November Housing Market Report

Lee County November Housing Market Report

The November housing market report for Lee County showed 1,276 properties sold for just over $617 Million during the month. The luxury market picked up again with 73 properties sold at or above $1 Million, up from 62 luxury sales during October. Lee County covers Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel and surrounding areas.

The highest price sale was on Sanibel for $11,700,000. Once again, golf community properties dominated the highest priced homes sold in Lee County with 7 of the top 10 golf homes sold between $2,900,000 to $5,995,000. On average, homebuyers paid 97% of list price for the top 10 most expensive homes sold in Lee County.

Lee County November Housing Market Report – Single Family Homes

November 2022 versus November 2021 Single Family Home Highlights:

Closed sales decreased 41.2 percent going from 1,387 transactions down to 816 sales.
Pending sales decreased 35 percent down from 1,499 last November versus 975 this November.
Inventory increased 110.2 percent up to 3,531 properties for sale compared to this same time last year when 1,680 homes were for sale.
New listings decreased from 1,378 down to 1,309 which was a 5 percent decline.
Median days on market increased to 34 days which was a 161.5 percent increase versus November of 2021.
Available inventory of single-family homes ended November with a 2.8 months’ supply of homes available for sale which was up from a 1.1 months’ supply during November of 2021.

Once again, the median sales price for single-family homes showed a modest increase over last November, up from $376,500 to $400,000 which was a 6.2 percent jump. However, it was down from October when the median sales price was $425,000.

Although inventory rose compared to last year by more than 110 percent, it only increased 5 percent over October. Similar to the rest of Southwest Florida, inventory is moving in the right direction. However, the percentage increases year-over-year are misleading. Prior to the pandemic, in November of 2019 there were 5,322 properties for sale (4.7 months’ supply) and in November of 2018 there were 6,208 homes (5.5 months’ supply) available for sale. A healthy, balanced market is typically more than 6 months’ supply. At this point we are far from a normal market.

Even though inventory is still low is has doubled over last year. Also, there are other signs we are moving in the right direction. For example, days on market increased to 34 days compared to 29 days during October and up from 13 days a year ago. Keep in mind, 34 days is still pretty quick!

On another note, the percentage of all cash sales came in at 41 precent for single-family homes compared to 35 percent during the prior month. However, with some exceptions, we are seeing most listings say “proof of funds” required with offer instead of “cash offers only” which was the norm during this time last year. The good news for buyers, you do have more options. In most cases, you have more time to evaluate a property before submitting an offer. Just keep in mind, Sellers are still in the driver’s seat so while there is more options and flexibility, Sellers are only showing a little bit of willingness to negotiate off list price and accommodate any potential repairs.

If 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. We will help you determine what if any repairs should be made prior to listing your home and provide current market data to determine the optimum selling price.

What is my home worth…

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 November Housing Market Report – Condos and Townhomes

November 2022 versus November 2021 Condo Highlights:

Condo sales decreased 36.6 percent going from 585 real estate transactions down to 371 sales.
Pending sales decreased 35.5 percent down from 660 last November to 426 this November.
Inventory increased 123.5 percent up to 1,075 condos for sale compared to last November when there were only 481 units for sale.
New listings decreased from 626 down to 542 which was a 13.4 percent decrease.
Median days to contract increased to 19 days which represented a 111.1 percent increase versus November of 2021.
Available inventory of condos ended November with a 1.9 months’ supply of properties available for sale which was a 216.7 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 extremely low at just a 1.9 month’s supply and it is not much of an increase over last month when there was 1.7 months’ supply of condos for sale. A balanced market would be a 6-7 months’ supply of condos for sale.

The median price for the month was $323,000 for condos which was up 16.6 percent compared to this time last year however, it was down slightly from October when the price was $330,000. Lee County saw more homes impacted by the hurricane along the coast. As a result, many homeowners are still waiting on insurance claims to determine if they are going to sell or rebuild.

Finally, it is notable 70 percent of condo sales were paid in cash up from 62 percent in October. 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 which might fit your criteria. To stay up to date sign up for automatic property alerts.

Bottom line, it is a seller’s market for both condos and single-family homes. So now would be a great time to cash in on the high buyer demand. You might be surprised to learn how much your home is worth in today’s market. Wondering what the benefits are of using an agent sell your home? What is my home worth…

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Naples to Sarasota, so if you are considering moving to the area, contact us for more information.

Southwest Florida November Housing Market Report

Naples Golf Guy Monthly Report – NEW!!!

November 2022 Lee County Single Family Home Statistics

November 2022 Lee County Condo Statistics

Naples November Real Estate Review

Begin Your Own 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.

There are more than150 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. In fact, we may be able to help you save money and negotiate for extras which 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 I use a Realtor if I’m buying New Construction?

Considering Selling Your Southwest Florida Home?

It is a seller’s market so why should you hire a realtor? Do you have the time? There are over 180 actions required to successfully complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies and a mountain of paperwork.

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.

Call, email or text us today for all of your real estate needs – 239.370.0892.

Why Hire a Real Estate Agent to Sell Your Home

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Home Selling Tips…

Results You Can Count On

The Naples Golf Guy Team 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.