Lee County May Housing Market

Lee County May Housing Market Report

The Lee County May Housing Market reports showed 1,981 properties sold for just under $1.1 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 179 properties sold at or above $1 Million in May, down from 222 in April. The highest-priced sale was a single-family home on Bonita Beach for $10,400,000.

Notably, golf home sales continued to dominate the real estate market with a staggering 70% of the top 10 highest-priced properties sold. This trend was particularly evident in the Miromar Lakes and Bonita Bay areas, where seven of the most expensive homes were sold, ranging from $3,300,000 up to $6,100,000. These figures underscore the enduring appeal of golf communities among luxury homebuyers, and the continued demand for high-end properties in sought-after locations.

Overall, inventory increased from 7,294 at the end of last May, up to 12,500 at the end of this May. So, with almost twice as much inventory as last year, there are plenty of options for buyers to chose from.

Are you ready to find your own slice of paradise?

Lee County May Housing Market Report – Single-Family Homes

May 2024 versus May 2023 Single Family Home Highlights:

Closed sales increased 2.7 percent going from 1,428 transactions up to 1,466 sales.
Pending sales increased 5.4 percent up from 1,342 last May to 1,415 this May.
Inventory increased 82.8 percent up to 8,150 properties for sale compared to this same time last year when 4,458 homes were for sale.
New listings increased from 1,746 up to 1,791 which was a 2.6 percent increase.
Median days on market increased to 50 days, a 66.7 percent increase, versus May of 2023.
Available inventory of single-family homes ended May with a 7.1 months supply of homes available for sale, up from a 4 months supply during May of 2023.

Inventory of single-family homes was up significantly over last year as well as the previous month. Ultimately, the month ended with a 7.1 month supply of homes for sale, which was up from 5.1 months supply in April.

Unlike, the last month, the median sales price decreased over the same time last year. In the same way, the price decreased from $540,000 in April down to $415,000 in May. Thus, from a buyer’s perspective, there continued to be more options to choose from than 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.

Contrary to last month, the number of days from listing a home to contract increased from 40 days during the previous month up to 50 days in May. Similarly, it was still a notable increase over the prior year when it was just 30 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 May Housing Market Report – Condos and Townhomes

May 2024 versus May 2023 Condo Highlights:

Condo sales decreased 16.1 percent going from 614 real estate transactions down to 515 sales.
Pending sales decreased 24.9 percent down from 538 last May down to 4404 this May.
Inventory increased 122.9 percent up to 4,351 condos for sale compared to last May when there were only 1,952 units for sale.
New listings decreased from 675 down to 641 which was a 5 percent drop.
Median days to contract was 55 days which represented a 103.7 percent increase versus May of 2023.
Available inventory of condos ended May with a 10 months supply of properties available for sale which was a 143.9 percent increase over last year.

Ultimately, Lee County finished the month with a 10-month supply of condos for sale, up from a 9-month supply during the prior month. So, it is a buyers’ market if you plan to purchase a condo in Lee County.

Similar to the single family home market, there was a notable increase in condo inventory over the prior month. The number of condos for sale rose 9 percent compared to April. 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 from month-over-month from 40 days in April up to 50 days in May. Yet, it was still well above last year when it only took 27 days for a property to go to contract.

Also, the median condo price ended the month at $340,000 which was down from the prior year when it was $350,250 and it was also down significantly from the prior month when it was $540,000.

Finally, 60 percent of condo transactions were cash sales which was down from 70 percent 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 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 May Housing Market Report

Lee County May Housing Stats – Single Family Homes 2024

Lee County May Housing Stats – Condos May 2024

Naples Golf Guy Monthly Market Report

Recently Listed Golf Properties

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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.

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