Everyone wants to know what is going on in the Real Estate Market. I always enjoy comparing what is going on in other markets around the country.
Here is a snapshot of what is going on in the Lee County, Florida real estate market.
Looking at the February data we find that Sales remained steady, but closings took longer. Let's look at a breakdown and then we can talk about what it means in our area of the country.
February '16 February '17 % Change
Single Family 825 824 -0.1
Condos 385 438 +13.8
Median Sales $
Single Family $216,810 $245,000 +13.0
Condos $192,000 $ 182,975 -4.7
Median % Original List Price Received
Single Family 95.9% 95.5% -0.4
Median Time to Contract
Single Family 51 Days 70 Days +37.3
What does this data tell us?
Closings was almost identical year over year for Single family homes but a 13.8% increase in Condos.
But compare the Median Sale Price: Single Family went up 13.0% while Condo prices declined by 4.7%.
When we look at Sales by price point we find the following:
Less than $50,000 4 sold -69.2%
$50,000-99,999 27 sold -46.0%
$100,000-149,999 90 sold -34.8%
$150,000-199,999 167 sold -1.2%
$200,000-249,999 135 sold +14.4%
Properties under $200,000 have seen a great decrease in sales not because no one wants them but because the inventory is low. It is forcing serious buyers to move up in price point or not buy.
The Condo market has benefited from this as there has been a better supply of condos at the lower price points.
The data also shows us that there was a significant increase in the number of homes sold in the $400,000-599,999 range, with 117 closed. Condo sales in the same price range were up more than 54%.
Cape Coral, 200 homes were sold compared to 2016 sales of 307, this was a 34.9% drop.
New construction is underway, with several builders in the area building in the $195,000-225,000 price range. This will be a welcome opportunity for buyers that have to stay in that price point.
If you are looking for a property in Southwest Florida, you will want to work with an agent that keeps up with what is going on in that market.
John Wiley takes pride in giving the consumer the information they need to make informed decisions.
You can find more information about Southwest Florida, Lee County here: Find Your Dream Home in Florida