September's SWFL Real Estate Market Update

The National Association of Realtors (NAR) just released its Existing Home Sales Report for September.? Nationwide, the number of sales remained down, but prices continued to rise.? With a continued increase in inventory across the nation climbing to 1.39 million homes, up 1.5% over August 2024 and 23% over last September of 2023.? NAR’s chief economist, Dr. Lawrence Yun noted that distressed properties which would of course be more affordable, make up only 2% of all sales.? Median price nationwide was $404,500 - up 3% from last year at this time.

September’s 2024 Naples/Collier County market was similar to the NAR results.? Inventory was up 37% from September 2023 which is good news for home buyers.? Closed sales followed the national trend with a decrease of 13.2%.? Median price of $588,560 jumped 2.4% in 2024 from last year. Pending sales in Naples were up 1% from pending sales in 2023, offering a promising outlook for the months to come.??

The Ft.Myers/Cape Coral area in Lee county, also followed the national trend with an increase in inventory up a whopping 12.6% from last year for an inventory total of 24,842 residential units.? Closed sales were down 3.7% over last year.? Median price was down from $390,000 in 2023 to $380,600 in 2024.???

NAR defines the “Months’ Supply” data refers to the number of months it would take to sell the current inventory based on the current sales pace.? Nationally a six months supply of inventory is associated with a moderate price appreciation.? Statistically, the SW Florida real estate market is in a healthy state.? Based on September’s information, the Naples market shows? 6.3 months of inventory and the Fort Myers/Cape Coral market is at 7.6.???

The Department of Housing and Urban Development (HUD) and NAR compiled data indicating that home sales increased following nine of the last 11 presidential elections.? With the increase in inventory, the interest rates lowering, pent up demand, and new insurance carriers entering the SWFL market, this selling season looks promising.?