SW Florida home sellers took a big sigh of relief as January home prices leveled off as we predicted. Lee County single family median home prices rose by .1% in January from last year to $400,000, up from $399,500. Average single family home prices rose by 2% to $611,708, up from $599,658 last year.
Ellis Team Current Market Index Predicted Leveling Off
The Ellis Team Current Market Index predicted a leveling off in home prices, Our latest reading stands at 3.78 and can be found at https://www.topagent.com/current-market-index/ The index tells us there is less downward pricing pressure on sellers. We’ve recommended buyers in the past few months now is the time to purchase if they’ve been on the fence because they are losing negotiating leverage. We are heading into a balanced market, and the low offers and incentives sellers were forced to accept are over. Sellers in SW Florida had their day, and so did buyers. We are at or very close to that balanced market.
January Home Prices Leveled
As January home prices leveled off, a few other things happened in January. Closed sales were 15.4% higher than last year. New pending sales were up 33.9% from last January. And inventory declined 1% to 9,344. Officially we have a 7.9-month supply of homes on the market, which would still suggest a buyer’s market. We have been tracking smaller numbers in our MLS, closer to the 6-month supply number. For instance, Fort Myers has a 6.01-month supply of homes in January. Cape Coral has a 6.16 months supply of homes on the market presently.
Why the Difference?
The official numbers use data from multiple MLS systems. It’s possible for outside brokers to list properties here in Lee County and place them in an outside MLS. Those listings are invisible to many brokers in Lee County because the Florida Gulf Coast MLS is the primary MLS in Lee County. The Ellis Team has access to the other MLS’s and can list seller’s homes in multiple MLS, but many brokers cannot. The real risk is listing with someone who lists in an outside MLS but does not list it in the primary MLS here.
Dangerous Time
When market transition it becomes a dangerous market for uninformed buyers and sellers. Most consumers negotiate based on the market we are from rather than the market we are in. This is because consumers don’t have access to the data. Real estate agents know if they are busy, but they don’t always have the time or expertise to dive deep into the numbers, so they can miss a transition. Eventually everyone figures it out, but the smart buyers and sellers act sooner, beating the market by weeks or months. The real estate market isn’t as efficient as the stock market. You cannot look up on the big board and see how every property is changing in value hourly or minute by minute. Official data comes out slowly and is behind by weeks. It pays to study the market, and the submarkets. Each neighborhood can behave differently and buck a trend.
If you’re considering selling your home in Lee County, call the Ellis Team at Keller Williams. We are the real estate authority on data and market analysis. You can reach Sande Ellis and Brett Ellis at 239-489-4042, or visit www.SWFLHomevalues.com to get an instant Free online estimate.
If you’re a buyer, we have specialists who can help you make a good decision for your family and beat other buyers to Hot New Listings. Good luck, and Happy Selling!
Always Call the Ellis Team, we’re here to help!
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Seeing a 15.4% increase in closed sales and 33.9% jump in pending sales is pretty impressive, especially with a slight drop in inventory. These trends might suggest we’re heading into a much more competitive market in the near future, especially with the lower supply in Fort Myers and Cape Coral.
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