2014 was another banner year by all accounts. Year end sales numbers for SW Florida real estate market indicate a recovering market in 2014. This makes several years in a row of double-digit or near double-digit gains.
For the record the official numbers suggest a 8.6% increase in median single family home sale prices in 2014, up from $174,000 in 2013 to $189,000 this past year.
Year End Sales Numbers for SW Florida Real Estate Market
Average sale prices rose 8.1% to $283,529. Year end sales numbers for SW Florida real estate market are the median of the entire year and not necessarily the final December statistics. One month sales figures can be deceiving and seasonal, so we take the entire year.
Active inventory fell 12.6% for the year, with inventory currently at 5,394 compared to 6,169 last year. All year we’ve been telling readers we’re in a low inventory market. Inventory has been rising the past few months but we’re still down significantly from last year. Inventory always rises heading into season and typically peaks out in late January or sometime in February. It’s hard to keep inventory when the sales begin popping in season.
Each year we tell our sellers sales can be quiet up until about Jan 15-20, and then all heck breaks loose. Our team has noticed a definite uptick in buyer calls. 2015 season looks to be on par with previous years. We’re getting some good listing calls too.
We’re going to need some good listings at the rate these buyer calls are coming in. I spoke with an agent this week at another firm who had an open house this past weekend and 25 customers came in. Her business is picking up this week and she can’t keep up.
We’re doing an open house tour this week in Cape Coral. We’ll have 3 homes open on Sunday. We do our open houses a little bit different so buyers can see several like kind homes. 2 are direct access waterfront homes and the 3rd is located on a fresh water lake with gorgeous views. Check out our ad in the News Press HomeFinder for times and locations.
If you look at the Year End Prices graph you can see where were are in the recovery process compared to the peak in 2005. We’ve got some ways to go before we reach that plateau. If you look closely you can see the price rise in 2014 slowed just a bit. Nobody can say with certainty what prices will be next year.
All I know is last year we predicted another year of gains, and we should have more gains this year as most signs look good going forward. The rate of gain may slow, and that is a good thing. It’s unhealthy to have double digit gains year after year. Average gains are usually 3-5% per year and we’ve been beating that.
Rising interest rates usually temper buyer buying ability. Sometimes it spurs more activity from buyers who want to get in at lower costs. We’ll keep our eyes on interest rates in 2015 along with some other key variables.
In the meantime, enjoy this wonderful market. If you’re a seller, now is the time to call the Ellis Team 239-489-4042 If you’d like to search the MLS, check out www.TopAgent.com You can search the entire MLS, or feel free to speak with one of our friendly agents. Be sure to read all our market updates on our Blog which can be found on our website.
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Good luck and Happy House Hunting!
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7910 Summerlin Lakes Dr
Fort Myers, FL 33907