The years following Covid-19’s outbreak in the US have shown that unpredictability is beginning to become, well, quite predictable. Housing prices over the entire nation have continued to climb, and a shortage of homes available to willing and eager buyers has persisted from one quarter to the next. The Southwest Florida real estate market is no different.
A review of specific stats and trends within Miromar Lakes has shown that seasonal patterns continue to be affected by current market conditions. If there is anything that can be safely confirmed at this point in time, it is this: high listing prices for properties on the market are here to stay and climbing.
As can be seen in our recent Q1 2022 Report, Miromar Lakes is just as affected by the housing shortages as most other cities in Florida. The area saw a low 27 properties sold over the 1st quarter of the year, the fewest we have seen since 2019/pre-Covid. Saying it is currently a seller’s market is a bit of an understatement (and perhaps overstated as well), but what does that mean exactly?
Let’s start by discussing a list of relevant stats pertaining to 2022 so far, as they help lean into why sellers are benefitting the most right now:
- Highest Average List Prices in over 10 years
- Highest List to Sale Prices since 2017
- Lowest Days to Sell by a lot in over 10 years
- Highest List Price Per Sqft. in over 10 years
Just take a look at an excerpt of some of our historical data. Going back the last 10 years, you can see that most averages reflected homes selling for much lower than what they were originally listed for. There are a few exceptions, such as 2017 and 2018, but even the pandemic “boom” of listing prices rising reflected sellers having to accept lower offers.
2021’s average reflects a drop of $121,202 from listing vs. sale price, whereas 2022 is currently sitting at a difference of just $10,268. Considering the listing price average has gone up $280,613 from last year, it shouldn’t take a statistician to make note of one simple thing: homes are selling higher than ever before.
These numbers aren’t just stats-boosters, they are the reality that buyers and sellers must be prepared to. Our DMR team is here to help navigate you through the process of listing a home and getting top-dollar!
With mortgage rates still continuing to climb higher and higher, even jumping from last year’s 3% to reaching 5% for the first time in over a decade, the fact that homes are still being desperately sought after speaks volumes. The buyer’s demand isn’t going anywhere anytime soon. Going into the busy spring season of moving inventory might be cause for frustration when it comes to buyers growing tired of bidding and competing for properties. Some may even want to exit the market altogether.
That being said, the ratio of buyers to sellers is so great that DMR does not forecast any type of dip in Days to Sale. In fact, we believe it is possible we will continue to see new historical lows being hit as we go through the rest of 2022.
Sellers, let it be known that this is the time for you to turn your property into a true investment. Eyes are on Florida for beautiful weather, booming economy, and a lifestyle unlike any other. Buyers are making offers above listing price more than ever before, but sometimes with contingencies that are less than ideal. Let Dina Marie Realty help! We can help you list at the perfect price that avoids becoming overzealous, all while ensuring that you aren’t losing out on tens of thousands from being overcautious as well. Contact us soon so one of our team members can make a stressful process stress free.