Simone Student

–Wayne Dyer

Simone Student Broker Associate CIPS , CLHMS, GRI, RSPS, MBA

2022 December Market Report For Southwest Florida

12-MONTHS ENDING DECEMBER 31, 2022

CLOSED SALES - Closed sales for 2022 were down 30% from the preceding 12 months, from 39,551 to 27,585. Compared to the pre-pandemic pace, closed sales were down 6% for 2022. The 1,738 closed sales posted for the month of December were down 39% compared to December of 2021, when the market was still posting a record-breaking sales pace. Compared with pre-pandemic trends, December closed sales were down 16%; faring better than November, which posted a 19% decline from pre-pandemic trends.

LISTING INVENTORY/NEW LISTINGS - As of December 31, 2022, 5,911 properties were available, up 171% from one year prior and up 5% from the prior month. New listings for 2022 were down 5% from the preceding 12 months, from 36,654 to 34,652. For December, new listings were static, with December 2021 at 2,221. 2.57 months of supply was posted as of December 31, 2022, up slightly from 2.35 posted for November and remaining well within sellers’ market territory.

AVERAGE SELLING PRICE - The average selling price for 2022 was $780,587, up 22% from the preceding 12-month period when the average selling price was $640,098.

PERSPECTIVE - 2022 was a year of transition when, after the pandemic-driven buying frenzy finally tapered off, the pace of sales trended closer to their pre-pandemic pace. The peak for buyer activity was back in late 2020 when newly written sales were nearly double that of the pre-pandemic pace. That pace started its slow and steady return to normal over the following months, finally returning to pre-pandemic trends by May of 2022. For the month of December 2022, newly written sales were down 7% from the pre-pandemic levels. The 12-month rolling average price posted its greatest year-over-year increase in July of 2021 at 32%, and by the end of 2022 the annual increase had subsided to 22%. New listings in 2022 were down 5% from the prior year, and down 19% from the pre-pandemic pace. With continued steady buyer activity, and new listings entering the market at a slower than normal pace, the inventory of available homes remains low compared to historical norms, but has increased from its low point in January of 2022 when 2,035 properties were available. With 5,911 properties on the market as of December 31, 2022, our market now offers more choices for buyers than they’ve had at any point over the past two years. Still, however, listing inventory remains well short of the 12,000+ listings that were available prior to the pandemic.

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