Local Real Estate data for SW Florida

– April 2022 data

The Numbers:

Median Sales Price: The median sales price of single family homes in Lee County FL has steadily increased and had hit a milestone.  The median sales price increased from last month 7% to $500,000.  This is up 23.4% from the same time last year.  Condos are up about 4% from last month, but up a whopping 44.4% from this time last year.

 

Inventory of Homes: The inventory of all the homes that are currently on the market continues to steadily decrease over the past many months, as buyer demand outpaces the number of new listings.  The current number of properties on the market is down 28% from last month, and down 60% from this time last year. 

 

A 5.5 to 6 months supply of inventory is considered to be a balanced market. We are currently at a 1 month supply of inventory making this a strong 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 5 days.  This is down from 19 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 5,994 units in our MLS area (primarily Lee County FL). New listings are only at 4,991 units.  Demand continues to outpace supply by a considerable amount.  This being said, this uptick in pending units is at a time of the years where we expect to see an uptick. The end of our seasonal guests stay here in SW Florida typically result in an increase of buying decisions.