SWFL Real Estate: First Quarter 2024 Report
March 04, 2024 / RERI Research Team
Southwest Florida Real Estate First Quarter 2024 Report
For the last quarter of 2023, existing residential units sold continued to trend downward. Furthermore, increases in real median sale prices have begun to cool down, while the average age for properties sold continues to increase.
Findings from the latest report include:
- Residential unit sales were down across the board during the fourth quarter of 2023 for Southwest Florida, headlined by a 30 percent year-to-year decline in both multi-family and condominium sales Single-family home sales were also down 23 percent over the same period.
- While sales declined, sale prices stalled year over year. Median sale prices for single-family home sales fell 1 percent, while multi-family home prices rose 1 percent. The median price per square foot also increased year-to-year for single-family homes (up 2 percent).
- Retail property sales dipped 52 percent in the fourth quarter of 2023 compared to 2022, while office sales slipped 14 percent.
Downloads:
Issue Brief: Southwest Florida Housing Affordability
Southwest Florida Real Estate First Quarter 2024 Report
Acknowledgments:
This report is the product of a collaborative effort between the Regional Economic Research Institute and the Lucas Institute for Real Estate Development and Finance. We would like to thank the various property appraiser offices for providing the data that made this analysis possible.
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