Southwest Florida Real Estate Market Update

The 30-year fixed-rate mortgage averaged 6.87% as of March 21, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). Last week, the mortgage rate averaged 6.74%; one year ago at this time, it was at 6.42%. Interest rate outlook – The Mortgage Bankers Association (MBA) is forecasting home loan financing costs to improve, with interest rates expected to reach 6.1% by the end of 2024.

February’s data shows Lee County’s housing market had a year-over-year decrease in the number of Single Family Home sales by 0.2% and a decrease in the number of Condo & Townhouses by 1.1%. Single Family Home Listings were up 89.1% in February with 7,307 active listings compared to last year’s 3,865. Condo & Townhouse listings increased by 137.1%, totaling 3,666 active listings compared to last year’s 1,546. February’s inventory was at a 6.5-month supply for Single Family Homes and at a 8.1-month supply for Condos & Townhouses. A 6-month supply of inventory is considered a balanced market. Median Sales Prices were down for February Single Family Home sales year-over-year at $420,495 (down 6.0%) and were up for Condos & Townhouses at $345,000 (up 1.5%). February’s Average Sales Price was up 2.1% at $585,183 for Single Family Homes in Lee County, and down 2.3% at $442,737 for Condo & Townhouses. Cash sales continue to make up a large portion of sales. In February, 39.7% of Single Family Home sales and 67.0% 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 February’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

Lee County’s Single Family Home 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 was some fluctuation month-to-month, with median sales prices trending down for the last 6 out of 7 months of the year, with a spike in November. The Median Sales Price saw an increase in January and again in February of this year (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
Sue.Jones@Century21.com
SueJonesRealtor.com
3409 Del Prado Blvd S #103,
Cape Coral, FL 33904