August Housing Market Update

Lee County August Housing Market Update

The August housing market update for Lee County showed 1,630 properties sold for just over $862 Million during the month. The luxury market remained strong with 116 properties which sold at or above $1 Million.

On a positive note, similar to last month, we saw a significant increase in inventory which was up just over 90 percent compared to the same time last year. However, it’s important to note, inventory levels are still well below normal levels for this time of year. In August of 2019, prior to the pandemic, there were 7,784 properties for sale. This year, even though inventory has double year-over-year, we still only have 4,534 properties on the market.

Also, there’s just over a 2 months’ supply of homes for sale which means we are still in a Seller’s market. Is it possible we’ll double inventory again? It is possible, however if you look at the change in inventory from July to August, there was only a 2 percent increase in the number of properties for sale.

The good news for buyers is there are more properties to chose from and in most cased you have more time to try to find the right property. If you are buying, it’s important to know it is still a Seller’s market and homeowners continue to sell their properties close to list price.

Finally, Sellers continued to adjust their “list prices” to reflect current market values which is why you may have seen price reductions. However, it is rare to see a property sell for less than previously closed sales.

Lee County August Housing Market Update – Single Family Homes

August 2022 versus August 2021 Single Family Home Highlights:

Closed sales decreased 14.5 percent going from 1,363 transactions down to 1,166 sales.
Pending sales decreased 20.1 percent down from 1,612 last August versus 1,288 this August.
Inventory increased 97.3 percent up to 3,481 properties for sale compared to this same time last year when 1,764 homes were for sale.
New listings decreased from 1,602 down to 1,553 which was a 3.1 percent decline.
Median days on market increased to 21 days which was a 61.5 percent increase versus August of 2021.
Available inventory of single-family homes ended August with a 2.5 months’ supply of homes available for sale which was up from 1.1 months’ supply during August of 2021.

Since-family homes showed a modest increase in the median sales price, up 16.9 percent over August of last year and a slight increase of 0.2% over July of this year. For Sellers, the peak appears to have come and gone. However, you still have the opportunity to sell at a premium price as sellers are still getting 97.4% of their asking price.

It’s worth noting it is rare to see multiple offers and bids above list price. And the days on market continue to grow, especially for overpriced properties. Buyers are now taking their time in evaluating properties to ensure they find one that will fit their lifestyle and at a price they can justify. Call, email, or text us today to discuss your home’s value in today’s market. What is my home worth…

If you are considering buying a property, there are twice as many properties to choose from! At the same time, finding the right property may take time. To stay on top of new properties hitting the market sign up for automatic property alerts.

Lee County August Housing Market Update – Condos and Townhomes

August 2022 versus August 2021 Condo Highlights:

Condo sales decreased 26.2 percent going from 629 real estate transactions down to 464 sales.
Pending sales decreased 25.1 percent down from 661 last August to 495 this August.
Inventory increased 96.8 percent up to 1,053 condos for sale compared to last August when there were only 535 units for sale.
New listings decreased from 598 down to 560 which was a 6.4 percent decrease.
Median days to contract increased to 18 days which represented a 38.5 percent increase versus August of 2021.
Available inventory of condos ended August with a 1.7 months’ supply of properties available for sale which was a 183.3 percent increase!

Despite the increase in inventory, the Lee County Condo market remains a strong Seller’s market. The number of condos for sale is still extremely low at just a 1.7 month’s supply which was only a one-tenth increase over July. A balanced market would be a 6-7 months’ supply of homes for sale. Similar to the last couple of months, due to low inventory both pending and closed sales were down year-over-year.

Although the median price for condos was up 23.1 percent compared to this time last year, it fell 4.5 percent compared to July of this year. The market has clearly changed. There’s more inventory, days on market continue to build and there are many buyers and sellers sitting on the sidelines waiting to see what is going to happen with the economy over the next couple of months.

If you are a buyer it may be time to start taking a closer look at homes for sale in neighborhoods which might fit your criteria. Depending on the area, you may be surprised at the number of properties already available. To stay up to date sign up for automatic property alerts.

Bottom line, it is a seller’s market for both condos and single-family homes. So now would be a great time to cash in on the high buyer demand. You might be surprised to learn how much your home is worth in today’s market. Wondering what the benefits are of using an agent sell your home? What is my home worth…

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Naples to Sarasota, so if you are considering moving to the area, contact us for more information.

Southwest Florida July Housing Market Update

Naples Golf Guy Monthly Market Report – NEW!

August 2022 Lee County Real Estate Statistics for Single Family Homes

August 2022 Lee County Real Estate Statistics for Condos

Naples August Real Estate Review

Begin Your Own Search for a Southwest Florida Vacation Home or Second Home:

So, if you are ready to begin your search for your dream home or condominium in Southwest Florida, we encourage you to explore our website to find information about communities in the area. If golf is your game, we specialize in golf community real estate.

There are more than 150 different golf communities in our area and most of them have a private golf course within the community. It can be challenging to navigate the plethora of communities, membership options, golf course design, amenities and more. We will help provide you with a list of the top private golf communities which match your lifestyle.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. In fact, we may be able to help you save money and negotiate for extras which the builder may not let you know about.

Lastly, we will manage all contract negotiations via paperless transactions for your property from offer to close!

Should I use a Realtor if I’m buying New Construction?

Considering Selling Your Southwest Florida Home?

It is a seller’s market so why should you hire a realtor? Do you have the time? There are over 180 actions required to successfully complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies and a mountain of paperwork.

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.

Call, email or text us today for all of your real estate needs – 239.370.0892.

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Results You Can Count On

The Naples Golf Guy Team is committed to extraordinary customer service with an emphasis on detail. Professionalism, integrity, and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. If you are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.