🏠 Monthly Market Recap - February 2024
Greetings, Southwest Florida Residents!
February brought dynamic shifts to our local real estate landscape. Throughout the month, mortgage rates fluctuated, starting at 7.04% and reaching 7.09% by month-end. Despite this volatility, buyer activity remained steady, with new listings varying from 587 to 503, indicating healthy inventory levels. However, sold properties experienced minor declines, moving from 244 to 236 over the same period.
Expired listings followed a downward trend, dropping from 106 to 60, suggesting sellers’ increased responsiveness to market dynamics. Meanwhile, pending sales remained consistent, hovering around 400, reflecting sustained buyer interest. Price adjustments were notable, with decreases ranging from 986 to 957, showcasing sellers’ flexibility in a competitive market. Despite some price fluctuations, the median sales price ended on a positive note, rising from $370k to $410k by month-end. As we step into March, let’s stay vigilant and adaptive to the evolving market conditions ahead.
Written By Brayden Milner