May Housing Update
May Housing Update for Lee County
The Lee County May housing update showed there was more than $1.1 Billion in properties closed during May, up from $417 Million last year. The housing market continued to show a large increase in pending and closed sales for both single family homes and condos in Bonita Springs, Estero and Fort Myers.
As a result, overall inventory remains low in the area. While new properties were added daily during the month, the demand is higher than the market was able to accommodate. Due to the continued significant buyer demand combined with so few properties for sale, home values continue to increase.
Additionally, sellers continued to get list price or close to list price for their homes. So, the bottom line is it remains a seller’s market.
If you are considering 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.
May Housing Update – Single Family Homes
May 2021 versus May 2020 Single Family Home Highlights:
- Closed sales increased 82.4 percent going from 924 transactions up to 1,685 sales.
- Pending sales increased 11.5 percent up from 1,559 last May versus 1,738 this May.
- Inventory fell 65.9 percent down to 1,543 properties for sale compared to this same time last year when 4,522 homes were for sale.
- New listings increased from 1,390 up to 1,720 which was a 23.7 percent increase.
- Median days on market decreased to 14 days which is a 70.2 percent decrease versus May of 2020.
- Available inventory of single family homes ended May with a 1 months supply of homes available for sale, or a 75 percent decrease.
Similar to Naples and other areas of the country, we continued to see a shortage in inventory. However, on a positive note, new listings increased for the second straight month. While it was a step in the right direction, it still wasn’t enough to keep up with the high buyer demand. Inventory of single family homes remains low and combined with the high buyer demand, home prices continue to rise. The median sales price rose 38.7 percent in May compared to the same time last year.
As a result, seller’s have the advantage in the sales process. If you are considering buy a home, we’ll help provide you with all the market information needed to submit a compelling offer to give you the best chance to win the deal.
On the other hand, of you are considering selling a home, now would be a great time to list your property. You might be surprised to learn how much your home is worth in today’s market.
May Housing Update – Condos and Townhomes
May 2021 versus May 2020 Condo Highlights:
- Condo sales increased 149.6 percent going from 365 real estate transactions up to 941 sales.
- Pending sales increased 55.8 percent up from 577 last May to 899 this May.
- Inventory decreased 78.5 percent down to 607 condos for sale compared to last May when there were 2,827 units for sale.
- New listings decreased from 728 down to 726 which was an 1.6 percent decline.
- Median days to contract fell to 15 days which represented a 72.2 percent decrease versus May of 2020.
- Available inventory of condos ended April with a less than 1 months supply of properties available for sale which was a 84.6 percent decrease.
Similar to last month, condo closings and those going to contract increased significantly during the month. At the same time, the number of homes for sale decreased more than 75 percent which brings us to the lowest inventory on record.
Additionally, unlike last month which showed a significant increase in new condos added to the inventory levels, in May we saw another decline in condos for sale. Similar to single family homes, if you see a condo you are interested in purchasing, be prepared to move quickly with an offer. You should also be prepared to compete with other home buyers.
Bottom line, it remains a seller’s market.
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Contact Matt: Matt@NaplesGolfGuy.com
June 27th, 2021, Posted by NaplesGolfGuy