SWFL Real Estate: Third Quarter 2023 Report
August 31, 2023 / RERI Research Team / Tag: Lucas Institute for Real Estate Development & Finance
Southwest Florida Real Estate Third Quarter 2023 Report
For the second quarter of 2023, existing residential units sold and housing affordability both 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 second quarter of 2023 for Southwest Florida, headlined by a 45 percent year-to-year decline in single-family home sales and 41 percent year-to-year decline in condominium sales.
- While sales declined, sale prices continued rising year over year, albeit at a slower pace. Median sale prices for single-family home sales increased 1 percent, while improving 5 percent for condominium sales. Median price per square foot also increased year-to-year for both single-family homes (5 percent) and condominiums (7 percent).
- Retail property sales dipped 61 percent in the second quarter of 2023 compared to 2022, while office sales slipped 43 percent.
Downloads:
Issue Brief: Southwest Florida Housing Affordability
Southwest Florida Real Estate Third Quarter 2023 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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