Local home prices slipped 5.3% from last year, down to $395,000. Median home prices were $417,000 a year ago and were $400,000 last month. What has caused home prices to slip in SW Florida?

Inventory

Inventory is up 77% over last year. Official numbers show 8,054 single family homes on the market this year versus 4,545 last year. And this is after many sellers took their home off the market and rented them.

New Pending Sales

While this number dropped .5% from last year, it’s actually not as bad as it could have been. In fact, pending inventory right now is up. We’ll see if this holds, or if some of these deals fall out due to insurance or inspection concerns.

Interest Rates

Interest rates today are about 1% lower than they were a year ago. Additionally, many sellers have been paying for interest rate buydowns for the buyer which has helped home sales. With falling interest rates there is rising optimism buyers may be able to afford to get back into the home buying business and may become more motivated. Of course, this assumes they keep their jobs.

Months Supply of Inventory

Inventory supply has swelled to 7 months officially. We calculated it at 5.39 months, but our MLS does not have every single listing. Believe it or not, some sellers will list their home with Realtors from outside of the area and they use their own MLS. Sellers should ask which MLS their home will appear on and make that part of their contract, but that’s another story.

Interesting Trends

The Ellis Team is noticing some interesting trends developing in the resale market. Keep in mind, when official numbers are released, they are always a month behind, and it pays to know what is happening in the moment.  We’ll be watching these trends the next few weeks to see what impact they will have on the market.

Thinking of Selling?

If you’re thinking of selling your home, now would be the time to call Sande or Brett Ellis. We will share our inside market statistics, so you know before the public does what the market is doing and how best to react. Imagine having a month jump on the stock market? Would that affect your decision on the stocks you bought and sold, and the timing? You can have that same advantage In the real estate market.

Marketing

Having a jump on the market is beneficial, but so is hiring the best agent with the best marketing. Pricing your home correctly is important, but so is marketing. Any Realtor can list a home, but the great ones get your home sold for Top Dollar. Always call Brett or Sande Ellis 239-310-6500 to see how much we can get for your home. Just because local home prices slipped doen’t mean they’ll stay where they are. The market is always on the move.

Instant Online Price

Of course, you can also try our instant online pricing tool at www.SWFLhomevalues.com Our system will track your home’s value over time, even if you’re not ready to sell today. People love the tracking tools. While we have one of the best online tools out there, we still recommend validating the value with Sande Ellis or Brett Ellis if you’re considering selling. You wouldn’t want to leave money on the table based upon a computer valuation. Nor would you want to overprice it as well because the computers were wrong.

Experience

Due to recent industry changes, experience matters more than ever. Be sure to ask about commissions and how they are being handled, and which form the brokerage you choose is using. Unfortunately, many buyer agents are not fluent in the changes and need an experienced listing agent to help guide them. You can’t hire an inexperienced listing agent and expect to get over the finish line in this market.

Good luck, and Happy Selling! We’ll keep an eye on the market for you. Just call us when you’re ready!

Ellis Team Weekend Open Houses

Open House Saturday 9am – 3pm

914 SW 12th Terrace Cape Coral FL

Open House Sunday 12-3 PM

10813 Dennington Rd Fort Myers FL

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