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Southwest Florida Market Perspective: After three consecutive months when year-over-year declines were posted, closed sales for April were up 4%. This uptick for April held true, not just for the Southwest Florida market at large, but also for its largest market areas including Naples, Bonita-Estero, and Fort Myers. The Naples market posted the most significant year-over-year increase for April, at 8%. On a 12-month rolling basis, closed sales for Southwest Florida through April 30th were down 5.1%, an improvement compared to the past three months when year-over-year declines ranging from 8 to 10% were posted. New listings for April were up 16% year-over-year and up 13% on a 12-month rolling basis; however, from a longer-term perspective, new listings have not yet returned to their pre-pandemic pace. New listings over the 12 months ending April 30 were down 9% compared to the average for 2017 through 2019. Months of supply was 6.98 months as of April 30th, moving little year-to-date, and remaining within the 6–12-month range which reflects balanced market conditions. At $812,206 as of April 30th, the 12-month rolling average closed sale price rose 2% compared to the preceding 12 months.
A historically slow pace of new listings has offset much of the decline in sales that has occurred since the pandemic-driven surge, bringing our overall market back to a state of balance rather than shifting to a buyer’s market. Although market conditions remain strong for sellers, they need to bear in mind that there’s no longer a shortage of inventory. Buyers have the luxury of choice, and a seller’s pricing should be in line with the most recent, relevant closed sales and be competitive with other available listings. Homes priced in-line with today’s market are selling, and serious buyers need to be positioned to recognize properly priced homes and act quickly, before others. Localized market conditions can be tough to gauge and can vary considerably by neighborhood, product type, and price segment; making the expert knowledge of a skilled Realtor® critical to a successful outcome for both buyers and sellers.
