Closed sales for the 12-month period ending July 31, 2023 were down 26% from the preceding 12-months, from 32,445 to 23,908. The 1,733 sales posted for the month of July were down 13% when compared to July of 2022.
Listing Inventory / New Listings
As of July 31, 7,545 properties were available, up 36% from the same date last year and down 1% compared to the prior month. New listings for the 12-month period ending July 31 were down 10% from the preceding 12-months, from 36,672 to 33,047. For the month of July, new listings were down 9% from the same period in 2022. 3.79 months of supply was posted as of July 31, up 84% from July 2022 when months of supply was an unusually low 2.05 months.
Average Selling Price
The average selling price for the 12-month period through July 31 was $796,617, up 9% from the preceding 12-month period when the average selling price was $733,242.
Although closed sales for July trailed last year’s pace, standing listing inventory as of July 31st posted a modest month-over-month decrease, down 1% from 7,654 to 7,545 units. Months of supply, a metric which gauges the balance between supply and demand, at 3.79 month as of July 31, was essentially unchanged from 3.80 months posted in June. In Southwest Florida, six to twelve months is generally considered a balanced market, with fewer months being indicative of a seller’s market. By the numbers, a seller’s market has existed in Southwest Florida since early 2020, peaking in February 2022 when a mere .63 months of supply was posted. 12-month rolling closed sale prices have followed, with continued year-over-year increases, but now more modest than during the peak of buyer activity in 2021 and 2022.
Through July, John R. Wood Christie’s International Real Estate continues to lead the market in Southwest Florida! John R. Wood also holds the top position in closed sales volume in the Bonita-Estero, Naples, Fort Myers, Fort Myers Beach, and Pine Island-Matlacha markets!
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