Lee County March Housing Market Report

The March housing market report for Lee County showed 2,045 properties sold for just over $1.1 Billion during the month. Lee County includes Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market was very active with 173 properties sold at or above $1 Million, up from 113 luxury sales during February. The highest priced sale was a single-family home on Bonita Beach overlooking the Gulf of Mexico for $11.6 Million.

Seventy percent of the top 10 highest-priced homes sold in Lee County were luxury golf homes priced between $3,900,000 and $5,555,000. Golf communities represented were Bonita Bay and Miromar Lakes.

What is essential to understand is real estate trends vary depending on where you live. What is happing in California is not what is happening in Florida. And what is happening in Cape Coral is not the same as what is happening in Bonita Springs. The local economy, weather, lifestyle, and available housing inventory contribute to a local real estate market’s performance.

Bottom line: Home prices are still up YOY in most metro areas.

Lee County March Housing Market Report – Single-Family Homes

March 2023 versus March 2022 Single Family Home Highlights:

• Closed sales decreased 16 percent going from 1,659 transactions down to 1,393 sales.
• Pending sales decreased 12.3 percent down from 1,823 last March versus 1,599 this March.
• Inventory increased 155.9 percent up to 4,225 properties for sale compared to this same time last year when 1,651 homes were for sale.
• New listings increased from 1,983 up to 2,059 which was a 3.8 percent increase.
• Median days on market increased to 33 days which was a 200 percent increase versus March of 2022.
• Available inventory of single-family homes ended February with a 3.7 months’ supply of homes available for sale which was up from a 1.1 months’ supply during March of 2022.

Unlike February, the median sales price for single-family homes showed a small increase in March compared to last year. The median sales price rose from $429,000 to $437,000 which was a 1.9 percent jump. However, the median sales price in March was lower than February of this year when it was $447,500.

Additionally, unlike the prior month when inventory only increased 1.6 from month-to-month, March inventory jumped 9.2 percent above February up to 4,225 Lee County properties for sale. A word of caution, inventory has increased significantly and we are definitely moving towards a more balanced market which is typically a 6-7 months supply of homes for sale. 

Finally, days on market only increased slightly over February going from 31 days up to 33 days in March. With low inventory and low days on market. So, with just 3.7 months supply of housing available and enough demand to keep days on market low, we are still in a Seller’s market.

If you live in Lee County and you want to maximize the value of your home, contact us today. Call, email , or text us today for a FREE market analysis – 239.370.0892.

If you are considering buying a property, now is a good time to start watching the communities you are most interested in using our automatic property alerts. If you are not sure 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 2023 versus March 2022 Condo Highlights:

• Condo sales decreased by 14.3 percent going from 761 real estate transactions down to 652 sales.
• Pending sales decreased 16.7 percent down from 890 last February to 741 this March.
• Inventory increased 216.2 percent up to 1,780 condos for sale compared to last March when there were only 563 units for sale.
• New listings increased slightly from 936 up to 987 which was a  1.5 percent increase.
• Median days to contract increased to 22 days which represented a 175 percent increase versus March of 2022.
• Available inventory of condos ended March with a 3.5 months supply of properties available for sale which was a 337.5 percent increase over last year.

Similar to last month, despite the increase in inventory, the Lee County Condo market remains a strong Seller’s market. The number of condos for sale is still low at just a 3.5 month’s supply. The good news for buyers, there was a notable increase of 15 percent in inventory from February to March. Similar to the single-family home market, a balanced market would be a 6-7 months’ supply of condos for sale.

The median price for the month was $346,250 which was a 9.2 percent increase over March of 2022. And unlike single-family homes, the median price increased month-to-month going from $340,000 in February up to $436,250 in March.

Finally, it is notable that 67 percent of condo sales were paid in cash. If you are planning on leveraging a loan for your condo purchase, you are still competing with a significant number of cash buyers. Regardless of when you plan to purchase, 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.

Bottom line, like most of Florida, Lee County is a Seller’s market for both condos and single-family homes. If the inventory remains low, and demand remains strong, prices will continue to rise. If you are considering selling, call, email, or text us today to discuss your home’s value in today’s market.

Not only will we help you determine what if any repairs should be made before listing your home, but we will also provide current market data to determine the optimum selling price.

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Naples to Sarasota.

Southwest Florida March Housing Market Report

Naples Golf Guy Monthly Market Report – NEW!!

2023 Lee County March Housing Market Report – Single Family Homes

2023 Lee County March Housing Market Report – Condos

Begin Your Search for a Southwest Florida Vacation Home or Second Home:

So, 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.