Lee County October Housing Market Report

The Lee County October Housing Market reports showed that 1,147 properties sold for $567 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, 8.6 billion worth of properties have been sold throughout the county.

Despite two hurricanes, the luxury market remained strong in October, with 63 properties sold at or above $1 million, up from 50 in September. The highest-priced sale was a New Construction single-family home on Bonita Bay for $5,945,000.

Furthermore, seventy percent of the top 10 sales in the county were in golf communities. These luxury golf homes sold in Bonita Bay, Quail West, Renaissance, Shadow Wood , and Miromar Lakes, and their prices ranged from $2,575,000 to $5,945,000.

Southwest Florida has also emerged as a leader in the commercial real estate sector. A recent report from CommercialCafe ranked Southwest Florida among the top 10 mid-size markets for office space in the third quarter of 2024, highlighting its growing appeal for businesses. Also, the state’s economy continues to thrive. Once again, Florida’s general revenue exceeded expectations by $28.4 million in September.

With a robust state economy, it should be no surprise that a new report from the National Association of Realtors shows more people are moving to Florida than anywhere else in the country. The net migration to the Sunshine State in 2023 was 372,870, based on data from the U.S. Census analyzed by the association. Texas had the next highest net migration, with more than 315,300 people moving there in 2023.

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Lee County October Housing Market Report – Single-Family Homes

October 2024 versus October 2023 Single Family Home Highlights:

Closed sales decreased 13.6 percent, going from 1,025 transactions down to 886 sales.
Pending sales decreased 21.5 percent, down from 1,553 last October to 1,219 this October.
Inventory increased 24.3 percent to 7,057 properties for sale, compared to 5,676 homes for sale last year.
New listings decreased from 1,861 to 1,606, a 13.7 percent decline.
Median days on market increased to 55 days, a 19.6 percent increase, versus October of 2023.
Inventory of single-family homes available for sale ended October with a 6.2-month supply, up from a 5.1-month supply in October 2023.

As expected, as we head into season, single-family home inventory increased over last year and month-over-month. Inventory increased from 6,691 homes for sale in September to 7,057 single-family homes on the market in October. Ultimately, the month ended with a 6.2-month supply of homes for sale, up slightly from a 5.8-month supply in September.

Unlike the prior month, the median sales price increased slightly. It rose from $382,900 in September to $400,000. 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 decreased slightly from 57 days during the previous month to 55 days in October. 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.

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 October Housing Market Report – Condos and Townhomes

October 2024 versus October 2023 Condo Highlights:

Condo sales decreased 26.1 percent, from 353 real estate transactions to 261 sales.
Pending sales decreased 43.3 percent from 411 last October to 233 this October.
Inventory increased 37.2 percent up to 3,476 condos for sale compared to last October when there were only 2,533 units for sale.
New listings decreased from 798 down to 654, which was an 18 percent drop.
The median days to contract was 82 days, representing a 78.3 percent increase versus October of 2023.
Condo inventory ended October with an 8.9-month supply of properties available for sale, a 61.8 percent increase over last year.

As expected, available inventory increased compared to the prior month as we approach season. Inventory increased 5 percent compared to September, a net increase of 165 condos for sale.

Ultimately, Lee County finished the month with an 8.9-month supply of condos for sale, up from an 8.3-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.

Unlike the previous month, the days on the market decreased month-over-month from 90 days in September down to 82 days in October. Like the single-family market, the days on the market were well above last year’s average of 46 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 $313,500, which was up from the prior month when it was $300,000. However, it was down from $325,000 compared to the prior year.

Finally, 57.5 percent of condo transactions were cash sales, down from 64 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 October

$5,945,000 – 3929 Woodlake Dr. in Bonita Bay with 5,454 sq. ft. (100% of list price)
$4,575,000 – 13970 Williston Way in Quail West with 4,208 sq. ft. (97% of list price)
$4,800,000 – 12830 Terabella Way in Renaissance with 5,350 sq. ft. (84% of list price)
$4,200,000 – 26127 Fawnwood Ct.. in Bonita Bay with 5,654 sq. ft. (95% of list price)
$3,925,000 – 11860 Via Salerno Way in Miromar Lakes with 3,934 sq. ft. (87% of list price)
$2,830,000 – 22001 Shallowater Ln. in Shadow Wood with 4,388 sq. ft. (94% of list price)
$2,700,000 – 11821 Via Cassina Ct. in Miromar Lakes with 3,045 sq. ft. (95% of list price)
$2,575,000 – 4971 Bonita Bay Blvd. Unit 1902 in Bonita Bay with 2,889 sq. ft. (87% of list price)
$2,250,000 – 5051 Pelican Colony Blvd. Unit 404 in The Colony with 4,260 sq. ft. (88% of list price)
$2,100,000 – 20000Chapel Trce. in West Bay with 4,279 sq. ft. (100% of list price)

New Listings in Golf Communities

Southwest Florida October Housing Market Reports

2024 Lee County October Housing Market Report – Single Family Homes

2024 Lee County October Housing Market Report – Condos

Naples Golf Guy Monthly Market Report – NEW!

Recently Listed Golf Properties

Lastly, 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.

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. If you decide to move forward, we will determine the optimum selling price together.

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The Naples Golf Guy Team will provide extraordinary customer service that emphasizes 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. For buyers, we will help you find the community offering the ultimate Florida lifestyle in Paradise.