November Housing Market Update
Lee County November Housing Market Update
The November housing market update for Lee County showed there was more than $942 Million in properties closed during the month, up from $407 Million last year. Unlike the prior month, the number of single family home sales year-over-year increased slightly in Bonita Springs, Estero and Fort Myers. However, condos continued with double double-digit declines compared to the same time last year.
Also notable was the percentage of cash transactions during the month which increased slightly to 44 percent of all transactions which was up slightly from 43 percent during October. The good news is the last 3 months have shown similar percentages which are down significantly from July when 65 percent of home sales were cash sales. So what are the implications? For buyers using a mortgage, you have more opportunities to enter into a contract on a property without having to go up against multiple cash offers.
Ultimately, demand continues to remain very strong for Southwest Florida and the nation as a whole. In fact, a recent study by Redfin identified the Top 10 ‘Hot Markets’ for 2022 and eight of those destinations are in Florida. Downtown Fort Myers is on the list as are six cities in Sarasota County. We have specialists who cover Fort Myers as well as Sarasota, so if you’re considering moving to the area, contact us for more information.
Lee County November Housing Update – Single Family Homes
November 2021 versus November 2020 Single Family Home Highlights:
- Closed sales increased 1.7 percent going from 1,364 transactions up to 1,387 sales.
- Pending sales decreased 2.7 percent down from 1,541 last November versus 1,499 this November.
- Inventory fell 38.6 percent down to 1,680 properties for sale compared to this same time last year when 2,737 homes were for sale.
- New listings increased from 1,340 up to 1,378 which was a 2.8 percent increase.
- Median days on market decreased to 13 days which was a 51.9 percent decrease versus November of 2020.
- Available inventory of single family homes ended November with a 1.1 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 18 percent for November 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 to single digits, 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.
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 November Housing Update – Condos and Townhomes
November 2021 versus November 2020 Condo Highlights:
- Condo sales decreased 19.4 percent going from 726 real estate transactions down to 585 sales.
- Pending sales decreased 14.8 percent down from 775 last November to 660 this November.
- Inventory decreased 76.6 percent down to 481 condos for sale compared to last November when there were 2,054 units for sale.
- New listings decreased from 692 down to 626 which was a 9.5 percent decrease.
- Median days to contract fell to 9 days which represented an 80.4 percent decrease versus November of 2020.
- Available inventory of condos ended November with a less than 1 month supply of properties available for sale which was an 82.4 percent decline.
Condo sales followed similar patterns as the previous couple of months. 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. Wondering what the benefits are of using an agent sell your home? Learn why you may not want to go it alone…
Begin Your Own Search for a Southwest Florida Vacation Home or Second Home:
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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.
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Considering Selling Your Naples Golf Home? Why Work with the Naples Golf Guy Team
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. We are dedicated to making the sales process easier for you and your family.
Contact Matt: Matt@NaplesGolfGuy.com
December 27th, 2021, Posted by NaplesGolfGuy