People have been speculating a market crash for quite some time now, and when the new year rolled in many were expecting for the real estate market to decline a bit but that wasn't the case at all.
The real estate industry remains strong, thanks to the interest rates which have decreased once again, from 3.72% to 3.62% in January for a 30 year fixed rate mortgage.
How's the real estate market January 2020
Year over year sales
The real estate market continues to soar and year over year sales remain strong.
The entire United States experienced an increase of 9.6%, the state of Florida an increase of 17.9%, Lee County an increase of 25.3% and Collier County an increase of 14.1%.
Media Sales Price
Media sales price also continues on the rise.
The current median for the United States is at $266,300 with a 6.8% increase.
State Florida sits at $265,000 and up by 6.0% compared to last year.
Lee county experienced an increase by 2.1% bringing the median sales price up to $270,000. Now, Collier county saw a tremendous increase in the median sales price, a whooping 14.1% compared to last year, bringing the price up to $470,000.
Average days on the market
According to National Association of Realtors, 42% of homes sold in January in the United States were on the market for less than a month.
The average days on the market for the United State for January 2020 was 43 days, 44 days for the state of Florida, 58 for Lee County and 104 days for Collier county, most likely because of it's high price real estate value, after all it is above $200,000 more than the National average.
Inventory remains low in the entire county, by -10.7% with a 3.1 month supply of inventory and Florida is not far behind those statistics with a -16.4% and a 3.4 month supply of inventory.
Both counties of Lee and Collier also experienced low inventory during the month of January 2020. Lee at -22.3% with a 4.7 month supply and Collier at -17.8% with a 7.0 month supply of inventory.
Over all the entire county saw great numbers and considering interest rates remain the same and the market continuers to be favorable for both sellers and buyers, we should keep seeing the same growth we have for the past several months.