August Housing Update
August Housing Update for Lee County
The Lee County August housing update showed there was more than $851 Million in properties closed during August, up from $720 Million last year. Due to limited inventory, closed sales dipped slightly for both single family homes and condos in Bonita Springs, Estero and Fort Myers. Also notable was the percentage of transactions which were cash which fell to 42 percent compared to 65 percent during the previous month.
Although inventory of homes for sale dropped 60 percent, there actually 2,200 new listings which came on to the market during the month. While new properties were added daily during the month, the demand remained higher than the market was able to accommodate. The median time to contract was just 13 days. So, if you are considering buying, there are new opportunities every day. However you need to be prepared to move very quickly.
Also, due to the continued significant buyer demand combined with so few properties for sale, home values continued there upward trend. Both the average and median sales price increased more than 20 percent. As such, sellers continued to sell their homes at list price or close to list price. So, the bottom line, it remained a seller’s market.
If you are thinking of selling, you are in the driver’s seat. Contact us today to learn about your home’s value in today’s market. It may be more than you realize.
August Housing Update – Single Family Homes
August 2021 versus August 2020 Single Family Home Highlights:
- Closed sales decreased 2.7 percent going from 1,401 transactions down to 1,363 sales.
- Pending sales decreased 10.2 percent down from 1,796 last August versus 1,612 this August.
- Inventory fell 45 percent down to 1,764 properties for sale compared to this same time last year when 3,209 homes were for sale.
- New listings increased from 1,547 up to 1,602 which was a 3.6 percent increase.
- Median days on market decreased to 13 days which is an 74.5 percent decrease versus August of 2020.
- Available inventory of single family homes ended August with a 1.1 month supply of homes available for sale, or a 60.7 percent decrease.
Once again, inventory was limited. And although overall new listings increased for the 5th straight month, it wasn’t enough to keep up with the high buyer demand. For those properties that went to market, if the home was priced correctly, there were multiple offers within the first couple of days which contributed to the increase in prices. As a result, the median sales price rose 27.1 percent in August compared to the same time last year.
A trend which continued to be prevalent last month were the number of properties which never hit the market and were sold before they were listed. For example, our team went to contract on 4 properties prior to the homes being listed.
Seller’s continue to have the advantage in the sales process. If you are considering buying a property, patience and persistence is the key to finding the right home. New listings are hitting the market every day, we can help you with automatic property alerts.
If you are selling your home, 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.
August Housing Update – Condos and Townhomes
August 2021 versus August 2020 Condo Highlights:
- Condo sales decreased 0.3 percent going from 631 real estate transactions down to 629 sales.
- Pending sales decreased 19.6 percent down from 822 last August to 661 this August.
- Inventory decreased 78 percent down to 535 condos for sale compared to last August when there were 2,431 units for sale.
- New listings decreased from 698 down to 598 which was a 14.3 percent decrease.
- Median days to contract fell to 11 days which represented an 86.1 percent decrease versus August of 2020.
- Available inventory of condos ended August with a less than 1 month supply of properties available for sale which was an 86.7 percent decline.
Unlike the prior month, condo sales decreased during the month. Additionally, condo inventory declined, while single family inventory saw a modest increase. However, just like the single family home market, the low inventory and high buyer demand caused the median sales price to increase from $205,000 up to $260,00 which was a 26.8 percent increase compared to August of last year.
Bottom line, it remains a seller’s market for both condos and single family homes. Are you considering selling? Let’s connect!
Begin Your Own Search for a Southwest Florida Vacation Home or Second Home:
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 handle all contract negotiations via paperless transactions for your property from offer to close!
Find a Real Estate Expert Who Specializes in Golf Community Real Estate
Look for an agent who specializes in the type of community or properties you are interested in buying or selling a home. If you are considering buying in a Southwest Florida Golf Community, there are more than 150 golf course communities to chose from. How do you know which one is right for you and your family? Find a specialist who has the knowledge and experience about golf community real estate to help you navigate the various clubs, courses, membership options, amenities and location that will best match your lifestyles.
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NaplesGolfGuy offers private client advisory services with an emphasis on detail. Professionalism, integrity and discretion are not goals, they are standards. We are dedicated to exploring, experiencing and navigating the very best in luxury living for our clients.
Contact Matt: Matt@NaplesGolfGuy.com
September 26th, 2021, Posted by NaplesGolfGuy