Attention 2023 Florida Home Buyers!

Homestead Exemption: For those of you that purchased a home in 2023, you may be eligible for the Homestead Tax Exemption. $50,000 could come off of the assessed or taxable value of your home (and enjoy a 3% cap rate vs 10% on increases). To be eligible for the Homestead Exemption, you MUST own and occupy your home as your primary residence. The deadline to timely file for the Homestead Exemption is March 1, 2024.

To apply for Homestead Tax Exemption and find out what exemptions you might be eligible to receive, visit: https://www.leepa.org/Exemption/GeneralExemptionInfo.aspx#HOMESTEAD

Southwest Florida Real Estate Market Update

Good news for homebuyers wanting to finance, the Mortgage Bankers Association (MBA) is forecasting home loan financing costs to improve, with interest rates reaching 6.1% by the end of 2024.

December’s statistics show Lee County’s housing market had year-over-year increases in the number of Single Family Home sales by 6% and a decrease in the number of Condo & Townhouses by 14.4%. Listings were up 77.3% in December with 6,340 active listings compared to last year’s 3,575. Condo & Townhouse listings increased by 143.3%, totaling 2,869 active listings compared to last year’s 1,179. December’s inventory was at a 5.6-month supply for Single Family Homes and at a 6.3-month supply for Condos & Townhouses. Median Sales Prices were down for December Single Family Home sales year-over-year at $399,000 (down 2.2%) and were up for Condos & Townhouses at $355,000 (up 7.6%). Cash sales continue to make up a significant portion of sales. In December, 34.8% of Single Family Home sales and 64.9% of Condo & Townhouse sales were cash transactions.

Every third week, the Florida Association of Realtors® releases the official numbers comparing year-over-year activity from the previous month. Below are some of December’s numbers for your reference. If you want details on a particular neighborhood development, city or zip code, please let me know. I would be happy to provide you with a free custom market analysis.

Market Historical Data

Sales data shows the highest point in the market since January 2020 was in April 2022, with a median sales price of $470,000. From May to December of 2022, Lee County’s Median Sales Prices experienced a decline, with a notable spike in October. Looking at 2023, there has been some fluctuation month-to-month, with median sales prices trending down for the past 6 out of 7 months, with a spike in November, compared to the previous month (see below data for reference).

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. If you are interested in buying or selling a home in Southwest Florida or know someone who might be, please call me at 239-699-3498 or email me at sue.jones@c21.com.

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®
Direct: 239.699.3498
SueJonesC21@gmail.com​
SueJonesRealtor.com
3409 Del Prado Blvd S #103,
Cape Coral, FL 33904