September Housing Market Update
Lee County September Housing Market Update
The September housing market update for Lee County showed 1,229 properties sold for just over $610 Million during the month. The luxury market slowed a bit with 67 properties which sold at or above $1 Million.
It is too early to tell what impact Hurricane Ian will have on property values in Lee County. Based on experience with prior hurricanes, there will be a group of homeowners who will sell immediately. However, the vast majority are expected to re-build, buy another home either in Lee County or another Southwest Florida city such as Naples, Sarasota, or Bradenton.
The barrier isles such as Sanibel and Fort Myers Beach took the brunt of the storm and will take the longest time to recover. Homeowners are currently assessing their options and the costs to re-build. Due to more stringent building codes and higher building costs, there will be owners who will not receive enough insurance money to cover the costs of rebuilding their home and may decide to sell.
Also, insurance rates are expected to increase and as a result, coastal homes are projected to be more expensive going forward. At the same time, investors and other buyers are looking for a good deal. So you can imagine why homebuyers are flocking to Florida cities hit by the storm.
Lee County September Housing Market Update – Single Family Homes
September 2022 versus September 2021 Single Family Home Highlights:
- Closed sales decreased 36.9 percent going from 1,416 transactions down to 894 sales.
- Pending sales decreased 39 percent down from 1,512 last September versus 923 this September.
- Inventory increased 106.2 percent up to 3,601 properties for sale compared to this same time last year when 1,746 homes were for sale.
- New listings decreased from 1,498 down to 1,198 which was a 20 percent decline.
- Median days on market increased to 27 days which was a 107.7 percent increase versus September of 2021.
- Available inventory of single-family homes ended September with a 2.7 months’ supply of homes available for sale which was up from 1.1 months’ supply during September of 2021.
Once again, single-family homes showed a modest increase in the median sales price, up 16.3 percent over September of last year. There was a slight decrease from the median sale price in August of this year which was $420,750 compared to $414,495 during September.
Similar to the prior month the days on market continue to grow. The median days to contract was 27 during September compared to 21 days during August. Many homeowners have removed their properties from the market while they evaluate their options.
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.
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 September Housing Market Update – Condos and Townhomes
September 2022 versus September 2021 Condo Highlights:
- Condo sales decreased 45.2 percent going from 611 real estate transactions down to 335 sales.
- Pending sales decreased 44.8 percent down from 603 last September to 333 this September.
- Inventory increased 93.5 percent up to 1,080 condos for sale compared to last September when there were only 558 units for sale.
- New listings decreased from 596 down to 380 which was a 36.2 percent decrease.
- Median days to contract increased to 22 days which represented a 120 percent increase versus September of 2021.
- Available inventory of condos ended September with a 1.8 months’ supply of properties available for sale which was a 157.1 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 1.8 month’s supply which was only a one-tenth increase over August. A balanced market would be a 6-7 months’ supply of homes for sale. Similar to the last couple of months, due to low inventory both pending and closed sales were down year-over-year.
The median price for condos was up 25.5 percent compared to this time last year. Unlike last month, the median sales price remained the same as the previous month. The month-to-month consistent median price shows the market is starting to stabilize. At this point, while there are some exceptions, we are not seeing prices drop below previous closed sales.
It is too soon to tell what will happen to prices in the coming months. However, if the past is a good indicator of the future, home prices will continue to rise as they did after hurricane Irma.
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 July 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 manage 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 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.
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
October 28th, 2022, Posted by NaplesGolfGuy