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Homes Still Sell Quickly As Sales Season Closes Everywhere But SWFL
Dated: October 20 2022
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Sales of existing homes were relatively flat nationwide in August from the month before, according to new numbers from the National Association of Realtors. Home sales were down just 0.4 percent month-over-month. With the national sales season closing and the market softening overall, that’s not a surprise. But though sales were flat, homes still sold quickly. Eighty-one percent of homes sold during the month were on the market for less than 30 days. The typical property was on the market only 16 days – one day faster than last year at the same time. Why are homes selling so quickly?
Simply put, the inventory of homes for sale remains low. That means fewer choices for home buyers. Lawrence Yun, NAR’s chief economist, says it’ll likely stay this way for a while. “Inventory will remain tight in the coming months and even for the next couple of years,” Yun said. “Some homeowners are unwilling to trade up or trade down after locking in historically low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.”
Inventory will remain tight in SWFL, but there are opportunities to buy which represent excellent value.
The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether you are looking for the latest sales, trends, or homes for sale in Collier and Lee in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453. #homesforsale#homebuyers#mortgage
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