February 2016 Real Estate Update
SOUTHWEST FLORIDA FEBRUARY 2016 REAL ESTATE UPDATE
Closed Sales $2 million+ Increases Over Prior Year
The number of sales closed during the month of December is the second highest on record for the month (993). The highest for this period was December 2014 with over 1,100 closed sales. During the past 12 months, closings increased in all price categories with the exception of properties priced below $250,000, which decreased 4.4% from prior year. This was driven by shrinking supply rather than a lack of demand. Closed sales priced above $2 million remained strong throughout the year with 481 sales as of year-end 2015. This represents a 10% increase over year-end 2014 when there were 439 closings in this category.
Available inventory as of January 1, 2016 consisted of 5,131 units, an increase of 59 units over January 1, 2015. The average list price over the past 12 months was $624,503, an increase of 7% over the average of $582,461 during the 12 months' ending December 2014. There were a total of 1,375 new listings placed on the market in December, an increase of almost 5% over December 2014.
Average and Median Sales Price
The average price of closed sales during the month of December increased 4.9% year-over-year, while the median price was up 14.2%. The average price of properties priced above $2 million was statistically level with the prior year end ($3,803,000). Median price in this segment increased 5.4% to $3,093,012.
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Rowan Samuel has lived many lives. Originally from Zimbabwe (Rhodesia), he and his family immigrated to the U.S. in 1980 to escape the brutal Mugabe regime - they lost everything when they came to Am....