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Southwest Florida Real Estate Market Update

The average mortgage rate fell to 6.94% from 7.02% last week, mortgage buyer Freddie Mac reported on May 23, 2024. A year ago, the rate averaged 6.57%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also declined, trimming the average rate to 6.24% from 6.28% last week. A year ago, it averaged 5.97%, also according to Freddie Mac.

The Florida Office of Insurance Regulation (OIR) is highlighted a downward trend for property insurance rate filings, saying it is a sign that Florida’s housing insurance issues are improving. Ten companies filed a 0% increase in 2024, and nine companies filed for a decreased rate this year,
reported by the OIR this month, May of 2024.

We continue to be in a Buyer’s market with increasing inventory and homes taking longer to sell. Closed sales of single-family homes in Lee County totaled 1,431 in April, up 10.0% year-over-year, according to new data from Florida Realtors. Condo-& Townhouse sales totaled 610, up 0.5% over April 2023.

Single Family Home Listings were up 80.7% in April with 7,570 active listings compared to last year’s 4,189. Condo & Townhouse listings increased by 110.5%, totaling 3,989 active listings compared to last year’s 1,895. April’s inventory was at a 6.6-month supply for Single Family Homes and at a 9.0-month supply for Condos & Townhouses. Average Sales Prices for April’s Single Family Home sales were down year-over-year at $608,636 (down 5.0%) and were up 6.6% for Condos & Townhouses at $478,179. Cash sales continue to make up a large portion of sales. In April, 35.6% of Single Family Home sales and 69.8% of Condo & Townhouse sales were cash transactions.

Every third week of the month, the Florida Association of Realtors® releases the official numbers comparing year-over-year activity from the previous month. Below are some of April’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 increased in January and February of this year, declined in March, and came back up in April (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