Southwest Florida Real Estate Market Update [New for April 2024]

State of SWFL's Real Estate Market in April 2024

How’s the real estate market looking across Southwest Florida as we wrap up the first quarter of 2024?

Hi it’s Marcus Larrea, team lead at Palm Paradise Realty Group. Let’s see how the Southwest Florida real estate market performed in March. Median sale price is down just 2% to 4% from last year in Lee County for all property types in Lee County.

However, in Collier County, median sale price is up 2% to 6% across all property types from this time in 2023. Condo and townhome sales are outperforming single-family sales in both counties in terms of median price.

Inventory levels continue to rise. Single family home inventory in Lee County is up 40% while in Collier County inventory for single family homes is up 24%. Inventory for townhomes and condos in both counties us up just over 50%.

As price increases continue to slow and inventory continues to rise, we are leaning slightly into a buyer’s market across Southwest Florida. We are seeing the close-price to list-price ratio across Lee and Collier Counties dropping slightly from last year with numbers around 96% - 98%, showing that buyers do have room for price negotiation off the list price in many circumstances.

If you are looking for a team to guide you through the buying or selling process, make your home stand out amongst the competition if selling, negotiate better pricing and sales contract terms, connect you with the top services providers in the area from our “black book”, and improve your overall knowledge of the areas you are looking to purchase, then visit our website at www.PalmParadiseRealty.com today for resources in our blog containing these topics and more.

You can also connect with one of our experienced team members at Palm Paradise Realty Group by giving us a call at 239-955-7256.

Thanks for watching and we’ll see you in the next video!

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