Lee County November Housing Market Report

The Lee County November Housing Market reports showed 1,081 properties sold for $566 million during the month in Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas. Year-to-date, 8.8 billion worth of properties have been sold throughout the county.

The luxury market remained strong in November, with 73 properties sold at or above $1 million, up from 63 in October. The highest-priced sale was a waterfront single-family home on Bonita Beach for $12,600,000.

Furthermore, sixty percent of the top ten sales were west of U.S. 41, with the three most expensive homes sold having direct views or access to the Gulf of Mexico. Notably, sixty percent of the top ten sales were built in 2022 or later. Why is this important? Stringent building codes require elevated newer homes and extensive hurricane protection.

Additionally, thirty percent of the top 10 sales in the county were in golf communities. These luxury golf homes sold in Bonita Bay, Shadow Wood , and The Colony, and their prices ranged from $3,000,000 to $3,050,000.

Overall, the state economy is strong, as evidenced by the revenue exceeding expectations again! According to the Legislature’s Office of Economic and Demographic Research report, the state brought in $161.8 million more than anticipated in general tax revenue. Additionally, Governor Desantis approved $578 million to expand I-75 from 6 lanes to 8 lanes from Corkscrew Road in Estero down to Golden Gate Parkway in Naples.

The additional funding by the state will enable the project to be completed 10 years ahead of schedule and reduce travel times by 47 percent. How many states can say they have extra money in their coffers and will complete road projects ahead of schedule?

Are you ready to relocate to the Sunshine State?

Lee County November Housing Market Report – Single-Family Homes

November 2024 versus November 2023 Single Family Home Highlights:

Closed sales decreased 8 percent, going from 943 transactions down to 868 sales.
Pending sales increased 1.1 percent, up from 966 last November to 977 this November.
Inventory increased 27.2 percent to 7,913 properties for sale, compared to 6,223 homes for sale last year.
New listings increased from 1,727 to 2,1206, a 23.1 percent jump.
Median days on market increased to 58 days, a 26.1 percent increase, versus November of 2023.
Inventory of single-family homes available for sale ended November with a 7-month supply, up from a 5.5-month supply in November 2023.

As expected, as we head into season, single-family home inventory increased over last year and month over month. Inventory increased from 7057 homes for sale in October to 7,913 single-family homes in November. Ultimately, the month ended with a 7-month supply of homes for sale, up slightly from a 6.2-month supply in October.

Unlike the prior month, the median sales price decreased slightly. It fell from $400,000 in October to $395,000 in November. Keep in mind that prices vary by neighborhood. A key factor is the available inventory within the neighborhood. As inventory increases, prices tend to decrease, giving buyers more opportunities.

Additionally, the number of days from listing a home to a contract increased slightly from 55 days during the previous month to 58 days in November. Once again, it was still a notable increase over the prior year when it was just 46 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.

So, if you plan to buy a property, now is a good time to start using our automatic property alerts to monitor the communities you are most interested in. Not sure which communities fit your lifestyle? Contact us, and we’ll help you target the neighborhoods offering the amenities and lifestyle you want to enjoy.

Lee County November Housing Market Report – Condos and Townhomes

November 2024 versus November 2023 Condo Highlights:

Condo sales decreased 41.2 percent, from 362 real estate transactions to 213 sales.
Pending sales decreased 10.2 percent from 374 last November to 336 this November.
Inventory increased 42.6 percent up to 3,987 condos for sale compared to last November when there were only 2,796 units for sale.
New listings increased from 712 up to 978, which was a 37.4 percent increase.
The median days to contract was 77 days, representing a 97.4 percent increase versus November of 2023.
Condo inventory ended November with a 10.5-month supply of properties available for sale, a 72.1 percent increase over last year.

As expected, available inventory increased notably compared to the prior month as we approach season. Inventory jumped 14.7 percent compared to October, a net increase of 511 condos for sale.

Ultimately, Lee County finished the month with an 810.5-month supply of condos for sale, up from an 8.9-month supply during the prior month. So, it remains a buyers’ market, and we will likely see more inventory as we head into January. On the other hand, if you are a seller, you should assess the other properties available to ensure you are in line with the current market value.

For the second month in a row, the days on the market decreased month-over-month from 82 days in October down to 77 days in November. Like the single-family market, the days on the market were well above last year’s average of 39 days for a property to go to contract. Ultimately, the DOM is still well below the traditional 120 days for a property to go to contract.

Also, the median condo price ended the month at $295,000, which was down from the prior month when it was $313,500. Furthermore, it was down from $354,500 compared to the prior year. As inventory continues to rise well above normal levels, we expect downward pressure on condo prices. However, it still depends on the neighborhood.

Finally, 57.7 percent of condo transactions were cash sales, up slightly from 57.5 percent during the previous month. So, if you plan on leveraging a loan for your condo purchase, be aware that you’re still competing with many cash buyers.

Top 10 Luxury Lee County Golf Home Sales in November

$3,050,000 – 22840 Mossy Trl. in Shadow Wood with 4,067 sq. ft. (87% of list price)
$3,000,000 – 26108 Fawnwood Ct. in Bonita Bay with 4,512 sq. ft. (100% of list price)
$3,000,000 – 23791 Napoli Way in The Colony with 4,409 sq. ft. (91% of list price)
$2,700,000 – 28662 Caille Dr. in Quail West with 3,347sq. ft. (100% of list price)
$2,638,000 – 26313 Augusta Creek Ct. in Bonita Bay with 3,662 sq. ft. (98% of list price)
$2,530,000 – 11777 Via Savona Ct. in Miromar Lakes with 3,243 sq. ft. (86% of list price)
$2,150,000 – 2255 Toon Ct. in The Sanctuary with 6,383 sq. ft. (96% of list price)
$1,950,000 – 19831 Chapel Trace in West Bay with 3,069 sq. ft. (89% of list price)
$1,900,000 – 2474 Wulfert Rd. in The Sanctuary with 4,662 sq. ft. (83% of list price)
$1,765,000 – 3709 Woodlake Dr. in Bonita Bay with 3,121 sq. ft. (98% of list price)

New Listings in Golf Communities

Southwest Florida November Housing Market Reports

2024 Lee County November Housing Market Report – Single Family Homes

2024 Lee County November Housing Market Report – Condos

Ultimately, whether you plan to purchase now or sometime in the future, it’s a good time to start viewing homes on-line in neighborhoods that might fit your criteria. To stay up to date, sign up for automatic property alerts.

So, are you thinking about selling? We will provide you with the latest market data for your neighborhood and help you decide if it makes sense to list your property. We will determine the optimum selling price together if you decide to move forward.

Results You Can Count On

The Naples Golf Guy Team will provide extraordinary customer service that emphasizes detail. Professionalism, integrity, and discretion are not goals; they are standards. Most importantly, we collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. For buyers, we will help you find the community offering the ultimate Florida lifestyle in Paradise.