2022 September Sales Figures – Market Shift Continues

Hurricane Ian notwithstanding, the September real estate sales figures in Cape Coral and Fort Myers remain in a consistent trend.  In reviewing the July and August 2022 sales figures, we discussed how the move in the market indicated a shift towards normalization, and we continue to see those characteristics in the September numbers as well.  In comparison to the September 2021 sales figures, we see several notable elements that point to a cooling off period.  Post the pandemic, 2021 was a super hot market; stressful for buyers, sellers and realtors alike.  Raging fires should not and do not last, and we are witnessing that shift now.

Days on market are up from last year.  Houses coming under contract within days, if not hours (like we saw in 2020-2021), is not the historical pattern that we have seen.  Homes traditionally have been on-market for several weeks before coming under contract.  Of course, this is tied to the fact that there is more inventory on-hand, which allows buyers more options to review.  That review adds time on-market.  In addition, sellers continue to witness over 15% return on their investment with median sales prices higher than last year.  I would argue that real estate remains a solid investment in today’s economic climate.  Folks still need homes.

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