Lee County February Housing Market

Lee County February Housing Market Report

The Lee County February Housing Market reports showed 1,467 properties sold for just over $795 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 113 properties sold at or above $1 Million in February. The highest-priced sale was a single-family home on Sanibel overlooking the Gulf of Mexico for $7,550,000.

Sixty percent of the top 10 highest-priced properties sold were in golf communities including Bonita Bay, Gulf Harbor and Yacht Club, West Bay, Miromar Lakes, and Quail West.

Overall, Lee County remains a top destination for visitors and second homeowners alike. In fact, Ft. Myers was recently named one of the Best Small Cities in America. Are you ready to find your own slice of paradise?

Lee County February Housing Market Report – Single-Family Homes

February 2024 versus February 2023 Single Family Home Highlights:

Closed sales decreased 0.2 percent going from 1,024 transactions down to 1,022 sales.
Pending sales increased 8.5% percent up from 1,434 last February to 1,556 this February.
Inventory increased 89.1 percent up to 7,307 properties for sale compared to this same time last year when 3,865 homes were for sale.
New listings increased from 1,657 up to 2,167 which was a 30.8 percent increase.
Median days on market increased to 64 days which was a 106.5 percent increase versus February of 2023.
Available inventory of single-family homes ended February with a 6.5 months’ supply of homes available for sale which was up from a 3.3 months’ supply during February of 2023.

Inventory continued its upward trend. Not only was single-family home inventory up significantly over last year, it also rose 5.4 percent month-over-month. The month with a 6.5 month supply of homes for sale, up from 6.1 during the previous month. Therefore, because a normal market is a 6-7-month supply of properties for sale, the Lee County area was in a balanced market.

Similar to last month, the median sales price was lower than the same time last year. However, it did increase from January when it was $405,000 up to $420,496 in February. Thus, from a buyer’s perspective, there are even more options to choose from than the prior month. Additionally, prices remain stable.

Also, the number of days from listing a home to contract was 64 days up from 55 during the previous month and up from 31 days a year ago. 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 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 2024 versus February 2023 Condo Highlights:

Condo sales decreased 1.1 percent going from 450 real estate transactions down to 445 sales.
Pending sales decreased 8.7 percent down from 675 last February down to 616 this February.
Inventory increased 137.1 percent up to 3,666 condos for sale compared to last February when there were only 1,546 units for sale.
New listings increased from 856 up to 987 which was a 16.3 percent jump.
Median days to contract was 58 days which represented an 152.2 percent increase versus February of 2023.
Available inventory of condos ended February with an 8.1 months supply of properties available for sale which was a 170 percent increase over last year.

Ultimately, Lee County finished the month with a 8.1-month supply of condos for sale, up from a 7.4-month supply during the prior month. So, it is a buyers market if you are in the market to purchase a condo in Lee County.

Once again, there was a notable increase in condo inventory over the prior month. The number of condos for sale rose 9 percent compared to January. If you a buyer, the increased condo supply is good news as there are more options available. If you are a seller, you should assess the other properties available to ensure you are in-line with the current market value.

Also, there was a notable increase in days on market which rose from 49 days in January up to 58 days in February. Once again, buyers continued to take more time to decide before making a purchase.

Unlike single family homes, the median condo price ended the month at $345,000 which was up from the prior year when it was $340,000 and it was up from the prior month when it was also $340,000.

Finally, 67 percent of condo transactions were cash sales which was down slightly from 69 percent during the previous month. Therefore, if you plan on leveraging a loan for your condo purchase, be aware you are still competing with many 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 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 February Housing Market Report

2024 Lee County February Housing Market Stats – Single Family Homes

2024 Lee County February Housing Market Stats – Condos

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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 200 different golf communities in our area. 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!

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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. If you are a buyer, we are will help you find the community that will allow you to live the ultimate Florida lifestyle in Paradise.