Housing Market Predictions for Southwest Florida! How does REALTOR.COM September 2023 Housing Market Trends Report affects YOU?!

NEW REPORT for Southwest Florida Real Estate Market: A Dive into Realtor.com’s September 2023 Report

If you’re a homeowner or potential buyer in Southwest Florida, you’re likely keeping a close eye on the real estate market. Realtor.com’s latest September 2023 Monthly Housing Market Trends Report provides valuable insights into the state of the housing market. Here’s a breakdown of what this data means for you:

1. Decrease in Inventory: The number of homes actively for sale decreased by 4.0% compared to the previous year. This decline is part of a trend in shrinking inventory, which has been ongoing for several months. While there was a slight increase in inventory compared to August, it still remains significantly lower than pre-pandemic levels.

2. Impact on Home Sellers: Home sellers in September were less active, with 9.1% fewer newly listed homes compared to the previous year. This decrease in new listings reflects a return to more typical seasonal patterns. However, even with fewer new listings, homes continue to sell quickly.

3. Time on Market: The typical home spent 48 days on the market in September, only one day longer than the previous year. This is two weeks shorter than the average time on the market before the COVID-19 pandemic, indicating that homes are still selling at a relatively fast pace.

4. Median Listing Prices: The median price of homes for sale increased by 0.4% annually. This suggests that listing prices are holding steady despite the challenges in the market.

5. Price Reductions: The report also highlights that the share of home listings with reduced prices increased more than expected for this time of year. While sellers continue to enjoy the benefits of a seller’s market, there are signs of adjustment, with some properties reducing their prices.

What This Means for Southwest Florida: For homeowners in Southwest Florida, this data indicates a market that is still favorable for sellers due to low inventory and consistent demand. However, buyers continue to face challenges in terms of high listing prices and limited choices.

What Should Homeowners Do Today?

• If you’re considering selling your home, now might still be a good time due to the low inventory and competitive prices. However, it’s essential to work with a skilled real estate agent who can help you navigate the market.
• If you’re in the market to buy, patience and flexibility are crucial. While prices remain high, it’s essential to work with a knowledgeable real estate agent who can help you find the best options within your budget.
• Keep an eye on market trends and consult with local experts to make informed decisions.

The Southwest Florida real estate market continues to evolve, and understanding these trends can help both buyers and sellers make the right choices in this dynamic environment. Remember, a local real estate professional with expertise in the Southwest Florida market can be your greatest asset in achieving your real estate goals.