Lee County May Housing Market Report

The May housing market report for Lee County showed 2042 properties sold for just over $1.1 Billion during the month. The County includes Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market remained active with 172 properties sold at or above $1 Million during May. The highest-priced sale was a single-family home on Barefoot Beach overlooking the Gulf of Mexico for $7.4 Million.

Fifty percent of the top 10 highest-priced homes sold in Lee County were luxury golf properties priced between $3,480,000 and $4,700,000. Golf communities represented were Miormar Lakes, Bonita Bay, and Mediterra.

Florida remains a popular destination for retirement. Travel & Leisure recently revealed the 15 Best Places to Retire in the Sunshine State. Southwest Florida was at the top of the list, with Tampa and Sarasota leading the way and Fort Myers was ranked 5th.

Not only was the area ranked as one of the top places to retire, it was named The Best Place for a Vacation home by Travel & Leisure. With 590 miles of shoreline, sandy white beaches and plenty of sunshine, what more could you ask for?

While real estate is local, national experts have started to revise their forecasts for home values. As we have seen in Southwest Florida, prices continue to rise largely due to low inventory.

Morgan Stanley strategist, James Egan recently said he no longer thinks home prices will decline this year, “We now expect home prices to end the year flat to December 2022 as opposed to our prior base case of -4%”.

Now more than ever, it’s critical to connect with a local real estate expert to help you navigate the market. Whether you are buying or selling, we’ll put 23 plus years of experience to work for you and your family.

Lee County May Housing Market Report – Single-Family Homes

May 2023 versus May 2022 Single Family Home Highlights:

• Closed sales decreased 10.4 percent going from 1,594 transactions down to 1,428 sales.
• Pending sales decreased 13.3 percent down from 1,547 last May versus 1,342 this May.
• Inventory increased 84.3 percent up to 4,458 properties for sale compared to this same time last year when 2,419 homes were for sale.
• New listings decreased from 2,036 down to 1,746 which was a 14.2 percent decline.
• Median days on market increased to 30 days which was a 172.7 percent increase versus May of 2022.
• Available inventory of single-family homes ended May with a 4 months’ supply of homes available for sale which was up from a 1.7 months’ supply during May of 2022.

The median sales price for single-family homes was down year-over-year, however, it increased from the prior month. The median price in April was $438,000 and we finished May with a median price of $445,000. 

Unlike last month when inventory fell month-to-month, there was a slight uptick of single-family homes for sale going from 4,189 at the end of April up to 4,458 in May. which represented a 7 percent increase.

Additionally, we finally hit a 4 months supply of homes available for sale. It is still considered a Seller’s market, however, we continue to make progress. A balanced market is typically a 6-7 months supply of homes for sale.

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 May Housing Market Report – Condos and Townhomes

May 2023 versus May 2022 Condo Highlights:

• Condo sales decreased by 21.1 percent going from 778 real estate transactions down to 614 sales.
• Pending sales decreased 22.1 percent down from 691 last May to 538 this May.
• Inventory increased 241.7 percent up to 1,952 condos for sale compared to last May when there were only 812 units for sale.
• New listings decreased from 769 down to 675 which was a 12.2 percent decline.
• Median days to contract increased to 27 days which represented a 237.5 percent increase versus May of 2022.
• Available inventory of condos ended May with a 4.1 months supply of properties available for sale which was a 241.7 percent increase over last year.

Similar to single-family homes, inventory of Lee County Condos finished the month low at a 4.1 months supply. However, we continue to move in the right direction as condo inventory increased compared to the prior month when it was just 3.9 months supply of condos for sale.

So, although we are not there yet, condo inventory continues to move towards a balanced market which would be a 6-7 months’ supply of condos for sale.

Also, condo prices continue to increase. The median price for the month was $350,250 which was a slight increase over April when it was$347,500 which and it was up from $345,000 in May of last year.

Finally, it is notable that once again 63 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 remains 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 May Housing Market Report

May 2023 Lee County Real Estate Stats – Single Family Homes

May 2023 Lee County Real Estate Stats

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.