priced home in the second half, it’s just that there are more buyers here in the first half.
Uptick in Buyer Activity
Last week we wrote about how interest rates influence home sales and provided historical data. We are happy to report that recent mortgage rate decreases have led to some buyers getting off the fence. Rates trended down for 3 straight weeks before leveling off, and buyers took advantage. Total pending sales increased by 37 this past week, which is a good sign.
1 weeks’ worth of data doesn’t identify a trend, but it is something we will be watching. It is slightly significant because it reverses a trend of declining total pending sales.
Home Prices Down From Peak
Median home prices are down $70,000 from their peak in April 2022 when they were at $470,000. Average home prices are down $111,210 from their peak in May 2022. Keep in mind, both those peak months are seasonal closing months, so they are usually higher than the averages.
Selling Your Home Today
If you are selling your home today, you need up to the minute home statistics to make the best choices in marketing your home. One of the best indicators around is the Ellis Team Current Market Index. We no longer publish this publicly but it is available for Ellis Team clients. We can say that the Current Market Index has been rising since April 25th of 2023. This past week was the fourth week we’ve seen it take a pause in rising, only to begin rising again in subsequent weeks.
Current Market Index
We will be watching the Current Market Index to determine if and when a new trend begins, or if we have a continuation of the old trend. This is important because it tells us where housing prices will go. Like I said, if you are a seller, you would most definitely want to know what the future holds. If you knew prices were heading down, you’d want to get ahead of the market.
Back in 2006-2009 Ellis Team clients benefited because we were able to tell them what the market would do ahead of the market. Many thanked us for saving them thousands of dollars.
Ellis Team buyers benefit from this data too. It helps knowing what to offer. If you are a buyer, we suggest checking out www.LeeCountyOnline.com and searching the MLS like a pro. We have some advanced search features you won’t find anywhere else. Our team of buyer agents can help you setup your searches with advanced fields you won’t see. They can also assist you with neighborhood market reports and more.
If you have a property to sell, you can check out www.SWFLhomevalues.com It’s a great place to start and will give you a home value for Free, instantly. Of course, you can always call Brett or Sande Ellis 239-310-6500 to talk about your home, your situation, and go over the latest statistics and see how they affect you moving forward. We’d love to talk to you, even if you aren’t ready yet to make a move. Preparation is key to making the best decisions.
12-Month Housing Prices Hold Steady
While median prices are down from the peak, they have held steady the past few months. Aerage prices increased slightly last month, so we are seeing 12-month housing prices hold steady for now. we’ll keep an eye out in future months to see if this holds true going forward.
Good luck and Happy Selling!