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Southwest Florida Real Estate Market Update

As of December 21, 2023, home loan financing costs eased again, pulling the average long-term U.S. mortgage rate down to a six-month low. The average rate on a 30-year mortgage dropped to 6.67% from 6.95% the previous week, according to mortgage buyer Freddie Mac. A year ago, the rate averaged 6.27%. The latest drop in rates is the eighth in as many weeks. The average rate is now back to where it was in late June.

National housing experts expect U.S. home prices to continue to grow through 2025. Fannie Mae’s Home Price Expectations Home Survey expects an annual national home price growth of 2.4% in 2024 and 2.7% in 2025.

Lee County’s housing market recorded year-over-year increases in Single Family Home Sales, Median Sales Prices, and New Listings, according to November’s data from Florida Realtors. Single Family Home listings were up 76.2% in November with 6,223 active listings compared to last year’s 3,531. Condo & Townhouse listings increased by 160.1%, totaling 2,796 active listings compared to last year’s 1,075. November’s inventory was at a 5.5-month supply for Single Family Homes and at a 6.1-month supply for Condos & Townhouses. The number of Single Family Home sales was up over last year by 15.6% in November and the number of Condo & Town House sales was down, by 2.4%. Median Sales Prices were up for November Single Family Home sales year-over-year at $410,000 (up 2.5%) and were up for Condos & Townhouses at $354,500 (up 9.8%). Cash sales continue to make up a significant portion of sales. In November, 36.3% of Single Family Home sales and 66% 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 November’s numbers for your reference. If you want details on a particular neighborhood development, city or zip code, please let me know. I’d be glad to provide you with a free custom market analysis.

Market Historical Data

Sales data indicates that 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 4 out of 6 months, and seeing an increase 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
Sue.Jones@Century21.com
SueJonesRealtor.com
3409 Del Prado Blvd S #103,
Cape Coral, FL 33904