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.
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