Category: Real Estate News

Closed Sales
Closed sales for the 12-month period ending November 30 were up 30% from the preceding 12-months, from 30,675 to 39,641. Year-to-date, closed sales posted a 28% increase over the same period last year. Sales for the month of November, although down 18% from the unprecedented surge we experienced last year, were up 37% when compared to pre-pandemic levels of the three preceding years.

Listing Inventory / New Listings
With 2,229 properties on the market as of November 30, listing inventory has decreased somewhat since a modest increase that occurred over the summer. New listings for the 12-month period ending November 30 were down 4% from the preceding 12 months, from 38,145 to 36,554. For the month of November, new listings were down 13% from last year, and down 33% from the average of the three preceding years.

Average Selling Price
The average selling price for the 12-months through November 30 was $630,814, up 25% from the preceding 12-month period when the average selling price was $502,766.

Summary
After listing inventory posted modest growth in late spring and over the summer months, the number of listing on the market has declined somewhat due to a slower than usual pace of listings entering the market in October and November. The fall and early winter months are typically the slowest for new listings, and the rate at which listings enter the market for those months tends to vary from year to year. Although there’s little doubt that low standing inventory has constrained sales to some degree, closed sales for October and November were still up 33% compared to pre-pandemic levels. The busiest months for new listings are January through March and, if history is any indication, an increase in new listings over the next few months will fuel the market by further satisfying continued exceptionally strong demand.

It is my pleasure to inform you that John R. Wood Properties continues to lead the Southwest Florida market in closed dollar volume and closed units!

Below is a snapshot of July 2021 Southwest Florida Real Estate Market Report.

Closed Sales
Closed sales for the 12-month period ending July 31 were up 54.6% from the preceding 12-months. Year to date, closed sales posted a 58.6% increase over the same period last year.

Listing Inventory / New Listings
After several months of decline, the number of homes on the market stabilized in May and has since posted modest and steady increases. The 2,520 listings on the market as of July 31 were down 72.5% from the same date last year, and were up 11% since the end of May. Trends resulting in this increase slowly started to develop in recent months with a cooling of the feverish buyer activity that occurred early in the year and a greater than normal inflow of new listings.

Average Selling price
The average selling price for the 12-months through July 31 was $605,328, up 31.5% from the preceding 12-month period.

Summary
Our market continues to move in a positive direction. Demand, although having subsided somewhat from its previous intensity, remains strong. This, combined with favorable new listing activity, has stabilized listing inventory and provided more options for buyers. This is welcomed news for buyers who may have previously been reluctant to enter the market.

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Florida Average Mortgage Rates Falling 2.93%

Inflation hasn’t pushed mortgage rates higher because the market believes it’s only temporary, says Freddie Mac chief economist.

This week’s average mortgage rates fell a bit more, to 2.93% from last week’s 2.96% for a 30-year, fixed-rate loan, according to Freddie Mac’s weekly update. In times of rising inflation, mortgage rates begin to rise. However, that hasn’t happened this time, at least so far.

Mortgage rates for the week of June 17, 2021

• The 30-year fixed-rate mortgage averaged 2.93% with an average 0.7 point for the week, down from last week’s 2.96%. A year ago, the 30-year FRM averaged 3.13%.
• The 15-year fixed-rate mortgage averaged 2.24% with an average 0.6 point, up slightly from last week’s 2.23%. A year ago, the 15-year FRM averaged 2.58%.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52% with an average 0.3 point, down from last week’s 2.55%. A year ago, it averaged 3.09%

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HomeLook Magazine June 2021 Edition

Browse through our collection of feature Sanibe, Captiva, & SWFL properties for sale. Featured Residential, Condo and Vacant lot listed for sale. Homelook Magazine demonstrate our portfolio of active MLS listing.

Click here to view the HomeLook Magazine

Closed Sales
April posted 4,837 closed sales, over double that for April of last year when an abnormally low 2,234 sales were posted due to the initial impacts of the pandemic. Comparing April 2021 sales with the average for April 2017, 2018, and 2019, sales were up 74% from 2,774 to 4,837. On a 12-month rolling basis, sales through April 30 were up 40.8% from 27,658 to 38,942.

Listing Inventory / New Listings
As of April 30, 2021, there were 2,390 properties on the market, down 79.8% from the same date last year when 11,801 properties were available. Months of supply as of April 30 was under one month, at .74, down 85.6% from last year when 5.12 months was posted. New listings for April were up 95.4% from last year, mainly due to last April’s sharp but temporary drop in new listings due to uncertainty about the pandemic at that time. However, at 3,587, new listings for April 2021 were consistent with the 3,670 average for April 2017, 2018, and 2019. On a 12-month rolling basis, new listings were up 1.7% from 38,149 to 38,800.

Average Selling price
For the 12-month period through April 30, the average selling price was $557,227, up 23.15% from the preceding 12-month period when a $452,496 average was posted.

Summary
We’ve experienced a steady decline in standing inventory over the past year; however, the rate of that decline has started to decrease in recent weeks. This is due in part to a modest increase in new inventory entering the market over the past few weeks when compared to typical patterns for this time of year. With standing inventory still in short supply, it is this increase of new inventory that is helping satisfy continued strong buyer demand

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