July Housing Market Update

Lee County July Housing Market Update

The July housing market update for Lee County showed more than $839 Million worth of properties closed during the month.

Similar to the rest of Southwest Florida, inventory increased significantly in July. Single-family inventory doubled and condos rose 81.7 percent. Overall, inventory rose just over 95 percent.

At first glance, the increase seems extraordinary. Yes, it is a step in the right direction. However, we are a long way from a balanced market which is a 6 to 7 months’ supply of homes for sale. As of July 31st, overall inventory is approximately a 2 months’ supply.

So, if you are wondering if prices are going to fall, keep in mind either supply would have to triple, or demand would need to drop significantly before we would see a balanced market, let alone prices fall below existing closed sales.

Sellers continued to adjust their “list prices” to reflect current market values. While the median sales price for both single family homes and condos saw a double-digit increases over July of last year, they were down slightly compared to June of this year. The slight decrease from the prior month is another indication we are moving towards a balanced market.

Lee County July Housing Market Update – Single Family Homes

July 2022 versus July 2021 Single Family Home Highlights:

Closed sales decreased 22.6 percent going from 1,509 transactions down to 1,168 sales.
Pending sales decreased 23.4 percent down from 1,574 last July versus 1,206 this July.
Inventory increased 100 percent up to 3,442 properties for sale compared to this same time last year when 1,721 homes were for sale.
New listings increased from 1,611 up to 1,737 which was a 7.8 percent increase.
Median days on market increased to 16 days which was a 60 percent increase versus July of 2021.
Available inventory of single-family homes ended July with a 2.5 months’ supply of homes available for sale which was up from 1.1 months’ supply during July 2021.

Since-family homes showed a modest increase in the median sales price, up 16.7 percent over July of last year. However, it was lower than June’s year-over-year increase which was 23.3 percent. If you are a Seller, you still have time to capture the top of the market.

For Sellers, the peak has come and gone. However, you still have the opportunity to sell at a premium price. It is important for both sellers and buyers to know the days of multiple offers above list price within 24 hours are over. Buyers are now taking their time in evaluating properties to ensure they find one that will fit their lifestyle and at a price they can justify. Call, email, or text us today to discuss your home’s value in today’s market. What is my home worth…

If you are considering buying a property, there are twice as many properties to choose from! At the same time, finding the right property may take time. To stay on top of new properties hitting the market sign up for automatic property alerts.

Lee County July Housing Market Update – Condos and Townhomes

July 2022 versus July 2021 Condo Highlights:

Condo sales decreased 31.8 percent going from 708 real estate transactions down to 483 sales.
Pending sales decreased 30.3 percent down from 661 last July to 461 this July.
Inventory increased 81.7 percent up to 1,025 condos for sale compared to last July when there were only 564 units for sale.
New listings decreased from 610 down to 551 which was a 9.7 percent increase.
Median days to contract increased to 14 days which represented a 27.3 percent increase versus July of 2021.
Available inventory of condos ended July with a 1.6 months’ supply of properties available for sale which was a 128.6 percent increase!

Despite the increase in inventory, the Lee County Condo market remains a strong Seller’s market. The number of condos for sale remains extremely low at just a 1.6 month’s supply. A balanced market would be a 6-7 months’ supply of homes for sale. Like last month due to low inventory both pending and closed sales were down year-over-year.

Additionally, if you are considering selling, new listings continued to sell quickly. Days on market remained extremely low at just 14 days from the day a condo was listed to contract. Also, both the median and average price continued to rise during July up 36.5 percent and 22.2 percent, respectively. As more inventory is added, we expect prices to start to level out.

If you are a buyer and you have been sitting on the sidelines, it may be time to start taking a closer look at homes for sale. Depending on the neighborhood, you may be surprised at the number of properties available. 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. So now would be a great time to cash in on the high buyer demand. You might be surprised to learn how much your home is worth in today’s market. Wondering what the benefits are of using an agent sell your home? What is my home worth…

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Naples to Sarasota, so if you are considering moving to the area, contact us for more information.

Southwest Florida July Housing Market Update

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2022 Lee County July Single Family Home Sales

2022 Lee County July Condo Sales

Naples July Real Estate Review

Begin Your Own 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. In fact, we may be able to help you save money and negotiate for extras which 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 I use a Realtor if I’m buying New Construction?

Considering Selling Your Southwest Florida Home?

It is a seller’s market so why should you hire a realtor? Do you have the time? There are over 180 actions required to successfully complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies and a mountain of paperwork.

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.

Call, email or text us today for all of your real estate needs – 239.370.0892.

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Results You Can Count On

The Naples Golf Guy Team 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.