New real estate listings rose 14.8% in August and are up 11% year to date. New pending sales were down 3.4% in August and up 4.4% year to date. Percentages can be misleading though, so let’s dive deeper into the numbers.
New Real Estate Listings Rose 14.8% in August
New listings in August totaled 1,423. This was up from 1,240 last year. In August 1,226 properties went pending. This means 203 more properties came on the market than went pending. The total inventory of active listings regardless of how long they’ve been on the market rose to 5,307. This is a 13.7% increase over last year, although it’s practically the same as the month previous.
Our month’s supply of inventory rose to 4.9 months in August. This is the exact same as July, however it is an 11.4% increase over last year currently.
So, what do these numbers tell us? Statistically we still have a seller’s market. Anything less than 5.5 months supply of inventory is considered a seller’s market. Median prices rose 4.6% over last year while average sales prices rose 2.3%. Prices are rising, although the rate of rise is leveling off.
Nationwide the Case-Schiller Index was just released for July and it showed nationwide home prices rose 6%, which was smaller than previous gains. They speculate rising interest rates are beginning to tap the brakes on how much and how fast home prices can appreciate.
Home sales slid .7% nationwide in July. Lee County home sales were up 9.1% back in July, and up 10.3% in August. While we’re all affected by rising interest rates, SW Florida might be a little insulated because we didn’t participate in the price run-ups the past few years like others did. Our prices were flatter the past few years, and only recently have begun to rise substantially.
Going forward, buyers and sellers will need to do more research. Sellers looking for top dollar will need to interview agents in search of the best marketing plan. Anyone can sell a home in a rising market. Some Realtor’s say price sells homes. While we won’t argue with that, marketing does too. And that’s where some Realtors disagree.
Advertising costs money and that eats into margins. Some agents can’t afford to market homes properly, so they don’t. They rely on the MLS and other agents to sell their listings. As inventory begins to grow, the need for marketing increases.
You’ve got to find a way to make your client’s home stand out. As inventory rises, their home is just another in a long list of homes on the market. What makes it stand out? Once you determine that, you must tell the world.
An agent can’t rely on MLS and real estate portals to do that. They are nothing more than a directory listing of homes on the market. Imagine searching through your neighborhood directory wonder which neighbor has the best home. A directory won’t tell you that. The MLS won’t sell your home, and neither will real estate portals. If you’re thinking of selling, you should call the Ellis Team at Keller Williams Realty. 239-489-4042 Ext 4. We’ll show you how advertising makes all the difference.
Buyers today are doing more research too. As inventory rises, they have more to choose from, and more to learn. Buyers must be careful though, because although total listings are up, they may not be in your price range or the neighborhood you’re looking for.
A good agent can help you sort through the maze of homes and educate you on the process. Buying or selling a home isn’t simple. You may not realize it until you run into trouble, and then it can be costly. Always call a professional.
To get an idea of what your home is worth, you can at www.SWFLhomevalues.com It’s free and easy, and it’s pretty darn accurate most times. For a more detailed analysis, call Brett or Sande Ellis and we’ll come view your home and show you what we can sell it for, and how much money you’ll end up with in your pocket at closing.
Call us if you need us 239-489-4042 Ext 4 and Happy Selling!