Local Real Estate data for SW Florida

– August 2022 data

The Numbers:

Median Sales Price: The median sales price of single family homes in Lee County FL dipped last month 9% to $460,000.  This is still up 9% from the same time last year.  Condos are also down about 9% from last month, but still up 27.4% from this time last year.

 

Inventory of Homes: The inventory of all the homes that are currently on the market has steadily (in small increments) risen over the past 6 month, but dipped again this past month.  Even though we’ve experienced small incremental increases, when compared to the normal “balanced” market pre-Covid, we are still only running at about 40% of what our “normal inventory levels would be. 

 

A 5.5 to 6 months supply of inventory is considered to be a balanced market. We are currently at a 2.3 month supply of inventory making this still technically a seller’s market.

 

Days on Market: As expected, with strong demand coupled with fewer homes to show each buyer, the result is fewer days on market for each property before receiving an acceptable offer and thus going under contract. The current “days on market” across all property types is just 11 days.  This is up from 7 days a year ago.

 

New Pending Sales vs New ListingsThe balance of supply and demand is the primary driver of prices and how fast inventory is sold.  New pending sales currently are at 3,371 units in our MLS area (primarily Lee County FL). New listings are only at 3,619 units.  Demand is just shy of supply by about 10%.  The real estate market is a little unpredictable right now. Typically we don’t see median sales price decrease by 9% with inventory still low and going down. One could argue that the plethora of sales that defied logic (selling several 10ks over asking price) have disappeared and that we are seeing a correction in sales price that is more logical. once this correction has been completed, the low inventory numbers should support value once again.