A Snapshot of Lee County,Florida- Real Estate Market

By
Real Estate Agent SL3287291

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                           

Closed Sales: 

    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

Comments (14)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello John Wiley,  Great information for buyers and sellers to have in your area.

Apr 20, 2017 05:07 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

John

The February 2017real estate market update for Lee County Florida.

Good luck and success.

Lou Ludwig

Apr 20, 2017 05:29 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Will Hamm Thanks so much for your comments. I want to provide information that helps the consumer make informed decisions.

Apr 20, 2017 05:52 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Lou for stopping by.

Apr 20, 2017 05:52 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Condo sales seem to on the rise everywhere....it didn't use to be the case here...and now that segment too is a part of Thinventory !

Apr 21, 2017 03:17 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Sally K. & David L. Hanson thanks for adding to the discussion.

I find it very helpful to not only know my market but to be able to compare with what may be a more general trend.

Best wishes

Apr 21, 2017 04:14 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, great snapshot of your real estate market in Lee County, and sure can tell your sweet spot.

Apr 21, 2017 06:43 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Joan Cox thanks for taking time to look at our market report. When we take time to look at the market it becomes clear where we are and where the sweet spot is.

Thanks

Apr 21, 2017 06:49 AM
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Interesting market report...I know there is a lot of new construction down there these days. 

Apr 26, 2017 03:47 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Debbie Walsh You are correct about the new construction. Buyers are not finding what they want in the current inventory and we see the solution as being to build them their Dream Home.

Thanks for you commenting.

Apr 26, 2017 06:30 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning John - good information for buyers and sellers.  Buyers might want to turn to new construction.

May 02, 2017 09:23 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Grant Schneider thanks for commenting. You are correct, many are now looking at what new construction offers them, choice.

 

May 02, 2017 10:35 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Buyers and sellers will appreciate your Lee County market report. Inventory is very low here too, especially in our condo market!

May 04, 2017 02:42 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 I appreciate you taking the time to read my report. I always like to learn about how our market compares the markets around the country.

May 04, 2017 03:00 AM