SWFL Tops the State

August 22, 2015 Posted by Matt

SWFL Tops the StateOnce again SWFL tops the state!  Well at least that’s true for price growth for single-family homes in July.  Condos showed a slight increase in July, just not at the rate of single-family homes.  The median sales price for single-family homes in the Naples and Marco Island area rose from $325,000 up to $400,000 which was a 23.1 percent from July of last year.  The Cape Coral and Fort Myers area was close on our heals coming in second in the state.  Single-family home prices were up 17.2 percent, to $210,900 from $179,900.  Both areas were far ahead of the statewide single-family price growth rate of 8.1 percent.

Housing inventory continues to tighten.  Statewide, there was a 4.5 month’s supply of single-family homes in July, and a 5.3 month’s supply for town houses and condos. The rule of thumb is a 6-month supply is considered a benchmark for a balanced market.  The tight supply is good news for sellers.  It means they are getting prices closer to their asking price.

In fact, in July, sellers of single-family homes in Florida got 94.4 percent of their original asking price which is an increase of 1.2 percent from July of last year. Town house and condo sellers got 93.3 percent compared to 92.6 percent a year earlier, an uptick of 0.8 percent.