Our market has softened somewhat in southwest Florida, but there is plenty of good news to be had.
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Welcome back to your southwest Florida quarterly market update. As you can see in the video above, today I’m letting my son and daughter take the reigns to give you the latest scoop.
The market has softened somewhat in southwest Florida. What I mean by that is home prices didn’t rise as much as we’re used to. However, our region is still a very strong market. In fact, we’ve seen an increase in the total number of sold properties.
In the first quarter of 2016, the market saw 6,747 sales. This year, there were 7,053 sales. That’s an increase of 5%. We’ve also seen an increase in the median sale price. In the first quarter of 2016, our median sale price was $231,250. This year, it’s increased 8% to $250,000.
Homes are still selling fast in southwest Florida.
There’s even more good news. Homes are still selling fast in southwest Florida. The average days on market for homes in our area is down to 49 days.
A common question we agents hear is, “How much should I list my home for to leave room for negotiations?” To give you an idea, statistically speaking, homes have sold for 96% of their asking price so far this year. Our team average, though, is much higher. You can call us to learn more about that fact.
Lastly, if you need a mortgage to buy your next home, now is the time to act. Mortgage rates are currently hovering around 4.2%.
A special thanks to Alanna and Trevor Leugers for assuming my duties for the day. If you have any more questions about our market or you’re thinking about buying or selling a home, give us a call, shoot us an email, or send us a text message.
