May Housing Market Update
Lee County May Housing Market Update
The May housing market update for Lee County showed more than $1.441 Billion worth of properties closed during the month, up from $1.177 Billion during May of 2021. Unlike last month, only condo sales decreased double digits year-over-year in Bonita Springs, Estero and Fort Myers. Single family home sales only declined 5.4 percent.
The percentage of cash transactions during the month remained at 49 percent of the total transactions for the second consecutive month. If you are a buyer and you find yourself in a multiple bid situation, in most cases the seller will consider a cash offer a stronger offer than one with financing.
Although inventory remains historically low, it continued to build throughout the month. The number of new properties hitting the market increased 7.4 percent for condos and single family homes increased 18.4 percent compared to the same time last year. In all, there were 2,805 new properties were listed during the month.
Lee County May Housing Update – Single Family Homes
May 2022 versus May 2021 Single Family Home Highlights:
- Closed sales decreased 5.4 percent going from 1,685 transactions down to 1,594 sales.
- Pending sales decreased 11 percent down from 1,739 last May versus 1,547 this May.
- Inventory increased 57.1 percent up to 2,419 properties for sale compared to this same time last year when 1,540 homes were for sale.
- New listings increased from 1,720 up to 2,036 which was an 18.4 percent increase.
- Median days on market fell to 11 days which was a 21.4 percent decrease versus May of 2021.
- Available inventory of single family homes ended May with a 1.7 months supply of homes available for sale which was up from 1 months supply during May 2021.
Similar to the first four months of the year, single family home prices showed a significant increases in the median sales price, up 28.8 percent over May of last year. If you are a Seller, you still have time to capture the top of the market.
Keep in mind inventory is building and Sellers are starting to reduce their prices. So if you are considering selling, we recommend you don’t wait much longer and be sure to price it right from the get go. To find the best list price, we will take into account current market demand, the value of other homes in your neighborhood, look at where prices are headed and your home’s condition. Call, email or text us today. What is my home worth…
Also, keep in mind, even though industry experts continue to say growth will slow, we have yet to see a slowdown reflected in the actual local market data. As long as inventory remains low, prices will continue to rise. However, if inventory continues to build, we should see the rate of growth start to slow.
If you are considering buying a property there are twice as many properties to chose 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 May Housing Update – Condos and Townhomes
May 2022 versus May 2021 Condo Highlights:
- Condo sales decreased 14.6 percent going from 911 real estate transactions down to 778 sales.
- Pending sales decreased 23.1 percent down from 899 last May to 691 this May.
- Inventory increased 33.8 percent up to 812 condos for sale compared to last May when there were only 609 units for sale.
- New listings increased from 716 up to 769 which was a 7.4 percent increase.
- Median days to contract fell to 8 days which represented an 46.7 percent decrease versus May of 2021.
- Available inventory of condos ended May with a 1.2 months supply of properties available for sale which was a 50 percent increase!
The Lee County Condo market remains a strong seller’s market. Even though inventory has double compared to this time last year, historically it remains very low at jus a 1.2 month’s supply. A balanced market would be a 6-7 months supply of homes for sale. As a result of the low inventory both pending and closed sales were down year-over-year.
Additionally, if you are considering selling, new listings continued to sell quickly. Days on market remained extremely low at just 8 days from the day a condo was listed to contract. Also, both the median and average price continued to rise during May up 38.6 percent and 29 percent respectively. As more inventory is added, we expect prices to start to level out.
If you are a buyer and you’ve been sitting on the sidelines, it may be time to start taking a closer look at homes for sale. Depending on the neighborhood, you may be surprised at the number of properties 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’re considering moving to the area, contact us for more information.
Southwest Florida May Housing Market Update
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!
Considering Selling Your Southwest Florida Home?
It is a seller’s market so why should you work with 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’re helping maximize the number of offers homeowners are receiving and ultimately 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.
Contact us today to learn your home’s true value – 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.
Contact Matt: Matt@NaplesGolfGuy.com
June 26th, 2022, Posted by NaplesGolfGuy