Drew Dixon
Three Florida locales have been named among the toughest markets to sell property in America amid a tight real estate market nationwide.
Key West, Naples and Punta Gorda were all listed in the top 10 in a report by Premier Online Marketing, an online advertising agency. Premier analyzed recent “for sale” data from Realtor.com in 900 U.S. metropolitan areas. The report identified the median days on the market and the median listing price for each location.
“Florida accounts for 36% of the locations struggling to sell properties” in the U.S., the Premier report concluded.
The analysis found Key West in Monroe County ranked first for the toughest place to sell a house. The analysis said the median listing time for a house in Key West was 105 days. High prices are slowing things down there, per the report.
Key West “typically sees properties sell after a median of 105 days. With a population of over 25,500, Key West is a popular tourist destination known for its high cost of living, reflected in the median home price of $1.27 million. In recent months, out of 1,346 listings, only 8 saw price increases, while 224 experienced price reductions,” the report said.
Rockport and Port Lavaca, both in Texas, were ranked second and third, respectively. Forest City, Arkansas was tied with Port Lavaca for the third spot.
But Florida Gulf Coast locales were prominently featured in the top 10. The Naples-Marco Island area in Collier County also landed in the top 5, with a median of 100 days on the market before a house is sold. Steep prices don’t help that area, either.
“The median listing price is $749,999, and the median price per square foot is approximately $417. There were 5,648 listings in Naples-Marco Island last month, with 17.5% experiencing price reductions in an attempt to sell quickly,” the report said.
Punta Gorda in Charlotte County was tied as the ninth-toughest housing market in the country, with a median of 95 days on the market. The median cost for a home in the small town on the south shore of Charlotte Harbor is a bit more in reach, with a median price tag of $397,000.
Panama City, also on Florida’s Gulf Coast in the Panhandle, made it into the top 20. Cape-Coral-Fort Myers, Arcadia, Clewiston and Crestview-Fort Walton Beach-Destin all made it just inside the top 25 or were just outside that frame.
4 comments
VintageVNvet
November 20, 2024 at 11:18 am
This is just TOTAL NONSENSE!
Been in RE in SW FL since for eva, and have known many many more challenging situations.
RE, as is the same for any ”real” asset, will rise and fall both for prices and sales depending on SO many factors that any report such as this should always be considered firstly by who is making the report…
After that, just common sense to realize that when ”asking prices” are too high, sales will slow down until prices adjust…
DUH
Larry Gillis, Libertarian (Cape Coral)
November 20, 2024 at 11:19 am
” … Cape-Coral-Fort Myers… ”
Thanks for finally recognizing that CAPE CORAL IS THE TAIL THAT WAGS THE DOG.
JD
November 20, 2024 at 11:37 am
How is Cape Coral “wagging? As an influencing regional real estate dynamics, driving growth, serving as a benchmark for trends, and emerging as a key market for investment?
JD
November 20, 2024 at 11:42 am
Three major builders that service the SWFL are in almost panic mode right now because they are not moving ANYTHING.
If you got the cash, it’s probably a great time to buy and hold. I get the feeling it’s going to be like 2008. We will see the mass exodus again. Ha! It might change that hold “red voter registration” too.