They say a picture is worth a thousand words. Look at the 7 Day Market Watch in Southwest Florida which shows the movement in residential real estate over the last 7 day period.
The 7 Day Market Watch shows the number of new residential listings over the last 7 days. The Sold number indicates properties that have successfully closed and are off the market. Terminated listings indicate those listings that have prematurely come off the market, usually due to a seller deciding they do not want to sell. Expired listings show those listings that have timed out of contract with their real estate agent. Many of these will be renewed within a few days, some with new agents. Listings that are Back on the Market reflect those listings that were pending but the sale fell through, or that were expired or withdrawn that are now back on the market. Extended listings indicate that the buyer renewed the listing with the agent for another period of time. Pending indicates the property has a signed executed offer and is going through a due diligence period and/or waiting until the closing date. Price increase / decrease shows a change in the current price of the property. Withdrawn listings indicate that the house is probably for sale, but the seller has decided not to actively sell the property during this time.
The numbers for the last 7 days reflect that over 1,000 properties came off the market and went pending, and less than 600 new listings came on the market. That is a deficit of over 400 properties and this has been occurring for months. The reasoning for nearly 170 properties back on the market could mean property inspections did not meet the needs of the buyer, temporarily withdrawn properties returned to the market, or possibly expired listings were relisted. We are still seeing some home prices decrease from their original asking price. Many sellers insist on listing high with the hope that buyers will be desperate enough to pay the above market value on homes, and when that is not the case, they reduce their asking prices.
What does all of this mean? Inventory is extremely low, houses are coming off the market at more than half the speed as new listings are going on the market. Residential properties are getting more expensive and listings are lasting less than two months. This is frustrating for buyers, excellent news for sellers. But there are still good values to be found in our Southwest Florida paradise.
Whether buying or selling, contact me for personalized service to meet your individual needs. [email protected]