Southwest Florida Real Estate Market Update [New for July 2023]

Will mortgage rates continue to rise? What are Florida’s wealthiest counties? This and a look at how the real estate market performed in the month of June 2023 in this month’s Market Update.

Hi it’s Marcus Larrea and we are halfway through the 2023 year already. Let’s see how our real estate market in Southwest Florida performed in June. 

Across Lee and Collier Counties we continued to see a drop in total number of closed sales compared to June 2022. We are seeing about 20% less sales close through June of this year compared to last year.

Single Family Stats for June 2023

Lee County
Jun 2022Jun 2023% (+-)
Closed Sales 1,498 1,218 -18.7%
Closed Sales YTD 8,624 6,983 -19%
Median Sale Price $445,000 $425,000 -4.5%
Average Sale Price $562,962 $535,190 -4.9%
(Inventory) Active Listings 5,090 6,081 19.5%
Months Supply of Inventory 3 5 66.7%
Close Price to List Price Ratio 100% 98% -1.7%
Median Time to Contract 7 26 271.4%
Collier County
Jun 2022Jun 2023% (+-)
Closed Sales 654 621 -5%
Closed Sales YTD 4,333 3,582 -17.3%
Median Sale Price $762,394 $790,000 3.6%
Average Sale Price $1,164,167 $1,219,528 4.8%
(Inventory) Active Listings 2,831 2,920 3.1%
Months Supply of Inventory 4 5 25%
Close Price to List Price Ratio 100% 97% -2.8%
Median Time to Contract 8 28 250%

Townhouses & Condo Sales in June 2023

Lee County
Jun 2022Jun 2023% (+-)
Closed Sales 621 484 -22.1%
Closed Sales YTD 3,980 3,089 -22.4%
Median Sale Price $345,000 $326,997 -5.2%
Average Sale Price $415,824 $401,545 -3.4%
(Inventory) Active Listings 1,810 2,584 42.8%
Months Supply of Inventory 3 5 66.7%
Close Price to List Price Ratio 100% 97% -2.6%
Median Time to Contract 6 26 333.3%
Collier County
Jun 2022Jun 2023% (+-)
Closed Sales 792 571 -27.9%
Closed Sales YTD 4,895 3,856 -21.2%
Median Sale Price $499,900 $485,000 -3%
Average Sale Price $783,624 $747,018 -4.7%
(Inventory) Active Listings 2,413 2,687 11.4%
Months Supply of Inventory 3 5 66.7%
Close Price to List Price Ratio 100% 97% -2.8%
Median Time to Contract 7 29 314.3%

*Data pulled from Southwest Florida MLS on 7/7/2023

Inventory is increasing across Lee and Collier Counties. The smallest increase of just 3% more Single Family homes available for sale through the first half of the year occuring in Collier County compared to 2022 and the largest increase taking place with a YTD 42% increase in the number of Condos and Townhomes for sale in Lee County compared to last year. As mentioned in previous updates, inventory is still low and has kept prices from dropping significantly.


We are finally starting to see the effects of increasing interest rates affect prices. Both median and average sale prices across Southwest Florida saw decreases compared to last month. Compared to last year median prices are down 3% to 5.2% across the area except for single-family homes in Collier County which are up 3.6% compared to last year.


So will interest rates continue to rise? Most likely not much more. Even though there is speculation that the Fed may increase rates more this year, the 30-year mortgage rate should begin to level off soon and settle in the high 6% range according to most experts. 


What are the wealthiest counties in Florida? Collier County which is predominately made up of the Naples area, finished number 2 on the list based on data from the Census Bureau, Zillow and the IRS. Monroe County which contains the Florida Keys finished number 1.


If you have any questions about the real estate market across Southwest Florida or are interested in buying or selling, don't hesitate to reach out to myself or one of our team members online or give us a call at 239-349-2487.

Thanks for watching, and we’ll see you on the next one.

Discussion

#1 By Jacqueline Benedict at 9/21/2021 4:53 AM

Real estate market is very volatile ,it get affected by multiple factors. Agents should keep themselves updated

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