Lee County February Housing Market Report

The February housing market report for Lee County showed 1,474 properties sold for just over $790 Million during the month. Lee 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 113 properties sold at or above $1 Million, up from 110 luxury sales during January. The highest price sale was a single-family home on Sanibel Island for $7.25 million.

Seventy percent of the top 10 highest-priced homes sold in Lee County were luxury golf homes priced between $3,425,000 and $6,750,000. Golf communities represented were Bonita Bay, Quail Quest, Mediterra, and Miromar Lakes. On average, homebuyers paid 96% of the list price for the top 10 most expensive homes sold in Lee County.

You may be wondering what impact the hurricane has had on the housing market. You would think the areas hurt the most such as Ft. Myers Beach, would see a downturn. On the contrary, the areas hit the hardest are the hottest. Three three local real estate experts discussed this and more about Southwest Florida’s resilience at the sold-out Annual Market Trends of Southwest Florida.

Sanibel and Captiva islands are in the same boat, just at a higher price point. Per Randy Theibaut, founder of LSI Companies and CEO of Sage Communities, “There is optimism from buyers, from builders, from developers. Southwest Florida has nothing but green lights in the future.”

Lee County February Housing Market Report – Single-Family Homes

February 2023 versus February 2022 Single Family Home Highlights:

• Closed sales decreased 17.4 percent going from 1,239 transactions down to 1,024 sales.
• Pending sales decreased 14.4 percent down from 1,675 last February versus 1,434 this February.
• Inventory increased 163.1 percent up to 3,865 properties for sale compared to this same time last year when 1,469 homes were for sale.
• New listings increased from 1,617 up to 1,657 which was a 2.5 percent increase.
• Median days on market increased to 31 days which was a 93.8 percent increase versus February of 2022.
• Available inventory of single-family homes ended February with a 3.3 months’ supply of homes available for sale which was up from a 1-month’ supply during February of 2022.

Once again, the median sales price for single-family homes showed a notable increase over February of 2022, up from $410,000 to $447,500 which was a 9.1 percent jump. It is also notably higher than January’s median sales price which was only $420,000. Similar to last month, inventory only showed a small increase between January and February going from 3,803 single-family homes for sale up to 3,865, or a 1.6 percent increase.

Once again, the percentage increases in most of our local stats year-over-year are misleading. For example, before the pandemic, in January 2019 there were 7,195 single-family homes for sale (6.6 months’ supply). A healthy, balanced market is typically more than 6 months’ supply. At just over a 3 months supply of homes available for sale, we are only halfway back to a healthy market.

Finally, days on market fell again dropping back down to 31 days compared to 34 days in January. With low inventory and low days on market, it is still a Seller’s market. So if you want to maximize the value of your home, contact us today. Call, email , or text us today 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 February Housing Market Report – Condos and Townhomes

February 2023 versus February 2022 Condo Highlights:

• Condo sales decreased by 18 percent going from 549 real estate transactions down to 450 sales.
• Pending sales decreased 11.3 percent down from 761 last February to 675 this February.
• Inventory increased 220.1 percent up to 1,546 condos for sale compared to last February when there were only 483 units for sale.
• New listings increased slightly from 785 up to 856 which was a  9 percent increase.
• Median days to contract increased to 23 days which represented a 187.5 percent increase versus February of 2022.
• Available inventory of condos ended February with a 3 months supply of properties available for sale which was a 400 percent increase over last year.

Similar to last month, despite the increase in inventory, the Lee County Condo market remains a strong Seller’s market. The number of condos for sale is still low at just a 3-month’s supply and it is not much of an increase over last month when there was 2.7 months’ supply of condos for sale. A balanced market would be a 6-7 months’ supply of condos for sale.

The median price for the month was $340,000 which was a 7.9 percent increase over January of 2022. However, compared to the prior month, the median price fell slightly from $320,000.

Finally, it is notable that 70 percent of condo sales were paid in cash. If you are planning on leveraging a loan for your condo purchase, you are still competing with a significant number of cash buyers. Regardless of when you plan to purchase, 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.

Bottom line, it is 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. If you are considering selling, call, email, or text us today to discuss your home’s value in today’s market.

Not only will we help you determine what if any repairs should be made before listing your home, but we will also provide current market data to determine the optimum selling price.

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Naples to Sarasota.

Southwest Florida February Housing Market Report

Monthly Naples Golf Guy Report – NEW!

2023 Lee County February Housing Market Report Single Family Homes

2023 Lee County February Housing Market Report Condos

Naples Housing Market Update

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.