It's ALIVE! - SWFL Real Estate Market Update
In the past two weeks, we've had two different properties go under contract before we could even fully list the property for sale! Proof that the market is very active and ALIVE right now.
This Is Not Typical
In a “normal” year, which we already know 2020 does not classify as, our Summer and Fall months leading into the holidays are usually quieter than the winter months when everyone flocks to Florida for warmer temperatures.
However, we just pulled the stats relating to home inventory, and the numbers are indicative of this unique market we are experiencing. Let’s take a look.
Above, we compare the “month’s inventory” of homes for the past 5 years. This helps show the seasonality of our typical market, and how this year has differed. For example, during the months of October and November, we usually have about 9 months of inventory on the market. This year, however, we only had 4 months of inventory.
What does this mean? That if nothing else came on the market, it would take only 4 months to sell all of the homes available. As a general rule of thumb, inventory of less than 6 months indicates a seller’s market, where there are a fewer number of homes available to meet the buyer’s demands. An inventory with more than 6 month’s supply is often considered a buyer’s market. It’s clear that we are currently in a seller’s market.
Below is just another way to look at the same data and see how our usual trend lines differ from this year.
Number of Active Listings
While we were browsing statistics, we compared the number of homes actively listed for sale over the past 5 years. Again, this shows the seasonality of our usual real estate market here in Southwest Florida.
For example, we had 3,134 fewer homes actively listed for sale in November 2020 than we did in November 2019. That’s a 20% decrease in inventory from last year. The graph below is just another way to review the same data, and follow the seasonal trend line.
What’s It To You?
What does all of this mean? It simply means we have fewer homes for sale right now than we usually do. The market is much more active than it typically is, especially during this time of year. Desirable homes that are priced well are moving quickly.
I bet the days on market statistics will show a dramatic change from our typical pattern when we check back in a few months. Until then, keep your eyes open if you’re actively searching for properties in Southwest Florida. Jump on any new listings that interest you!
As always, we’re happy to help you in person or from afar! We’re still doing virtual showings for those who can’t travel down here, and we’re experienced with 100% remote transactions. Give us a ring with any questions! We’re at 239-472-1950.