Southwest Florida Real Estate Market Update
In March, Single Family Home Active listings in Lee County were up 155.9% compared to March of last year and Condo & Townhouse listings were up 216.2%. Even though the inventory of homes continues to build, it is still a Seller’s market. In March we had a 3.7-month supply of inventory for Single Family Homes and a 3.5-month supply of inventory for Condos & Townhouses. A balanced market would be more like a 6-month supply of inventory. Buyers needing to finance remain challenged by mortgage rates above 6% and economic economic pressures like inflation. However, more active listings does mean buyers have a bigger selection of homes and more options. Sellers have to be aware that they have more competition and should be sure they are pricing their home appropriately.
Home Sales Prices continue to be up year-over-year. March’s Median Sales Price for Single Family Homes in Lee County was $437,000, up 1.9% compared to last year. The Median Sales Price for Condos & Townhouses was $346,250, up 9.2% compared to March 2022.
May through December of 2022, we saw a downward trend in Lee County’s Single Family Home Median Sales prices month-to-month, with the exception of a spike in October. In January and February of 2023 the Median sales price increased 2 months in a row, followed by a slight decrease in March (see 2nd data table below showing historical data by month, from January 2020 through March 2023 for reference).
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 March’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
May through December of 2022, we saw a downward trend in Lee County’s Single Family Home Median Sales prices month-to-month, with the exception of a spike in October. In January and February of 2023 the Median sales price increased 2 months in a row, followed by a slight decrease in March. Below is the historical sales data showing the Median Sales Prices for Single Family Homes in Lee County by month from January 2020 through March 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
