Southwest Florida Real Estate Market Update
In May, Single Family Home Active listings in Lee County were up 84.3% compared to May of last year and Condo & Townhouse listings were up 140.4%. Even with the inventory of homes continuing to grow, it is still a Seller’s market. In May we had a 4.0-month supply of inventory for Single Family Homes and a 4.1-month supply of inventory for Condos & Townhouses. A balanced market would be more like a 6-month supply of inventory. Buyers needing to finance are still dealing with mortgage interest rates above 6%. But with the increase in active listings, they do have more homes to choose from. Sellers certainly have more competition and need to be realistic when pricing their home.
Single Family Home Sales Prices in May were down year-over-year. The Median Sales Price for Single Family Homes in Lee County was $445,000, down 5.3% compared to last year. Although, it is up from April’s $438,000 Median Sales Price for Single Family Homes. The Median Sales Price for Condos & Townhouses was up slightly at $350,250, up 1.5% compared to May 2022.
During the 3rd week of each month, the Florida Association of Realtors® releases the official numbers from the prior month comparing year-over-year activity. Below are some of May’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 free customized market analysis.
Market Historical Data
While May’s Lee County Single Family Home Median Sales price was down compared to May 2022, it was up over March and April of this year. Below is the historical sales data showing the Median Sales Prices for Single Family Homes in Lee County by month from January 2020 through May 2023, for your 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
Sue.Jones@Century21.com
SueJonesRealtor.com
3409 Del Prado Blvd S #103,
Cape Coral, FL 33904
