In today’s video, titled “Contradicting Forces at Play in Florida Real Estate,” we delve into the conflicting trends observed in the Collier and Lee markets as of April 2023.
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Key Stats Discussed in this Video:
💰 Sales Volume: Collier and Lee markets have seen a YoY decrease of 24% and 20% respectively.
💲 Median Sold Price: A diverging trend is at play here. Collier observed a 5% YoY increase in the median sold price, reaching a hefty $922,500. Contrastingly, Lee saw a 7% decrease, setting the median sold price at $438,000.
⏳ Days on Market: The market seems to be slowing down in both areas. Properties are taking longer to sell, with Collier seeing a massive 250% YoY increase (42 days), and Lee a significant 230% increase (33 days).
🏘️ New Listings: Another contradictory trend! Collier experienced a 31% YoY increase in new listings, while Lee saw a minor decline of 5%.
🔒 Pending Inventory: A decrease in pending inventory was common for both counties, with a 19% decrease in Collier and 15% decrease in Lee.
⏱️ Supply Duration: Both markets have seen a significant increase in the months of supply. Collier’s supply went up by 158% (4.9 months), while Lee’s increased by a hefty 192% (3.8 months).
💵 Dollar Volume: We saw substantial reductions in dollar volumes for both counties. Collier had a decrease of 38% to $617.7M, while Lee had a decrease of 16% to $833.5M.
Watch the video for an in-depth analysis of these statistics, exploring the potential reasons and implications for these contradicting forces at play in the Florida real estate market.
Please feel free to drop your comments, questions, or personal experiences in the section below. Remember to hit the like button if you find this content valuable and share it with anyone interested in real estate trends!
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Brad Dohack, Broker/Owner at Gulf Pointe Properties, Team Lead
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