Sellers in SW Florida need to be more patient in today's market
As we transition from October 2022 to October 2023, the real estate landscape in Southwest Florida is witnessing significant changes. In this blog post, we will delve into key selling trends, comparing crucial metrics like the median percentage of the original list price, median time to contract, and median time to sale. These insights will shed light on the evolving dynamics of the real estate market in the region.
Median Percentage of Original List Price: A Notable Dip In October 2022, sellers in Southwest Florida enjoyed a median percentage of the original list price at an impressive 97.9%. However, a year later, in October 2023, this figure dropped to 94.3%. This decline suggests a shift in buyer-seller dynamics, emphasizing the need for sellers to recalibrate their pricing strategies to align with the evolving market conditions.
Median Time to Contract: A Significant Increase The median time to contract, a key indicator of how quickly properties are moving off the market, experienced a substantial shift. In October 2022, it took an average of 33 days to secure a contract, reflecting a relatively fast-paced market. Contrastingly, in October 2023, the median time to contract extended to 70 days. This doubling of the time frame signals a notable slowdown in the transaction process, urging sellers to exercise patience and possibly adjust their expectations.
Median Time to Sale: A Lengthened Journey October 2022 saw properties in Southwest Florida taking a median of 68 days to make their way from listing to sale. Fast forward to October 2023, and the median time to sale increased to 93 days. This extended timeline emphasizes the need for sellers to adopt a more patient approach, understanding that the journey from listing to closing has become more protracted.
Conclusion: The Southwest Florida real estate market has undergone a notable transformation from October 2022 to October 2023. Sellers, who were accustomed to a market characterized by swift transactions and high percentages of the original list price, must now navigate a landscape marked by a decrease in list price percentages and a significant increase in time to contract and sale. As we move forward, adapting to these changes and adopting a patient mindset will be crucial for sellers seeking success in this evolving real estate environment.