October housing market update

Lee County October Housing Market Update

The October housing market update for Lee County showed 1,050 properties sold for just over $514 Million during the month. The luxury market slowed a bit with 62 properties sold at or above $1 Million, down slightly from 67 luxury sales during September.

The highest price sale was in Esplanade Lake Club in Fort Myers for $3,100,000. Golf community properties dominated the highest priced homes sold in Lee County with 8 of the top 10 golf homes sold between $1,900,000 to $2,995,000. On average, homebuyers paid 97% of list price for the top 10 most expensive homes sold in Lee County.

Unlike the Naples area, it is not surprising to see both closed sales and pending sales fell during October which industry experts have attributed to Hurricane Ian. Many owners along the Gulf coast are weighing their options for selling or rebuilding.

Lee County October Housing Market Update – Single Family Homes

October 2022 versus October 2021 Single Family Home Highlights:

Closed sales decreased 46.9 percent going from 1,365 transactions down to 725 sales.
Pending sales decreased 54.7 percent down from 1,632 last October versus 740 this October.
Inventory increased 89.1 percent up to 3,347 properties for sale compared to this same time last year when 1,770 homes were for sale.
New listings decreased from 1,670 down to 908 which was a 45.6 percent decline.
Median days on market increased to 27 days which was a 107.1 percent increase versus October of 2021.
Available inventory of single-family homes ended October with a 2.6 months’ supply of homes available for sale which was up from 1.2 months’ supply during October of 2021.

Once again, single-family homes showed a modest increase in the median sales price, up 15.5 percent over October of last year. Unlike last month, the median sales price in October rose compared to the prior month up from $414,495 during September to $425,000 in October.

Similar to the prior month the days on market continued to grow. The median days to contract showed a slight increase up to 29 days during October compared to 27 days during the prior month and up from 14 days during October of last year.

Also, the percentage of all cash sales came in at 35 percent for single family homes compared to 34 percent during the prior month. For those considering a home purchase using financing, as long as you have a pre-approval letter, you have more opportunity to purchase a home than this time last year.

Although inventory increased again, it still at historically low levels. As long as inventory remains low, 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.

What is my home worth…

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’re not sure which communities fit your lifestyle, contact us and we’ll help you target the neighborhoods which offer the amenities and lifestyle you’re looking to enjoy.

Lee County October Housing Market Update – Condos and Townhomes

October 2022 versus October 2021 Condo Highlights:

Condo sales decreased 41.8 percent going from 558 real estate transactions down to 325 sales.
Pending sales decreased 39.5 percent down from 692 last October to 419 this October.
Inventory increased 102.4 percent up to 992 condos for sale compared to last October when there were only 490 units for sale.
New listings decreased from 628 down to 441 which was a 29.8 percent decrease.
Median days to contract increased to 32 days which represented a 220 percent increase versus October of 2021.
Available inventory of condos ended October with a 1.7 months’ supply of properties available for sale which was a 183.3 percent increase.

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 1.7 month’s supply which was less than the previous month when there was a 1.8 months supply of condos for sale. A balanced market would be a 6-7 months’ supply of homes for sale.

The median price for condos was up 20 percent compared to this time last year. Once again, the median sales price rose over the prior month in addition to year-over-year. Will the trend continue? Time will tell. The coastal areas were more impacted by the storm and homeowners are still waiting on insurance claims to determine if they are going to sell or rebuild.

Finally, it is notable 62 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…

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 October Housing Market Update

Naples Golf Guy Monthly Newsletter – NEW!

2022 Lee County October Real Estate Statistics – Single Family Homes

2022 Lee County October Real Estate Statistics – Condos

Naples October Real Estate Review

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 than150 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!

Should I use a Realtor if I’m buying New Construction?

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.

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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.