Nov. Housing Market Report

Lee County Nov. Housing Market Report

The Nov. housing market report for Lee County showed 1,305 properties sold for just over $671 Million during the month. Year to date, property sales have surpassed $9.6 Billion in Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market saw 89 properties sold at or above $1 Million in November up from 85 sales in October. The highest-priced sale was a single-family home on Sanibel for $6,575,000.

Demand for Florida real estate remains strong, as evidenced by the state’s continued population growth. According to the Legislature’s Office of Economic and Demographic Research, Florida’s population rose by 1.61% up to 22.6 million residents as of April.

Additionally, baby boomers continue to retire in Florida. According to a recent study by SmartAsset, three of the top five cities for retirees are in Florida including Cape Coral. Why does Florida remain popular? Plenty of sunshine and no income tax make the state a favorite destination among boomers.

Lee County November Housing Market Report – Single-Family Homes

November 2023 versus November 2022 Single Family Home Highlights:

Closed sales increased 15.6 percent going from 816 transactions up to 943 sales.
Pending sales decreased 0.9% percent down from 975 last November to 966 this November.
Inventory increased 76.2 percent up to 6,223 properties for sale compared to this same time last year when 3,6531 homes were for sale.
New listings increased from 1,309 up to 1,727 which was a 31.9 percent increase.
Median days on market increased to 46 days which was a 35.3 percent increase versus November of 2022.
Available inventory of single-family homes ended October with a 5.5 months’ supply of homes available for sale which was up from a 2.8 months’ supply during November of 2022.

Similar to the prior month, the supply of Single-family homes for sale increased from 5,676 in October to 6,223 at the end of November, representing a 9.6 percent increase. We ended the month with a 5.5 month supply of homes for sale, up from 5.1 during the prior month. We are quickly approaching a balanced market, which is a 6-7-month supply of properties for sale.

Unlike the prior month, the median sales price rose year-over-year and month-over-month. As of the end of November, the median single-family sale price was $410,000, up from $400,000 in November of last year. From a buyer’s perspective, there are even more options to choose from than the previous month, and prices remain stable. As we approach season, we anticipate more new listings will come on the market.

The number of days from listing a home to contract remained low at 46, unchanged from the previous month. If you are considering selling, you still have time to capitalize on the market. However, as more inventory is added, you will start to lose your competitive advantage.

So, if you own a home in Lee County and you want to maximize your profits, contact us today. Call, email, or text us for a FREE market analysis – 239.370.0892.

Or, 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. Not sure which 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 November Housing Market Report – Condos and Townhomes

November 2023 versus November 2022 Condo Highlights:

Condo sales decreased 2.4 percent going from 371 real estate transactions down to 362 sales.
Pending sales decreased 12.2 percent down from 426 last November down to 374 this November.
Inventory increased 160.1 percent up to 2,796 condos for sale compared to last November when there were only 1,075 units for sale.
New listings increased from 542 up to 712 which was a 31.4 percent jump.
Median days to contract was 39 days which represented an 105.3 percent increase versus November of 2022.
Available inventory of condos ended November with a 6.1 months supply of properties available for sale which was a 221.1 percent increase over last year.

Inventory of Lee County Condos finished the month with a 6.1-month supply of condos for sale, up from a 5.5-month supply during the prior month. We ended the month with condo inventory levels, which are considered a balanced market.

Like the prior month, there was a notable month-to-month increase in new condo inventory available for sale. The number of condos for sale rose just under 10 percent compared to October. The increased condo supply is good news if you plan to purchase a property, as more options are available.

For the second month in a row, the number of days to contract fell month-over-month. November ended the month at 39 days, down from 46 days the previous month. While buyers have more condos to chose from, they have less time time to make a decision.

The median home price in November ended the month at $354,500 up from $325,000 in October and up from $323,000 year-over-year.

Finally, it is notable the percentage of cash sales for condos remained high. Sixty-six percent of condo sales were cash transactions, which was up from sixty-three percent during the prior month. If you plan on leveraging a loan for your condo purchase, you are still competing with many cash buyers.

Regardless of when you plan to purchase now or sometime in the future, 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.

Not sure 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, together we will determine the optimum selling price.

Southwest Florida Nov. Housing Market Report

Lee County November Housing Market Report – Single Family Homes

Lee County November Housing Market Report – Condos

Recently Listed Golf Properties

Naples Golf Guy Monthly Market Report

Ready for a Florida Vacation Home or Second Home?

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.

There are more than 150 different golf communities in our area and most of them have a private golf course within the community. It can be challenging to navigate the plethora of communities, membership options, golf course design, amenities, and more. We will help provide you with a list of the top private golf communities which match your lifestyle.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. We may be able to help you save money and negotiate for extras that the builder may not let you know about.

Lastly, we will manage all contract negotiations via paperless transactions for your property from offer to close!

Should You Sell Your Home?

While it is still a seller’s market, it won’t last forever. Inventory is starting to increase offering buyers more options. Additionally, we are starting to see prices drop on homes recently listed.

Our team is committed to extraordinary customer service, emphasizing detail and frequent communication.

We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. We are dedicated to making the sales process easier for you and your family.

We would very much like to meet you, learn about your home, and help provide a stress-free selling environment for you and your family.

Call, emai l, or text us today for a FREE market analysis – 239.370.0892.

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Results You Can Count On

The Naples Golf Guy Team, as seen on Forbes, is committed to extraordinary customer service with an emphasis on 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. If you are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.