Lee County March Housing Market

Lee County March Housing Market Report

The Lee County March Housing Market reports showed 1,973 properties sold for just over $1.057 Billion 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 158 properties sold at or above $1 Million in March, up from 113 in February. The highest-priced sale was a detached villa in Mediterra for $4,800,000.

Fifty percent of the top 10 highest-priced properties sold were in golf communities including Bonita Bay, The Colony at Pelican Landing, and Mediterra.

Overall, Lee County remains a top destination for business owners, visitors and second homeowners alike. In fact, Ft. Myers was recently named one of the Best Small Cities to Start a Business in America according to Wallethub.

Are you ready to find your own slice of paradise?

Lee County March Housing Market Report – Single-Family Homes

March 2024 versus March 2023 Single Family Home Highlights:

Closed sales increased 3.3 percent going from 1,393 transactions up to 1,439 sales.
Pending sales increased 4.2 percent up from 1,599 last March to 1,666 this March.
Inventory increased 74.6 percent up to 7,376 properties for sale compared to this same time last year when 4,225 homes were for sale.
New listings decreased from 2,059 down to 2,040 which was a 0.9 percent decrease.
Median days on market decreased to 60 days which was an 81.8 percent increase versus March of 2023.
Available inventory of single-family homes ended March with a 6.5 months’ supply of homes available for sale which was up from a 3.7 months’ supply during March of 2023.

Inventory of single-family homes was up significantly over last year, however, unlike previous months there was a minimal change from February to March. As a result, the month ended with a 6.5 month supply of homes for sale, which was the same as the previous month. Therefore, since a normal market is a 6-7-month supply of properties for sale, the Lee County area was in a balanced market.

Similar to the last couple of months, the median sales price was lower than the same time last year. In the same way, the price decreased from $420,496 in February down to $418,000 in March. Thus, from a buyer’s perspective, there continued to be more options to choose from than the prior month. Additionally, prices remain stable.

Interestingly, the number of days from listing a home to contract decreased from 64 days during the previous month down to 60 days in March. Yet, it was still a notable increase over the prior year when it was just 33 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 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 March Housing Market Report – Condos and Townhomes

March 2024 versus March 2023 Condo Highlights:

Condo sales decreased 18.1 percent going from 652 real estate transactions down to 534 sales.
Pending sales decreased 19.6 percent down from 741 last March down to 596 this March.
Inventory increased 112 percent up to 3,774 condos for sale compared to last March when there were only 1,780 units for sale.
New listings decreased from 978 down to 867 which was a 11.3 percent jump.
Median days to contract was 51 days which represented a 131.8 percent increase versus March of 2023.
Available inventory of condos ended March with an 8.5 months supply of properties available for sale which was a 142.9 percent increase over last year.

Ultimately, Lee County finished the month with a 8.5-month supply of condos for sale, up from a 8.1-month supply during the prior month. So, it is a buyers market if you plan to purchase a condo in Lee County.

Unlike last month, there was only a slight increase in condo inventory over the prior month. The number of condos for sale rose 2.9 percent compared to February. 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.

Contrary to the previous month, days on market fell from 58 days in February down to 51 days in March. Yet, it was still well above last year when it only took 22 days for a property to go to contract.

Similar to single family homes, the median condo price ended the month at $340,000 which was down from the prior year when it was $346,250 and it was also down from the prior month when it was also $345,000.

Finally, 65 percent of condo transactions were cash sales which was down slightly from 67 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 March Housing Market Stats – Single Family Homes

2024 Lee County March Housing Market Stats – Condos

Recently Listed Golf Properties

Ready for a Florida Vacation Home or Second Home?

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.

Lastly, we will manage all contract negotiations via paperless transactions for your property 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.