Lee County August Housing Market Report

The August housing market report for Lee County showed 1,627 properties sold for just over $859 Million during the month. The County includes Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market remained active with 132 properties sold at or above $1 Million during August. The highest-priced sale was a luxury condo in Omega at Bonita Bay for $4,025,000.

Fifty percent of the top 10 highest-priced homes sold in Lee County were luxury golf properties priced between $1,550,000 and $4,025,000. Golf communities represented were Bonita Bay, The Dunes, Bonita National, and The Sanctuary.

Lee County remains a top destination for people looking to relocate. The area is a top destination for those seeking a more tax-friendly environment. In fact, the county recently adopted its Fiscal Year 2023-24 $2.5 billion budget which includes no increases in county tax rates. Some cities within Lee County such as Estero actually reduced their tax rate.

Low local taxes combined with no state income taxes make the area a top destination for retirees and those looking for a vacation home.

Lee County August Housing Market Report – Single-Family Homes

August 2023 versus August 2022 Single Family Home Highlights:

• Closed sales increased 0.3 percent going from 1,166 transactions down to 1,169 sales.
• Pending sales decreased 10 percent down from 1,288 last August to 1,159 this August.
• Inventory increased 34.5 percent up to 4,682 properties for sale compared to this same time last year when 3,481 homes were for sale.
• New listings decreased from 1,553 down to 1,539 which was a 0.9 percent decline.
• Median days on market increased to 42 days which was a 100 percent increase versus August of 2022.
• Available inventory of single-family homes ended August with a 4.3 months’ supply of homes available for sale which was up from a 2.5 months’ supply during August of 2022.

Year-over-year trends are still a bit misleading. A more relevant picture of today’s market is a month-to-month comparison. Our overall supply of inventory was only 4.3 months as of the end of August. Although this is up significantly YOY, the increase in homes available for sale between July and August only increased 3 percent or 137 properties.

While inventory did improve slightly it is not enough to keep up with demand. As a result, as of the end of the month, the inventory levels still put us in a Seller’s market. So, if you are considering selling, there’s still time to capitalize on the market.

Unlike the Naples area where the median sales price continues to rise month-to-month, the median sales price for Lee County single-family homes was down 3.6 percent year-over-year. Additionally, the median sales price fell for the third consecutive month down to $405,810. 

Also notable are the days on market which remained low at 42 days which is only 4 days more than it was at the end of July.

So, if you live in Lee County and you want to maximize the value of your home, contact us today. Call, email, or text us for a FREE market analysis – 239.370.0892.

If you are considering buying a property, now is a good time to start watching the communities you are most interested in using our automatic property alerts. If you are not sure which communities fit your lifestyle, contact us and we’ll help you target the neighborhoods which offer the amenities and lifestyle you would like to enjoy.

Lee County August Housing Market Report – Condos and Townhomes

August 2023 versus August 2022 Condo Highlights:

• Condo sales decreased by 1.3 percent going from 464 real estate transactions down to 458 sales.
• Pending sales decreased 19.2 percent down from 495 last August to 400 this August.
• Inventory increased 90.9 percent up to 2,010 condos for sale compared to last August when there were only 1,053 units for sale.
• New listings decreased from 551 down to 534 which was a 3.1 percent decline.
• Median days to contract increased to 45 days which represented a 150 percent increase versus August of 2022.
• Available inventory of condos ended August with a 4.4 months supply of properties available for sale which was a 158.8 percent increase over last year.

Similar to single-family homes, inventory of Lee County Condos finished the month with a 4.4 months supply of condos for sale. It is the same inventory level as the prior month.

Even though we added 555 new properties to the market, between pending and closed sales we ended the month with the same amount of supply. Thus, we are well below a balanced market which would be a 6-7 months’ supply of condos for sale.

Unlike prior months, median prices increased to $345,000 up from $320,000 from last August and up from $322,500 at the end of July.

Finally, it is notable 61 percent of condo sales were paid in cash compared to 58 percent during the prior month. If you are planning on leveraging a loan for your condo purchase, you are still competing with a significant number of cash buyers.

Bottom line, like most of Florida, Lee County remains a Seller’s market for both condos and single-family homes. If the inventory remains low, and demand remains strong, prices will continue to rise.

Regardless of when you plan to purchase now or sometime in the future, if you are a buyer, it may be time to start taking 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 and 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 August Housing Market Report

2023 Lee County August Housing Market – Single Family Homes

2023 Lee County August Housing Market – Condos

Naples Golf Guy Monthly Real Estate Trends

New Listings in Southwest Florida Golf Communities

Begin Your Search for a Southwest Florida Vacation Home or Second Home:

So, if you are ready to begin your search for your dream home or condominium in Southwest Florida, we encourage you to explore our website to find information about communities in the area.  If golf is your game, we specialize in golf community real estate.