Southwest Florida listing inventory rises in October to 5,157 units, up from 4,829 in September. That is a 6.79% rise in just one month. We went back to last year and noticed listing inventory rose 6.09% those same months, so inventory is rising a bit faster this year.
Home inventory was up 16.64% this past September over 2015 and in October it’s up 17.42%. We’ve been mentioning all year 2016 has been a leveling off and balancing market, so rising inventory isn’t surprising. In fact, it was predicted.
November statistics won’t come out until next week. We’ve been studying preliminary numbers and from what we can tell, median and average sales price are going to be fairly even. Perhaps a small gain on median price and small loss on average price. However, we can only track Lee County numbers submitted to our MLS.
If our numbers are correct we may see an uptick in number of closed sales in November. Also frustrating is the fact that they go back and adjust last year’s numbers, so that can influence predictions as well.
Southwest Florida Listing Inventory Rises
We searched active homes on market on December 13th and we found 5,104. If we add back in the pending and contingent listings we have 5,955. We’ll be watching the official November stats when they are released next week. As you can tell from the chart, the trendline is up slightly.
Some people believe we’ll see more homes hit the market as interest rates rise. Others believe we may see less as sellers may decide to stay in their low-cost mortgage. I can tell you one thing. If you currently own and your home no longer works for you, the time to list is now.
We need to get your home sold and you into your new home before rates rise again. They’ve already risen about .75%. This will cost you more to finance the same amount, so waiting will cost you tens of thousands over the life of your new loan.
Did you know you can search the entire MLS from our website? It has all the homes, and it’s updated every 5 minutes, so you’ll be the first to know about new homes as they enter the market or change their price. You can even save your search, and have multiple saved searches in case you’re looking at different options. We even have a free tool to find out what your home is worth online.
The Ellis Team is also busy meeting with potential sellers. We counsel sellers on how to get top dollar for their home and how their home should be positioned and marketed in the marketplace. Sellers are finding out there is a difference and listing with the wrong Realtor can cost them thousands.
Don’t list with a Realtor that doesn’t bring you top dollar. You might ask, what’s our secret for getting top dollar? We’d love to show you. It’s not by accident, it’s by design.
Let us sit down with you and show you how our 30+ years in the market combined with today’s latest technology and aggressive marketing is making a difference for our sellers. If you think hiring a professional is expensive, wait until you hire an amateur.
Our team is growing. We have thousands of buyers in our database looking to purchase. If you’re an agent looking to grow your business, give us a call. If you’re a potential seller looking to sell before rates go up, give us a call too. Put our experience and wisdom to work for you.
We’ve been through changing markets before. Rising rates change the game and knowing how to help buyers and sellers can be the difference to keeping your deals together and saving everybody money. You can call us at 239-489-4042. If you’re considering selling, ask for Sande or Brett Ellis.
Good luck and Happy House Hunting!
Southwest Florida Real Estate Market Update December 2016