Hurricane Irma Hits Market

Dated: 10/21/2017

Views: 1912

Hurricane Irma definitely made her mark on SW Florida, and in many different aspects.  One of them, being my passion, was real estate.  Although, her persistence to make her way down the SW Florida coastline did not impact rising sales prices, it did impact the numbers of closed sales & new listings hitting the market.

Let's look at the numbers:

-Single family median sales price was UP 13.3% to $255k from $225k in September 2016.

-Condo/Townhome sales remained flat with a median sales price of $180k

-Closed sales were down by 30.4% over September 2016 (attributed to delayed closings from storm)

-Single family new listings were down by 46.8%, which can be attributed to many homeowners spending the month of September cleaning up debris and repairing their homes from hurricane damage.  This also brought down our month's of supply of inventory by 4.3%.

What does this mean for the SW Florida real estate market?  It depends on who you ask.  In my professional opinion and experience, it's two fold.  On the one hand, we may see a boost in home sales as local business owners experience a boom in business and have more buying power to funnel back into our community.  Think about it, from roofing contractors to landscape companies to general contractors to dock & seawall companies to screening companies and beyond, there is a lot of capital funneling into our local market right now as homeowners strive to get their homes and lives back to "normal".  This boom in business, while overwhelming to many, could create deeper pockets of the business owners.  On the other hand, we may see an influx in short sales and foreclosures from property owners that were unfortunately impacted by the storm and cannot afford to repair their homes, or are leaving them sitting abandoned until they can be repaired.  There are many different reasons for this, a couple of which may be lack of insurance, improperly insured policies, or overwhelming financial burdens.  In the end, whether a thriving business owner or a homeowner finding themselves dealing with a new way of life, SW Florida is dealing with a situation that will only make us stronger as individuals and as a community!  #SWFLStrong #FloridaStrong #LiveLoveRecoverParadise #CommunityOutreach

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