December Housing Market Report
Lee County December Housing Market Report
The December housing market report for Lee County showed 1,351 properties sold for just over $678 Million during the month. The luxury market remained active with 75 properties sold at or above $1 Million, up from 73 luxury sales during November. Lee County covers Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel and surrounding areas.
The highest price sale was on Fort Myers Beach for $6,175,000. Fifty percent of the top 10 highest priced homes sold in Lee County were golf homes priced between $3,050,000 to $4,575,000. Golf communities represented were Mediterra, Bonita Bay (two sales), Miromar Lakes, and Gulf Harbor Yacht and Country Club. On average, homebuyers paid 90% of list price for the top 10 most expensive homes sold in Lee County.
Overall, Florida saw the largest home price increases, up 17.27 percent in the country during 2022 according to a recent study. For more information about a specific Florida city or community, contact us today for an analysis.
Lee County December Housing Market Report – Single Family Homes
December 2022 versus December 2021 Single Family Home Highlights:
- Closed sales decreased 33.3 percent going from 1,431 transactions down to 915 sales.
- Pending sales decreased 328.9 percent down from 1,311 last December versus 932 this December.
- Inventory increased 125.4 percent up to 3,575 properties for sale compared to this same time last year when 1,586 homes were for sale.
- New listings decreased from 1,238 down to 1,174 which was a 5.2 percent decline.
- Median days on market increased to 33 days which was a 120 percent increase versus December of 2021.
- Available inventory of single-family homes ended December with a 3 months’ supply of homes available for sale which was up from a 1 months’ supply during November of 2021.
Once again, the median sales price for single-family homes showed a modest increase over December of 2021, up from $402,000 to $407,950 which was a 1.5 percent jump. Unlike the previous month when the median sales price declined slightly, it increased from November when the median sales price was $400,000.
Although inventory rose compared to last year by more than 125 percent, it only increased by 44 properties over November which represented just over a 1 percent gain. Similar to the rest of Southwest Florida, inventory is moving in the right direction but at snails pace.
Once again, the percentage increases year-over-year are misleading. Prior to the pandemic, in December of 2019 there were 5,312 single-family homes for sale (4.6 months’ supply) and in December of 2018 there were 6,367 homes (5.7 months’ supply) available for sale. A healthy, balanced market is typically more than 6 months’ supply. At a 3 months supply, we are only have way back to a healthy market.
Southwest Florida is more of a resort and a prime location for second homes or vacation homes. As a result, the percentage of transactions which are cash are higher than many areas of the country. In fact, the percentage of all cash sales in Lee County increased to 48% during December up from 41 percent in November.
Finally, days on market went back down to 33 days compared to 34 days in November. With low inventory and low days on market, it is still a Seller’s market.
If you are considering buying a property, now is a good time to start watching the communities you are most interested in using our automatic property alerts. If you are not sure which communities fit your lifestyle, contact us and we’ll help you target the neighborhoods which offer the amenities and lifestyle you would like to enjoy.
Lee County December Housing Market Report – Condos and Townhomes
December 2022 versus December 2021 Condo Highlights:
- Condo sales decreased 42.9 percent going from 693 real estate transactions down to 396 sales.
- Pending sales decreased 34.7 percent down from 597 last December to 388 this December.
- Inventory increased 168 percent up to 1,179 condos for sale compared to last December when there were only 440 units for sale.
- New listings increased slightly from 525 up to 536 which was a 2.1 percent increase.
- Median days to contract increased to 19 days which represented a 72.7 percent increase versus December of 2021.
- Available inventory of condos ended December with a 2.2 months’ supply of properties available for sale which was a 266.7 percent increase over last year.
Similar to last month, 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 2.2 month’s supply and it is not much of an increase over last month when there was 1.9 months’ supply of condos for sale. A balanced market would be a 6-7 months’ supply of condos for sale.
The median price for the month was $329,950 for condos which was up 11.8 percent compared to this time last year. Unlike last month, it rose slightly from November when the price was $323,000.
Finally, it is notable 65 percent of condo sales were paid in cash. If you are planning on leveraging a loan for your condo purchase, you are still competing with a significant number of cash buyers. Regardless of when you plan to purchase, 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. 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…
If inventory remains low, and demand remains strong, prices will continue to rise. If you are considering selling, call, email, or text us today to discuss your home’s value in today’s market. We will help you determine what if any repairs should be made prior to listing your home and provide current market data to determine the optimum selling price.
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 November Housing Market Report
Naples Golf Guy Monthly Newsletter – NEW!
Lee County Real Estate Stats December 2022 – Single Family Homes
Lee County Real Estate Stats December 2022 – Condos
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!
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.
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.
January 29th, 2023 Posted by Matt
