SWFL Real Estate: Second Quarter 2023 Report
May 31, 2023 / RERI Research Team / Tag: Lucas Institute for Real Estate Development & Finance
Southwest Florida Real Estate Second Quarter 2023 Report
We are pleased to present the Southwest Florida Real Estate Report. 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. The report consolidates data from local property appraiser's offices and offers a comprehensive analysis of home sales, real median prices, price per square foot, and average age. Additionally, the report includes a section on commercial real estate analysis, encompassing retail properties, office spaces, entertainment properties, and other commercial sales. Stakeholders in Southwest Florida can utilize the information provided in this report to make well-informed decisions concerning talent attraction, affordable housing, and business expansion.
Findings from the latest report include:
- Residential unit sales were down across the board during the first quarter of 2023 for Southwest Florida, headlined by a 33 percent decline in single-family home sales and 40 percent decline in condominium sales.
- While sales declined, sale prices rose year-to-year, with the median sale price increasing 7 percent for single-family home sales and 11 percent for condominium sales. Median price per square foot also increased year-to-year for both single-family homes (10 percent) and condominiums (15 percent).
- Retail property sales dipped 48 percent in the first quarter of 2023 compared to 2022, while office sales slipped 27 percent.
Downloads:
Southwest Florida Real Estate Second Quarter 2023 Report
Acknowledgments:
We would like to thank the various property appraiser offices for providing the data that made this analysis possible.
Share Post
