Message from the President

Some Things Just Get Better With Age

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MESSAGE FROM THE PRESIDENT

THE VIEW FROM THE HALF-WAY MARK

Ithink that we have all been feeling a transition from the record-setting pace that we’ve been fortunate to experience for the past two years, so I thought it would be interesting to re ect on some data to see how the market has evolved over 2022 in Collier County (minus Marco Island).

Due to magazine publishing schedules, I am using statistics from the end of the second quarter to review the market transition. We began the year with an inventory level of 0.9 months and as of June 30, our inventory stood at 2.2 months. Historically speaking, equilibrium is achieved between 6 to 12 months, depending on the area. It increased roughly about 0.3 months per month over the year, so we still had quite a way to go until we hit 6 months. I like to run comparisons with the year 2019, which was the last “normal” year prior to COVID. At the end of June 2019, we had 5,531 properties for sale but had only 2,294 at the end of June 2022.

Looking at total units sold for 2022, we stood at 6,334, which was down 33.2 percent compared to the same period in 2021 when we were all running around with our hair on re. Interestingly, though, the median sold price increased 36.5 percent ($580,000) compared to 2021 and the average sold price increased 29 percent ($1.039 million) compared to 2021. In 2019, those two metrics were $340,000 and $631,000 respectively.

Here are the two last metrics before I start to become boring: sale price to list price ratio and days on market. Are you ready for this whopper? As of June 30 year-to-date, we were still averaging 100.4 percent of the list price paid at closing. at is up from 2021 when it was 98.1 percent and up from of our historical average in 2019 of 95.5 percent. Our days on market for the year 2022 was 19 compared to 57 for the same period in 2021 and 103 in 2019.

So, it is safe to say that our market is shifting to a balance, but it still has a long way to go before we reach our historical norms. Just keep doing the basics and focusing on acquiring listings and you will be in the driver’s seat of your business. is is my nal magazine article as your 2022 President, and it has been a great honor to serve. I wish all of you the best of luck, and I always enjoy meeting new agents or talking shop, so never hesitate to reach out.

Ryan Bleggi NABOR® President