The median closed price in July increased 28.8 percent to $469,950 from $365,000 in July 2020. The median price is the price at which 50 percent of the homes sold were above that price, and 50 percent were below.
As this new reality sets in, clues that buyers and sellers are adapting to a new normal can be found in recent Market Reports. “The percent of list price received has been over 99 percent for the last three months,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “This shows us that sellers are setting realistic prices and buyers are accepting these values as fair because offers are at near asking prices.”
Even though overall pending sales in July dropped 21.5 percent to 1,135 pending sales from 1,446 pending sales in July 2020, and overall closed sales dropped 2.6 percent to 1,142 closed sales from 1,172 closed sales in July 2020, activity in the high-end luxury home market picked up speed during the month as reflected in a 32.6 percent increase in closed sales for homes over $1 million, and a 17.1 percent increase in pending sales for single family homes valued over $1 million in July.
The NABOR® July 2021 Market Report provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings: