September Housing Market Report
Lee County September Housing Market Report
The September housing market report for Lee County showed 1,464 properties sold for just over $726 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 slowed a bit with 92 properties sold at or above $1 Million in September compared to 132 homes in August. The highest-priced sale was a luxury single family home in Quail West for $6,200,000.
Twenty percent of the top 10 highest-priced homes sold in Lee County were luxury golf properties priced between $3,200,000 and $6,200,000. Golf communities represented were Gulf Harbour Yacht Club and Quail West.
Also notable in the top 10 were two new construction single-family homes in Wildblue which is a brand new development just east of I-75 in Fort Myers. With limited inventory, we continue to see an increase in buyers purchasing new homes over resales. Depending on the community, as new home builders approach year-end, they are offering incentives to Buyers to clear out their existing inventory. (Should I use a Realtor if I’m buying New Construction?)
So what should we expect over the next year? Ultimately, Florida remains a top destination for people looking to retire according to a recent study by Bankrate. The reasons cited were sunny and warm year-round weather, no income tax, affordable cost of living and real estate, an endless list of outdoor recreations, and a large variety of communities offering resort-style amenities.
Additionally, Ft. Myers in Lee County was noted as one of the Top Four U.S. Home Markets to watch by Insurify, which noted the area’s construction boom and increasing property values. So, as long as demand remains high and supply low, we expect our current market conditions to continue.
Lee County September Housing Market Report – Single-Family Homes
September 2023 versus September 2022 Single Family Home Highlights:
- Closed sales increased 21.1 percent going from 894 transactions up to 1,083 sales.
- Pending sales increased 10.4 percent up from 923 last September to 1,019 this September.
- Inventory increased 41.8 percent up to 5,107 properties for sale compared to this same time last year when 3,601 homes were for sale.
- New listings increased from 1,198 up to 1,619 which was a 35.1 percent increase.
- Median days on market increased to 42 days which was a 55.6 percent increase versus September of 2022.
- Available inventory of single-family homes ended September with a 4.7 months’ supply of homes available for sale which was up from a 2.7 months’ supply during September of 2022.
While year-over-year statistics show the real estate market is moving towards a more balanced environment, it is important to remember the numbers may be a bit skewed due to Hurricane Ian which hit the area on September 28th of last year.
A more relevant picture of today’s market is a month-to-month comparison of the latest trends. Single-family housing supply increased from 4,682 in August up to 5,107 at the end of September which is just shy of an 11 percent increase which was an improvement over the 3 percent increase from July to August so if you are a Buyer, it is encouraging to see the rate at which listings were added increase. As we approach season, we expect inventory to continue to increase. However, if you are a Seller, you still have time to capitalize on the market.
Similar to last month the median sales price for Lee County single-family homes was down 3.5 percent year-over-year. Additionally, the median sales price fell for the fourth consecutive month down to $400,000.
Also notable are the days on market which remained low at 42 days which was unchanged from the prior month.
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 September Housing Market Report – Condos and Townhomes
September 2023 versus September 2022 Condo Highlights:
- Condo sales increased 13.7 percent going from 335 real estate transactions up to 381 sales.
- Pending sales increased 14.4 percent up from 333 last September up to 381 this September.
- Inventory increased 100.4 percent up to 2,208 condos for sale compared to last September when there were only 1,080 units for sale.
- New listings increased from 380 up to 674 which was a 77.4 percent jump.
- Median days to contract was 40 days which represented an 81.8 percent increase versus September of 2022.
- Available inventory of condos ended August with a 4.8 months supply of properties available for sale which was a 166.7 percent increase over last year.
Similar to single-family homes, inventory of Lee County Condos finished the month with a 4.8 months supply of condos for sale, up from a 4.4 months supply during the prior month. A balanced market has 6-7 months supply of condos for sale. As a result, we are still in a Seller’s market.
However, unlike the prior month when there was a decline in new listings, during September there was a significant increase in new condo inventory available for sale. If you are planning to purchase a property, this is good news as there are more options available.
On the other hand the number of days to contract fell month-over-month from 45 days down to 40 days which is good news for Sellers.
The median home prices continue to fluctuate from month-to-month. September ended the month at $329,000 compared to August when it was $345,000 and July when it was just $322,500.
Finally, it is notable the percentage of cash sales for condos remained high. Sixty-one percent of condo sales cash transactions which was the same as 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 September Housing Market Report
2023 Lee County September Housing Market Report – Single Family Homes
2023 Lee County September Housing Market Report – Condos
Recently Listed Golf Properties
Naples Golf Guy Monthly Market Report
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.There are more than 150 different golf communities in our area and most of them have a private golf course within the community. It can be challenging to navigate the plethora of communities, membership options, golf course design, amenities, and more. We will help provide you with a list of the top private golf communities which match your lifestyle.
Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. We may be able to help you save money and negotiate for extras that the builder may not let you know about.
Lastly, we will manage all contract negotiations via paperless transactions for your property from offer to close!
Should You Sell Your Home?
While it is still a seller’s market, it won’t last forever. Inventory is starting to increase offering buyers more options. Additionally, we are starting to see prices drop on homes recently listed.
Our team is committed to extraordinary customer service, emphasizing detail and frequent communication.
We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. We are dedicated to making the sales process easier for you and your family.
We would very much like to meet you, learn about your home, and help provide a stress-free selling environment for you and your family.
Call, email, or text us today for a FREE market analysis – 239.370.0892.
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The Naples Golf Guy Team, as seen on Forbes, is committed to 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. If you are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.
October 27th, 2023 Posted by Matt
