Lee County July Housing Market Report

The July housing market report for Lee County showed 1485 properties sold for just over $796 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 100 properties sold at or above $1 Million during July. The highest-priced sale was a single-family home in Deep Lagoon Estates in Ft. Myers for $8.9 Million.

Fifty percent of the top 10 highest-priced homes sold in Lee County were luxury golf properties priced between $3,300,000 and $4,995,000. Golf communities represented were Bonita Bay, Mediterra, and The Sanctuary.

Ultimately, the real estate market is local. While some types of communities such as many of the Lee County golf communities have limited supply, other areas such as the Cape Coral Luxury market have seen some price corrections which may present an opportunity for buyers.

Overall, Florida remains a prime destination for retirees and others looking for a vacation home. The economy is booming as evidenced by the $46 Billion in projected revenue for the state. As long as demand remains strong and inventory remains limited, state real estate experts expect home prices to continue to rise.

Lee County July Housing Market Report – Single-Family Homes

July 2023 versus July 2022 Single Family Home Highlights:

• Closed sales decreased 5.3 percent going from 1,168 transactions down to 1,106 sales.
• Pending sales increased 3.2 percent up from 1,206 last July to 1,244 this July.
• Inventory increased 68 percent up to 4,545 properties for sale compared to this same time last year when 3,442 homes were for sale.
• New listings decreased from 1,737 down to 1,502 which was a 13.5 percent decline.
• Median days on market increased to 38 days which was a 137.5 percent increase versus July of 2022.
• Available inventory of single-family homes ended July with a 4.2 months’ supply of homes available for sale which was up from a 2.5 months’ supply during July of 2022.

Year-over-year trends are a bit misleading. A better reflection of today’s market is a month-to-month comparison. Our overall supply of inventory is only 4.2 months as of the end of July. Although this is up significantly YOY, the net increase in homes available for sale was only 44 properties. 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. Inventory is improving if you are a buyer, just at a snail’s pace!

The median sales price for single-family homes was only down less than 1 percent year-over-year. However, the median sales price fell for the second straight month down to $417,000. Even though the median price fell, the average price rose YOY as well as month-over-month coming in at $585,866.

Also notable are the days on market which remained low at 38 days which is only 3 days more than it was at the end of June.

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 July Housing Market Report – Condos and Townhomes

July 2023 versus July 2022 Condo Highlights:

• Condo sales decreased by 21.5 percent going from 483 real estate transactions down to 379 sales.
• Pending sales decreased 4.1 percent down from 461 last July to 442 this July.
• Inventory increased 92.3 percent up to 1,971 condos for sale compared to last July when there were only 1,025 units for sale.
• New listings decreased from 551 down to 534 which was a 3.1 percent decline.
• Median days to contract increased to 43 days which represented a 207.1 percent increase versus July of 2022.
• Available inventory of condos ended June with a 4.4 months supply of properties available for sale which was a 175 percent increase over last year.

Similar to single-family homes, inventory of Lee County Condos finished the month at low at a 4.4 months supply. However, we continue to move in the right direction as condo inventory increased compared to the prior month when it was just 4.3 months supply of condos for sale.

So, although we are not there yet, condo inventory continues to move slowly towards a balanced market which would be a 6-7 months’ supply of condos for sale.

Similar to the prior month, median prices fell slightly from $325,999 at the end of June down to $322,500 at the end of July. It was also down 3.7 percent year-over-year.

Finally, it is notable 58 percent of condo sales were paid in cash compared to 62 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. Yet, despite the interest rates hitting their highest level in 23 years, 42 percent of buyers are still utilizing a loan for their condo purchase.

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 July Housing Market Report

July 2023 Lee County Single Family Home Sales

July 2023 Lee County Condo Sales

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.