October Housing Market Report

Lee County October Housing Market Report

The October housing market report for Lee County showed 1,378 properties sold for just over $704 Million during the month. Year to date, property sales have surpassed $8.9 Billion. The County includes Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market saw 85 properties sold at or above $1 Million in October compared to 92 homes in September. The highest-priced sale was a single-family Bonita Beach home for $12,250,000.

Interestingly, luxury golf homes accounted for 70 percent of the top 10 highest-priced homes sold in Lee County. Golf communities represented were Miromar Lakes, Mediterra and Quail West, and homes sold between $2,950,000 and $6,450,000.

Overall, Florida’s economy remains robust. Once again, the state exceeded expectations with tax revenue collections, bringing in $215 Million more than projected during September. Additionally, the Sunshine State remains a prime destination for wealthy and ultra-high-net-worth individuals to buy homes. Jeff Bezos is the latest to make the move to South Florida. He is just one of many looking for a tax-friendly state.

So, as long as demand remains high and supply low, we expect our current market conditions to continue.

Lee County October Housing Market Report – Single-Family Homes

October 2023 versus October 2022 Single Family Home Highlights:

Closed sales increased 41.4 percent going from 725 transactions up to 1,025 sales.
Pending sales increased 44.9 percent up from 740 last October to 1,072 this October.
Inventory increased 69.6 percent up to 5,676 properties for sale compared to this same time last year when 3,3347 homes were for sale.
New listings increased from 908 up to 1,861 which was a 105 percent increase.
Median days on market increased to 46 days which was a 58.6 percent increase versus October of 2022.
Available inventory of single-family homes ended September with a 5.1 months’ supply of homes available for sale which was up from a 2.6 months’ supply during October of 2022.

Similar to the prior month, the supply of Single-family homes for sale increased from 5,107 in September to 5,676 at the end of October, representing an 11 percent increase. We ended the month with just over a 5-month supply of homes for sale, putting us close to a balanced market, which is a 6-7-month supply of properties for sale.

While the median sales price was down slightly compared to the prior year, it remained the same as the previous month at $400,000. From a buyer’s perspective, there are more options to choose from, and prices remain stable. As we approach season, we anticipate more new listings will come on the market.

Also notable are the days on the market, which remained low at 46, up from 42 days during the prior month. If you consider 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 October Housing Market Report – Condos and Townhomes

October 2023 versus October 2022 Condo Highlights:

Condo sales increased 8.6 percent going from 325 real estate transactions up to 353 sales.
Pending sales decreased 1.9 percent down from 419 last October up to 411 this October.
Inventory increased 155.3 percent up to 2,533 condos for sale compared to last October when there were only 992 units for sale.
New listings increased from 441 up to 798 which was a 81 percent jump.
Median days to contract was 45 days which represented an 43.8 percent increase versus October of 2022.
Available inventory of condos ended October with a 5.5 months supply of properties available for sale which was a 223.5 percent increase over last year.

Similar to single-family homes, inventory of Lee County Condos finished the month with a 5.5-month supply of condos for sale, up from a 4.8-month supply during the prior month. A balanced market has 6-7-month supply of condos for sale.

Like the prior month, a significant month-to-month increase in new condo inventory was available for sale. The number of condos for sale rose just under 15 percent compared to September. The increased condo supply is good news if you plan to purchase a property, as more options are available.

Also, unlike last month, when the number of days to contract fell month-over-month, October ended the month at 46 days, up from 40 days. As a result, buyers have more to choose from and more time to decide.

The median home prices continue to fluctuate from month to month. October ended the month at $325,000 compared to September, which was $329,000.

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

Lee County is approaching a balanced market for condos and single-family homes. Prices will continue to rise if the inventory remains low and demand remains strong.

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 October Housing Market Report

2023 Lee County October Housing Market Report – Single Family Homes

2023 Lee County October Housing Market Report – Condos

Recently Listed Golf Properties

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.

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.