Lee County July Housing Market Report

Lee County July Housing Market Report

The Lee County July Housing Market reports showed 1,516 properties sold for just over $742 Million during the month in Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market saw 81 properties sold at or above $1 Million in July, down from 106 in June. The highest-priced sale was a waterfront single-family home in Town and River on the Caloosahatchee River for $5,450,000.

Three of the top ten highest-priced home sales in Lee County were in golf communities. Notably, these golf homes sold in the Bonita Bay, Shadow Wood and Gulf Harbour Yacht and Country Club. The luxury golf homes sold ranged from $2,650,000 to $3,605,000.

Florida continues to be a top destination for those looking to relocate, and the numbers speak for themselves. Florida’s robust economy is one reason so many are choosing to call this state home. The state’s tax revenues have surged by $2 billion for the current fiscal year and the next, reflecting a thriving economy. With an unemployment rate below the national average and one of the highest wage growth rates since 2019, Florida is a place where financial prosperity meets a high standard of living.

Are you ready to make a move?

Lee County July Housing Market Report – Single-Family Homes

July 2024 versus July 2023 Single Family Home Highlights:

• Closed sales increased 9.1 percent going from 1,106 transactions up to 1,207 sales.
• Pending sales decreased 0.5 percent down from 1,244 last July to 1,238 this July.
• Inventory increased 77.2 percent up to 8,054 properties for sale compared to this same time last year when 4,545 homes were for sale.
• New listings increased from 1,502 up to 1,579 which was a 5.1 percent jump.
• Median days on market increased to 51 days, a 34.2 percent increase, versus July of 2023.
• Single-family home inventory ended July with a 7 months supply of homes available for sale, up from a 4.2 months supply during July of 2023.

While inventory of single-family homes was up significantly over last year, it decreased 2.3 percent compared to the previous month. Ultimately, the month ended with a 7-month supply of homes for sale, down from a 7.2-month supply in June.

For the third month in a row, the median sales price decreased over the same time last year. In the same way, the price decreased from $400,000 in June down to $395,000 in July. Thus, from a buyer’s perspective, there is more room to negotiate prices.

Additionally, prices vary by neighborhood. A key factor is the available inventory within the neighborhood. As inventory increases, prices tend to go down presenting buyers with more opportunities.

The number of days from listing a home to a contract decreased slightly from 53 days during the previous month down to 51 days in July. Once again, it was still a notable increase over the prior year when it was just 38 days. So, if you are considering selling, it’s critical to price your home competitively from day one. Not sure what your home is worth? Call, email, or text us for a FREE market analysis – 239.370.0892.

Or, if you are planning to buy a property, now is a good time to start watching the communities you are most interested in using our automatic property alerts. Not sure which communities fit your lifestyle? Contact us and we’ll help you target the neighborhoods that offer the amenities and lifestyle you would like to enjoy.

Lee County July Housing Market Report – Condos and Townhomes

July 2024 versus July 2023 Condo Highlights:

• Condo sales decreased 18.5 percent going from 379 real estate transactions down to 309 sales.
• Pending sales decreased 24 percent from 442 last July to 336 this July.
• Inventory increased 115 percent up to 4,237 condos for sale compared to last July when there were only 1,971 units for sale.
• New listings decreased from 534 down to 501 which was a 6.2 percent drop.
• Median days to contract was 67 days which represented a 55.8 percent increase versus July of 2023.
• Condo inventory ended July with a 10.2 months supply of properties available for sale or a 131.8 percent increase over last year.

Ultimately, Lee County finished the month with a 10.2-month supply of condos for sale, down from a 10.3-month supply during the prior month. So, it remains a buyers’ market if you plan to purchase a condo in Lee County.

 

Interestingly, inventory decreased by 2.6 percent compared to the prior month. It is common for inventory to decline during off-season. Traditionally, we see an uptick in new listings in October and November. If you’re a buyer, the increased condo supply is good news as there are more options available. If you are a seller, you should assess the other properties available to ensure you are in line with the current market value.

 

Once again, days on market increased month-over-month from 66 days in June up to 67 days in July. Similarly, it was still well above last year when it only took 43 days for a property to go to contract.

 

Also, the median condo price ended the month at $300,000 which was down from the prior year when it was $322,500. It was also down from the prior month when it was $348,500.

 

Finally, 60 percent of condo transactions were cash sales which was the same percentage during the previous month. Therefore, if you plan on leveraging a loan for your condo purchase, be aware you’re still competing with cash buyers.

 

Regardless of when you plan to purchase now or sometime in the future if you are a buyer, it may be time to take a closer look at homes for sale in neighborhoods that might fit your criteria. To stay up to date sign up for automatic property alerts.

Not sure if you should sell? We will provide you with the latest market data for your neighborhood. Additionally, we will help you decide if it makes sense to list your property. If you decide to move forward, together we will determine the optimum selling price.

Southwest Florida July Housing Market Report

2024 Lee County July Housing Market Report – Single Family Homes

2024 Lee County July Housing Market Report – Condos

Naples Golf Guy Monthly Market Report

Recently Listed Golf Properties

Ready for a Florida Vacation Home or Second Home?

If you’re ready to find your dream home or condominium in Southwest Florida, we invite you to explore our website for comprehensive information about the local communities. For golf enthusiasts, we specialize in real estate within golf communities.

With over 200 different golf communities in the area, navigating the various membership options, golf course designs, and amenities can be overwhelming. We will provide you with a curated list of the top private golf communities that align with your lifestyle.

Considering new construction? Keep in mind that the contractor’s real estate agent represents the builder’s interests, not yours. Our representation can help you save money and negotiate for extras.

We also handle all contract negotiations through paperless transactions, ensuring a smooth process from offer to close.

Results You Can Count On

The Naples Golf Guy Team, as seen on Forbes, will provide extraordinary customer service with an emphasis on detail. Professionalism, integrity and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. Or, for buyers, we will help you find the community that will offer the ultimate Florida lifestyle in Paradise.

About Naples Golf Guy

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Contact Matt:  Matt@NaplesGolfGuy.com

or at 239-370-0892

September 3rd, 2024 Posted by Matt