Lee County September Housing Market Report

The Lee County September Housing Market reports showed 1,250 properties sold for $578 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 slowed slightly in September, with just 50 properties sold at or above $1 million, down from 85 in August. The highest-priced sale was a waterfront single-family home on Bonita Beach for $6,500,000.

Seventy percent of the top 10 sales were direct beachfront properties on the Gulf of Mexico or had direct gulf access. The other thirty percent of the top ten highest-priced home sales in Lee County were in golf communities. These golf homes sold in Bonita Bay, Palmira and Miromar Lakes. The luxury golf homes sold ranged from $1,920,000 to $2,695,000.

Overall, Florida’s economy remains strong. Once again, the state’s general revenue collections exceed expectations, thanks to a boost from sales taxes and investment earnings. Despite the recent storms, the state’s insurance market is solid. Due to reinsurance in place and available, the state’s insurers have the capital to handle all the recent storms and another.

Furthermore, Florida’s luxury market remains steady. Wealthy buyers continue to invest in high-end homes. Additionally, in a recent interview, billionaire investor Jeff Greene and CNBC’s Robert Frank discussed the upside of real estate investing in Florida.

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Lee County September Housing Market Report – Single-Family Homes

September 2024 versus September 2023 Single Family Home Highlights:

Closed sales decreased 4.8 percent, going from 1,083 transactions down to 973 sales.
Pending sales increased 0.9 percent, up from 1,019 last September to 1,028 this September.
Inventory increased 31 percent to 6,691 properties for sale, compared to 5,107 homes for sale last year.
New listings decreased from 1,619 to 1,568, a 3.2 percent decline.
Median days on market increased to 57 days, a 35.7 percent increase, versus September of 2023.
Single-family home inventory ended September with a 5.8-month supply of homes available for sale, up from a 4.73-month supply in September 2023.

While the inventory of single-family homes was up over last year, it remained similar to the prior month. Inventory increased slightly from 6,628 homes for sale in August compared to 6,691 single family homes on the market in September. Ultimately, the month ended with a 5.8-month supply of homes for sale, up slightly from a 5.7-month supply in August.

Once again, the median sales price decreased slightly compared to the same time last year. In the same way, the price decreased from $390,000 in August down to $382,900 in September. Thus, from a buyer’s perspective, there is more room to negotiate prices.

Additionally, 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.

The number of days from listing a home to a contract increased slightly from 55 days during the previous month up to 57 days in September. Once again, it was still a notable increase over the prior year when it was just 42 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 are planning 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 that offer the amenities and lifestyle you would like to enjoy.

Lee County September Housing Market Report – Condos and Townhomes

September 2024 versus September 2023 Condo Highlights:

Condo sales decreased 27.3 percent, from 381 real estate transactions to 277 sales.
Pending sales decreased 21 percent from 381 last September to 301 this September.
Inventory increased 50 percent up to 3,311 condos for sale compared to last September when there were only 2,208 units for sale.
New listings decreased from 674 down to 597, which was an 11.4 percent drop.
The median days to contract was 90 days, representing a 125 percent increase versus September of 2023.
Condo inventory ended September with an 8.3-month supply of properties available for sale, a 72.9 percent increase over last year.

There was a minor increase in available inventory compared to the prior month. Inventory increased 1.7 percent compared to August, a net increase of 56 condos for sale. It is common for there to be minimal changes in inventory over the summer months as Sellers consistently take their property off the market for summer and relist during the fall.

Ultimately, Lee County finished the month with an 8.3-month supply of condos for sale, up from an 8-month supply during the prior month. So, it remains a buyers’ market, and it is likely we will see more inventory as we head into fall. 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.

Once again, the days on the market increased month-over-month from 85 days in August to 90 days in September. Similar to the single-family market, the days on the market were well above last year’s average of 40 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 $300,000, which was down from the prior year when it was $329,000. Additionally, the median price decreased from the prior month when it was $319,000.

Finally, 64 percent of condo transactions were cash sales, up from 60 percent during the previous month. Therefore, if you plan on leveraging a loan for your condo purchase, be aware that you’re still competing with cash buyers.

If you are a buyer, whether you plan to purchase now or sometime in the future, 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.

Are you unsure 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, we will determine the optimum selling price together.

Southwest Florida September Housing Market Reports

2024 Lee County September Real Estate Activity – Single Family Homes

2024 Lee County September Real Estate Activity – Condos

Naples Golf Guy Monthly Market Report – NEW!!!

Recently Listed Golf Properties

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