DOWNING-FRYE: LOW-PRICED PROPERTY DIFFICULT TO FIND
“The February 2023 closings were about the same as what we saw in January,” said Mike Hughes, V. P. and Gen. Mgr. of Downing-Frye Realty, Inc. “One of the things that is holding our market back is the absence of low-end inventory. Buyers need to be aggressive with their offers if they are looking for properties below $400,000. These properties generally have a lot of interest from various groups of prospective buyers. The groups that like the low-end product include many first time home buyers, investors and some retirees on a fixed income. This market is also popular with renters and our labor workforce. The high-end market continues to get a lot of activity from our Downing-Frye agents. Our high-end activity continues to stay elevated. Inventory has been climbing but not in the low-end market. There is a good chance that summer buyers will see more choices this summer than they did last summer. The market continues to see a high percentage of cash buyers. Mortgage offers are being accepted, but you generally must put in a strong offer for a financed offer to be considered.
BONITA / ESTERO: NEW LISTINGS INCREASE
New listings (427) were up 4.1% in January 2023 compared to January 2022. Pending sale units (286) were down 19.2% and closed sale units (186) were down 25.% during that same time period. Over two-thirds of January’s sales were for cash, and sellers were receiving an average of 97.1% of the listed price. In January there was a 2.6-month’s supply of inventory and it was taking an average of 43 days to sell a property. The overall active inventory at the end of January 2023 was 676 properties.
NAPLES AREA: SELLER CONFIDENCE RETURNED
New listings in January rose 74.5% compared to December 2022, and 3.2% to 1,338 new listings from 1,297 new listings a year ago. The rise in home options during January did not stymy home values as median closed prices rose 11.1% to $600,000 from $540,000 in January 2022. Closed sales in January decreased 33.8% to 555 homes from 839 homes in January 2022. The spike in new listings is a promising turn of events as they pushed inventory in January up 122.7% to 2,699 properties from 1,212 properties in January 2022. After seven months of equable activity, pending sales rebounded as the new year began. Though compared to last January’s phenomenal sales activity, pending sales this January decreased 20.5% to 1,092 pending sales from 1,373 pending sales in January 2022.
MARCO ISLAND AREA: MOSTLY CASH BUYERS
The Marco Island Area Assoc. of Realtors® reported January 2023 figures: 16 homes were sold for the median sell price of $1.6M (down 3% from January 2022) averaging 61 days on the market; 20 condos were sold for the median sell price of $794K (up 18% from January 2022) averaging 44 days on the market; 8 lots were sold with the median sell price of $1.3M (up 298% from January 2022) averaging 152 days on the market. The total inventory at the end of January 2023 was 414 properties (up 106% from January 2022).
FLORIDA: INVENTORY RISING
Continuing trends from the final few months of last year, Florida’s housing market started 2023 with higher median prices and more active listings in January compared to a year ago. However, inflation and still rising interest rates above 6% continued to erode buyer demand: Closed sales of single-family homes statewide in January 2023 totaled 14,766, down 32.5% year-over-year, while existing condo-townhouse sales totaled 6,078, down 40.7% from January 2022. In January, the statewide median sales price for single-family existing homes was $389,990, up 4% from the previous year; for condo-townhouse units, it was $310,000, up 8.8% over January 2022. Statewide inventory in January was higher than a year ago for both existing single-family homes, increasing by 134.2%, and for condo-townhouse units, up 90%.
USA: PENDING SALES INCREASE AGAIN
Pending home sales increased for the second consecutive month, up 8.1% in January 2023 from December 2022. Month-over-month, contract signings raised in all four major U.S. regions. Pending home sales dropped in all regions compared to one year ago. “Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.