Lee County June Housing Market

Lee County June Housing Market Report

The Lee County June Housing Market reports showed 1,563 properties sold for just over $803 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 106 properties sold at or above $1 Million in May, down from 179 in May. The highest-priced sale was a single-family home in Miromar Lakes for $5,600,000.

While golf home sales experienced a slight dip compared to the previous month, they still accounted for an impressive 50% of the top ten highest-priced homes in Lee County. Notably, these golf home sales continued to lead the real estate market, particularly in the Mediterra, Miromar Lakes and Bonita Bay areas. In these coveted locales, five of the most expensive homes sold ranged from $2,800,000 to $5,600,000.

These figures highlight the enduring allure of golf communities among luxury homebuyers and the sustained demand for high-end properties in desirable locations. The continued prominence of golf home sales in the market underscores their significant appeal and the ongoing interest in premium real estate within these prestigious areas.

Florida continues to be a top destination for those looking to relocate, and the numbers speak for themselves. State officials have proudly announced that the population has exceeded 23 Million residents. Moreover, projections indicate a robust annual growth of 319,109 people over the next four years.

Excitingly, CNBC’s latest annual report on The Best States to Buy and Sell a Home ranks Florida at the very top! This recognition underscores the state’s dynamic real estate market.

It’s not just individual buyers who are eyeing Florida; home builders are making substantial investments, purchasing multi-million dollar parcels of land in anticipation of the state’s continued expansion. The future is bright for Florida’s thriving communities and burgeoning opportunities.

Lee County June Housing Market Report – Single-Family Homes

June 2024 versus June 2023 Single Family Home Highlights:

• Closed sales decreased 9 percent going from 1,311 transactions down to 1,193 sales.
• Pending sales decreased 10.5 percent down from 1,376 last June to 1,232 this June.
• Inventory increased 83.1 percent up to 8,243 properties for sale compared to this same time last year when 4,501 homes were for sale.
• New listings decreased from 1,622 up to 1,566 which was a 3.5 percent decline.
• Median days on market increased to 53 days, a 51.4 percent increase, versus June of 2023.
• Single-family home inventory ended June with a 7.2 months supply of homes available for sale, up from a 4.1 months supply during June of 2023.

While inventory of single-family homes was up significantly over last year, it only increased 1.1 percent over the previous month. Ultimately, the month ended with a 7.2 month supply of homes for sale, which was up from a 7 months supply in May.

For the second month in a row, the median sales price decreased over the same time last year. In the same way, the price decreased from $415,000 in May down to $400,000 in June. Thus, from a buyer’s perspective, there continued to be more options to choose from than in the prior month.

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 contract increased slightly from 50 days during the previous month up to 53 days in June. Once again, it was still a notable increase over the prior year when it was just 35 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 June Housing Market Report – Condos and Townhomes

June 2024 versus June 2023 Condo Highlights:

• Condo sales decreased 25.7 percent going from 498 real estate transactions down to 370 sales.
• Pending sales decreased 30.9 percent down from 608 last June down to 515 this June.
• Inventory increased 119.2 percent up to 4,351 condos for sale compared to last June when there were only 1,985 units for sale.
• New listings decreased from 771 down to 783 which was a 15.3 percent drop.
• Median days to contract was 66 days which represented a 94.1 percent increase versus June of 2023.
• Condo inventory ended June with a 10.3 months supply of properties available for sale or a 139.5 percent increase over last year.

Ultimately, Lee County finished the month with a 10.3-month supply of condos for sale, up from a 10-month supply during the prior month. So, it is a buyers’ market if you plan to purchase a condo in Lee County.

 

Interestingly, inventory remained the same as the prior month. Yet, the month’s supply of inventory increased due to a decline in pending sales. If you’re 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.

 

Once again, days on market increased month-over-month from 55 days in May up to 66 days in June. Similarly, it was still well above last year when it only took 34 days for a property to go to contract.

 

Also, the median condo price ended the month at $348,500 which was up from the prior year when it was $325,999. It was also up from the prior month when it was $340,000.

 

Finally, 60 percent of condo transactions were cash sales which was the same percentage during the previous month. 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 May Housing Market Report

2024 Lee County June Housing Market Report – Single Family Homes

2024 Lee County June Housing Market Report Condos

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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.

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July 26th, 2024 Posted by Matt