02/22/2021
Selling your home…this is for YOU!
Seller Activity…Listing Inventory / New Listings:
The rate at which listings are entering the market continues to lag. Over the past 12 months, new listings were down 10.7% compared to the preceding 12-month period. For January 2021, new listings were down 19.9% from the same month last year. With continued increases in sales, and decreases in new listings entering the market, listing inventory continues to decline. Reviewing trends over the past five years shows that the number of active listings on the market usually increases in January, generally by 8% to 12%. However, as of January 31, with 5,201 listings on the market, listing inventory declined by 18% over the course of the month and posted a 59.7% decline from the same date a year ago. Months of supply, as of January 31, was 1.91, down 66% from a year ago when months of supply was 5.64. In SW Florida, 6 to 12 months of supply is generally considered a balanced market. The current market, with 1.91 months of supply, clearly is well into seller’s market territory.
Average Selling Price:
Throughout most of 2019 and even into 2020, the 12-month rolling average sales price fluctuated by only a few percentage points from month to month. However, by July of 2020, an upward trend began to emerge. As of January 31, 2021, the 12-month average rolling sales price was $527,969, up 18.1% from the preceding 12 months. We must bear in mind, however, that this increase has been partly driven by the sharp increase in million-dollar-plus sales relative to the number of sales for the overall market. For the last six months of 2019, 7% of all sales in SW Florida closed at $1M or greater. For the same period in 2020, that number grew to 11%.