As people start returning to sunny southwest Florida a question we hear often is “How is the local real estate market?”
Everywhere you turn there is information on what is happening in real estate. This article will provide a statistical summary of Fort Myers Beach home and condominium sales from 2016 and compare it to 2015.
On Fort Myers Beach (Island only) in 2016 there were 121 closed sales of single family homes. The average days on market was 199 and the average sales price was 765,061 . In 2015 there were 130 closed sales and the average days on market was 174 and the average sales price was 759,559. The number of closed sales that were cash transactions in 2016 was 70 as compared to 74 cash sales in 2015. This represents a increase of 1% of cash sales.
On Fort Myers Beach (Island only) in 2016 there were 234 closed sales of condominiums. The average days on market was 182 and the average sales price was 391,330 . In 2015 there were 275 closed sales and the average days on market was 192 and the average sales price was 385,915. The number of closed sales that were cash transactions in 2016 was 135 as compared to 180 cash sales in 2015. This represents a decrease of 7% of cash sales.
Nationally the real estate market was quite robust in 2016.
While inventories increased in 2016 when compared to 2015, historically last year, in spite of all of the focus on the Presidential election, was still a very good year for real estate in Southwest Florida.
As we enter the new year we have seen a lot of buyers entering the market, perhaps due to confidence in the economy or the prediction that interest rates will rise in 2017. Either way buyers are in town and they are buying real estate. If you are a homeowner who is motivated to sell, be sure to price your property accurately so your home will receive attention as compared to the competing homes or condominiums for sale. Whether you are buying or selling a home be sure to discuss the market statistics with your real estate professional to be sure that you have a strategy that allow you to reach your Southwest Florida real estate goals. We are proud of our reputation as trusted, respected, and recommended realtors in Southwest Florida. If you are interested in buying or selling real estate in Southwest Florida, give us a call, text or email, we are here to help!