Lee County October Housing Market

Lee County October Housing Market Update

The October Lee County housing market reports showed there was more than $827 Million in properties closed during the month, down from $862 Million last year. Similar to the prior month, the limited inventory impacted the number of closed sales for October. Both single family homes and condos saw double-digit declines in Bonita Springs, Estero and Fort Myers.

Also notable was the percentage of cash transactions during the month. Approximately 43 percent of all transactions were cash which was similar to last month, and remained lower than July which was 65 percent. So what are the implications? For those who are using a mortgage, you have more opportunities to enter into a contract on a property without having to go up against multiple cash offers.

Additionally, we continued to see signs new properties hitting the market. There were 2,298 new listings during the month up from 2,094 during the prior month. Similar to the Naples area, the demand remains high and new listings were snapped up quickly. The median days to contract for single family homes was 14 days and condos were only 10 days.

Thus, demand continues to remain strong for Southwest Florida and the nation as a whole. While I don’t have a crystal ball to predict the future, Chief Economist of the National Association of REALTORS® Lawrence Yun said “This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.”

If you are thinking of selling, you are in the driver’s seat. Contact us today to learn about your home’s value in our current market. It may be more than you realize.

Lee County October Housing Update – Single Family Homes

October 2021 versus October 2020 Single Family Home Highlights:

Closed sales decreased 13.5 percent going from 1,578 transactions down to 1,365 sales.
Pending sales decreased 7.8 percent down from 1,770 last October versus 1,632 this October.
Inventory fell 39.3 percent down to 1,770 properties for sale compared to this same time last year when 2,918 homes were for sale.
New listings increased from 1,593 up to 1,670 which was a 4.8 percent increase.
Median days on market decreased to 14 days which was a 60 percent decrease versus October of 2020.
Available inventory of single family homes ended October with a 1.2 month’s supply of homes available for sale, or a 50 percent decrease.

Similar to last month, single family home prices showed a significant increases in the median price, up 21 percent for October of this year compared to last year at the same time. With limited inventory, prices will continue to rise. While leading industry experts note, the appreciation will start to slow, based on the latest statistics that has yet to show in the numbers.

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.

Lee County October Housing Update – Condos and Townhomes

October 2021 versus October 2020 Condo Highlights:

Condo sales decreased 28.6 percent going from 782 real estate transactions down to 558 sales.
Pending sales decreased 23.4 percent down from 903 last October to 692 this October.
Inventory decreased 77.4 percent down to 491 condos for sale compared to last October when there were 2,175 units for sale.
New listings decreased from 782 down to 628 which was a 19.7 percent decrease.
Median days to contract fell to 10 days which represented an 81.1 percent decrease versus October of 2020.
Available inventory of condos ended October with a less than 1 month supply of properties available for sale which was an 83.8 percent decline.

Condo sales followed similar patterns as the previous month. Once again, the number of sales and inventory saw declines. Inventory levels of condos are especially challenging with less than a months worth of properties available for sale. Yet, similar to single family homes, there are still opportunities as new listings are added to the market every day.

Bottom line, it remains 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.

What is my home worth…

Southwest Florida September Housing Update

Naples Golf Guy Monthly Newsletter – NEW!

2021 Lee County October Real Estate Recap – Single Family Homes

2021 Lee County October Real Estate Recap – Condos

SWFL Luxury Golf Community Trends

Naples Area Market Report

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