Some facts to chew on in the SWF Florida Real Estate Market

Dated: June 7 2020

Views: 87

 

Some facts to chew on in the SWF Florida Real Estate Market

This May, 2020,  houses closed at prices 96.5% of the asking price in our local market (Lee County Florida). This number is was only slightly higher than in the previous 12 months (by.5 to 1.0 %).  But the average price per square foot in our market was $241, which is 3% higher than the previous 12 month average.  My general feeling was that houses are not on the market as long, are increasing in prices, and inventory is low.  So; I went looking for statistics to see if I was correct n my intuition.

Average days that a home is on market dropped 13 days from the average to a low or 77.5 days the last two months, so it is true homes are selling more quickly and indeed the average home price is higher per square  foot.  In May the average list price was  $538,000, a year ago the average was $415,000. Inventory has dropped from 20,373 listings to 17, 768,  this is about a 13% drop inventory.

Keep in mind the market is very volatile now and we don’t have enough data from the period effected by the  virus and certainly not any data at all on the riot effect.

In conclusion, prices are going up, inventory is down, and homes are selling faster.

 

With the turmoil in the market today, This is a good time to keep your power dry, so to speak, and for us to do some housekeeping.  Get your actual house in shape to sell, and clean up your financial house.  This is, in my opinion, is both a buyer and a sellers’ market – which is quite unusual.  Many folk are looking to change their environment both physically and financially.  There are those that will upsize or downsize, consolidate property and investments, and those that want more real estate in their portfolios.    Some want to get out of cities and get to areas around more family and areas that feel safer.  If you want to sit down and talk about options, please reach out to me.

 

 

I would like to introduce you to my video channel at www.gregg.fous.tips.

Feel stuck in your real estate?  Please read my article about Sunken Cost here

My March Article about opportunity costs

Ten things to consider before buying

My 25 Real Estate investing Rules

 For more from Gregg see   My Blog Post Directory

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Gregg Fous

Real estate has been my passion since I took my first Al Lowery class on real estate investing in the 1970’s. I vowed during that class that I would buy one property a year. Over the next five ....

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