Southwest Florida Real Estate Market Update
In June, Single Family Home Active listings in Lee County were up 85.7% compared to June of last year, and Condo & Townhouse listings were up 72.3%. That relates to a 2.1-month supply of inventory for Single Family Homes and a 1.5-month supply of inventory for Condos & Townhouses. It’s good news for Buyers still in the market, as they have more homes to choose from. And although still very much a Seller’s market, the Sellers have more competition, need to be more realistic with their asking prices, are likely to see fewer multiple offer situations, and see fewer offers waiving contingencies. Year-over-year Sales Prices are still up. June’s Median Sales Price for Single Family Homes in Lee County was up 23.3% and the Median Sales Price for Condos & Townhouses was up 37.7%.
During the 3rd week of each month, the Florida Association of Realtors releases the official numbers from the prior month’s activity. Below are some of June’s numbers, for your reference. If you are interested in learning more about market activity in a specific neighborhood, development, city, or zip code, please let me know. I will be happy to provide you with a customized market analysis.
LEE COUNTY – Single Family Home Sales – June 2022
Closed Sales 1,490 (June 2022) 1,751 (June 2021) -14.9%
Median Price $449,950 (June 2022) $365,000 (June 2021) +23.3%
Average Price $587,904 (June 2022) $505,976 (June 2021) +16.2%
Active Listings 3,012 (June 2022) 1,622 (June 2021) +85.7%
(Source Florida Association of Realtors, Data released June 21, 2022)
Looking at historical sales data on a month-to-month comparison, we have started to see a downward trend the last 2 months for Single Family Homes in Lee County. Some Sellers mindful of the huge gains of 2020 and 2021 have been reluctant to lower their expectations when establishing their asking price even as the market is shifting, and have been faced with reducing their list price, some multiple times, before securing an acceptable offer and getting their home under contract. Below is the Median Sales Price data for Single Family Homes in Lee County by month from 2018 through July 2022, for your reference.
LEE COUNTY – Single Family Homes – Median Sales Price
Source: Southwest Florida MLS, Results calculated from 71,393 listings
The Housing Market is Shifting
Real estate market conditions are always changing. Invariably, Sellers and Buyers need to turn to a local experienced Realtor® for their expertise, knowledge, and support. I have a proven track record and pride myself in helping people make knowledgeable real estate decisions, as well as making the process as easy as possible. Please call me at 239-699-3498 or email me at firstname.lastname@example.org, if you or someone you know has a real estate question, or is interested in buying or selling real estate in Southwest Florida.
DIY Projects That May Make Your Home Harder To Sell
So many DIY kits, tips, and tricks seem like a great idea when we see them on social media. But in the hands of a novice, such projects can go badly, look unfinished, or be abandoned altogether if the homeowner runs out of steam.
Rather than save you money, some DIY projects could end up costing you when it comes time to sell. Buyers may steer clear or make lowball offers, due to what they see as cheap or substandard work that they will have to pay to fix after they move in. Below are some examples of DIY projects that may make your home harder to sell.
Tossing out your kitchen cabinet doors
One of the popular DIY projects is “improving” a kitchen by removing cabinet doors that look dated. It might improve the look in the short term, if the open cabinets are painted and always kept styled for display. But, it could prove an impediment to a future sale.
Most homebuyers like a home that has all the required furnishings, including cabinet doors. When buyers see missing cabinet doors, they also see a future project that they do not want to put on their to-do list. If you do decide to remove cabinet doors, at least stow them (along with the hinges), so they can be reinstalled when you decide to put your home on the market.
Replacing your kitchen cabinets with open shelves
Open shelves are another popular DIY trend, but on the resale market, this falls into a similar category as removing cabinet doors, and to potential buyers it could translate to a lack of storage space.
Removing a closet, or turning it into something other than storage
In this post-pandemic age, when many folks are working from home, it’s a common DIY project to turn a closet into an office nook. These transformations get rave reviews on social media, but it’s not a great idea if you are planning to sell your home. It takes away closet space in the home, so, if you do transform a closet into something else, stash the door until you’re ready to sell your home. Then you can replace it.
Painting a floor
Paint is not a long-wearing solution for floors. A painted floor could make your home look cheap and by the time you’re ready to sell, if the floor has seen a good deal of foot traffic, the paint will no longer be in pristine condition, and that could hurt your resale prospects.
There’s been a long-running trend to make one wall a focal point in a room, and many DIYers turn to wallpaper to achieve this. Taste is subjective, and if the buyers don’t like it, they’ll have to replace it after buying the house, which may make them rethink about buying the house.
Distressing your kitchen cabinets
The modern farmhouse trend has made distressed furniture popular again. But what looks good applied to a free-standing buffet or farmhouse table may be over-the-top when applied to permanent built-ins, like cabinets. The distressed look is attractive to some, but many buyers will not like it. To get an antique look that’s not so shabby, an alternative would be installing cabinets that have a glazed finish.
Painting walls a dark color
Another trend some like, is painting walls or even a whole room a very dark color. It can be striking, but can also be a turnoff to a buyer. And it’s not easy for the next homeowners to correct if they don’t like it, since primer may be required along with many coats of new paint to cover up the old.
QUESTIONS? I am always available to answer your questions and help you with all of your Real Estate needs. I have Real Estate contacts all over the world. Please don’t hesitate to call me if there is anything I can do for you or someone you know.
Sue Jones | Realtor®
3409 Del Prado Blvd S #103,
Cape Coral, FL 33904