Lee County August Housing Market Report

Lee County August Housing Market Report

The Lee County August Housing Market reports showed 1,561 properties sold for $791 Million during the month in Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market saw 85 properties sold at or above $1 Million in August, up from 81 in July. The highest-priced sale was a Gulffront single-family home on Fort Myers Beach for $11,250,000.

Fifty percent of the top ten highest-priced home sales in Lee County were in golf communities. Notably, these golf homes sold in Bonita Bay, West Bay and Mediterra. The luxury golf homes sold ranged from $2,900,000 to $4,750,000.

Several of Lee County’s municipalities are in the process of approving budgets. Multiple locals have reduced the property tax rate for the upcoming year. Estero has the lowest rate in Lee County and Fort Myers just reduced their ad valorem taxes for the upcoming 2024-2025 fiscal year.

Lee Country remains a top destination for people relocating. How many places can say they are lowering their property tax rate?

Lee County August Housing Market Report – Single-Family Homes

August 2024 versus August 2023 Single Family Home Highlights:

• Closed sales increased 4.8 percent going from 1,169 transactions up to 1,225 sales.
• Pending sales increased 1.2 percent up from 1,159 last August to 1,173 this August.
• Inventory increased 41.6 percent up to 6,628 properties for sale compared to last year when 4,682 homes were for sale.
• New listings increased from 1,539 to 1,658, a 7.7 percent jump.
• Median days on market increased to 55 days, a 31 percent increase, versus August of 2023.
• Single-family home inventory ended August with a 5.7 months supply of homes available for sale, up from a 4.3 months supply during August of 2023.

While the inventory of single-family homes was up over last year, it decreased significantly over the prior month. Inventory was down 17.7 or 1,426 properties compared to July. It is common for properties lingering on the market to be removed during summer and relisted in the fall when activity starts to increase. Ultimately, the month ended with a 5.7-month supply of homes for sale, down from a 7-month supply in July.

For the fourth straight month, the median sales price decreased over the same time last year. In the same way, the price decreased from $395,000 in July down to $390,000 in August. Thus, from a buyer’s perspective, there is more room to negotiate prices.

Additionally, prices vary by neighborhood. A key factor is the available inventory within the neighborhood. As inventory increases, prices tend to go down presenting buyers with more opportunities.

The number of days from listing a home to a contract increased slightly from 51 days during the previous month up to 55 days in August. Once again, it was still a notable increase over the prior year when it was just 42 days. So, if you are considering selling, it’s critical to price your home competitively from day one. Not sure what your home is worth? Call, email, or text us for a FREE market analysis – 239.370.0892.

Or, if you are planning to buy a property, now is a good time to start watching the communities you are most interested in using our automatic property alerts. Not sure which communities fit your lifestyle? Contact us and we’ll help you target the neighborhoods that offer the amenities and lifestyle you would like to enjoy.

Lee County August Housing Market Report – Condos and Townhomes

 

August 2024 versus August 2023 Condo Highlights:

• Condo sales decreased 26.6 percent going from 458 real estate transactions down to 336 sales.
• Pending sales decreased 19.8 percent from 400 last August to 321 this August.
• Inventory increased 60.9 percent up to 3,235 condos for sale compared to last August when there were only 2,010 units for sale.
• New listings decreased from 550 down to 536 which was a 2.5 percent drop.
• Median days to contract was 85 days which represented an 88.9 percent increase versus August of 2023.
• Condo inventory ended August with an 8 months supply of properties available for sale or a 81.8 percent increase over last year.

Similar to single-family homes, there was a notable reduction in the available inventory compared to the prior month. Inventory decreased 23.6 percent compared to July which was a net reduction of 1,002 condos for sale. Once again, it is common for properties to be taken off the market for summer and relisted during the fall.

Ultimately, Lee County finished the month with an 8-month supply of condos for sale, down from a 10.2-month supply during the prior month. So, despite the inventory reduction, it remains a buyers’ market if you plan to purchase a condo in Lee County. If you are a seller, you should assess the other properties available to ensure you are in line with the current market value.

 

Once again, days on market increased month-over-month from 67 days in July up to 85 days in August. Similarly, it was still well above last year when it only took 45 days for a property to go to contract. The traditional time for a property to go to contract is 120 days.

 

Also, the median condo price ended the month at $319,500 which was down from the prior year when it was $345,000. However, unlike the prior report, the medical price increased from the prior month when it was $300,000.

 

Finally, 60 percent of condo transactions were cash sales which was the same percentage during the previous two months. Therefore, if you plan on leveraging a loan for your condo purchase, be aware you’re still competing with cash buyers.

 

Regardless of when you plan to purchase now or sometime in the future if you are a buyer, it may be time to take 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. Additionally, we will 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

2024 Lee County August Housing Market Report – Single Family Homes

2024 Lee County August Housing Market Report – Condos

Recently Listed Golf Properties

Naples Golf Guy Monthly Market Report – NEW!

Ready for a Florida Vacation Home or Second Home?

If you’re ready to find your dream home or condominium in Southwest Florida, we invite you to explore our website for comprehensive information about the local communities. For golf enthusiasts, we specialize in real estate within golf communities.

With over 200 different golf communities in the area, navigating the various membership options, golf course designs, and amenities can be overwhelming. We will provide you with a curated list of the top private golf communities that align with your lifestyle.

Considering new construction? Keep in mind that the contractor’s real estate agent represents the builder’s interests, not yours. Our representation can help you save money and negotiate for extras.

We also handle all contract negotiations through paperless transactions, ensuring a smooth process from offer to close.

Results You Can Count On

The Naples Golf Guy Team, as seen on Forbes, will provide 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. Or, for buyers, we will help you find the community that will offer the ultimate Florida lifestyle in Paradise.

About Naples Golf Guy

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Contact Matt:  Matt@NaplesGolfGuy.com

or at 239-370-0892

September 3rd, 2024 Posted by Matt