As we move through the latter half of 2024, the real estate market in Southwest Florida, including San Carlos Park, presents a dynamic and evolving landscape. This period is characterized by shifting inventory levels, price adjustments, and changing buyer and seller behaviors. In this update, we provide a clear and honest analysis of the market trends as of August 1, 2024, so you can make informed decisions.
Inventory Levels and Active Listings
The market has seen some fluctuations in inventory over the past few months. On June 4, 2024, there were 17,022 active listings in the MLS, which decreased to 16,367 by July 1, 2024. As of August 1, 2024, active listings have further declined to 15,604. This trend suggests a tightening market in Southwest Florida, including San Carlos Park, with fewer properties available for potential buyers.
Price Adjustments
In the past week, 1,292 listings have reduced their asking prices, signaling that sellers are adjusting their expectations to align with current market conditions. This trend likely reflects the decreased inventory and increased days on the market, with sellers becoming more flexible on pricing.
Months Supply of Inventory
The months supply of inventory, a critical measure of the balance between supply and demand, has decreased in both Lee and Collier counties. Lee County now has a 6.0-month supply, while Collier County stands at 6.4 months. These figures indicate a shift towards a more balanced market, though it still slightly favors sellers as inventory continues to contract.
Days on the Market
The average days on the market for properties in Lee and Collier counties have been gradually increasing. In Lee County, properties now spend an average of 71 days on the market, while in Collier County, the average is 83 days. This increase suggests that while demand remains strong, buyers are taking more time to make decisions, likely due to the evolving price dynamics and inventory levels.
Median Days on Market in Major Metro Areas
Several cities in Southwest Florida rank among the highest in the nation for median days on market:
- Naples, FL — 85 days
- Punta Gorda, FL — 80 days
- Cape Coral, FL — 78 days
- North Port, FL — 74 days
These numbers highlight the slower pace of transactions in these areas, reflective of broader market trends.
In contrast, the markets with the lowest median days on market include:
- Manchester, NH — 16 days
- Hartford, CT — 17 days
- Rochester, NY — 17 days
- Rockford, IL — 19 days
- San Jose, CA — 20 days
These cities are experiencing faster transaction times, indicative of high demand and quick turnover.
Conclusion
As of August 1, 2024, the real estate market in Southwest Florida, including San Carlos Park, reflects a complex mix of decreasing inventory, price adjustments, and extended market times. Buyers may find opportunities to negotiate as sellers become more flexible with pricing. Sellers should focus on competitive pricing and patience as market conditions evolve. Staying informed and working with experienced real estate professionals will be key to navigating this dynamic market successfully.
