Prior to the election there was a slowdown, due to the lingering effects of storms and a sense of pre-election hesitancy among both buyers and sellers. However, as we've often seen in past election years, activity surged in the weeks following the presidential election.
November: A Strong Uptick in Activity
In the five weeks following this year’s election, the local market experienced notable increases. New listings jumped 42%, while newly pended sales grew by 32% when compared to the five weeks leading up to the election.
For the month of November, Southwest Florida saw 4,080 new listings, marking a 26% increase compared to last year. Additionally, new pending sales saw a 7% year-over-year increase. However, there was a slight drop in closed sales.
Inventory Increases and Market Balance
One of the most notable changes in November was the rise in inventory, which increased by 13%, from 12,709 available properties in October to 14,422 in November. This uptick is typical for the season, coupled with the post-election recovery in the market. With this increase in inventory, the months of supply also grew, from 6.76 months to 7.81 months. Despite this increase, the market remains within the balanced range of 6 to 12 months, which means supply and demand are still relatively well-matched in Southwest Florida. When compared to two years ago, the market now favors buyers.
Home Prices Hold Steady
The average sales price for the 12-month period through November was $821,713, reflecting a 3.4% increase compared to the previous year. This modest rise in prices shows that, despite some fluctuations in market activity, the overall value of properties in the region continues to trend upward, supported by healthy demand in many segments.
Location and Product-Type Variability
It's important to remember that market conditions can vary greatly depending on location, property type, and price range. While we are seeing a recovery overall, the market dynamics in one neighborhood or property category may differ significantly from another.
Expert Guidance Remains Essential
Navigating today’s real estate market can be complex, especially with such varying conditions. The expertise of a local Realtor® — one with a deep understanding of the market, local trends, and the nuances of different property types — is invaluable in providing clarity and peace of mind.
John R. Wood Christie’s International Real Estate: A Market Leader
We are also pleased to share that, through November, John R. Wood Christie’s International Real Estate continues to lead the Southwest Florida market, ranking as the top brokerage in total year-to-date sales volume, listings sold, and transactions in the region. This is a testament to our team’s expertise and commitment to delivering exceptional service to our clients.
Broker ranking according to SWFLA MLS for residential improved property excluding manufactured housing in Lee and Collier Counties.
As Southwest Florida's market continues to evolve, staying informed and working with experienced professionals can make all the difference. Whether you're buying or selling, our team at John R. Wood Christie’s International Real Estate is here to help you navigate the changing landscape with confidence.
