Local Real Estate data for SW Florida
– March 2021 data
Median Sales Price: The median sales price of single family homes in Lee County FL has steadily increased since April of last year. The median sales price as of last month was $392,000. This is up 1% from last month, but up and amazing 22.5% from this time last. Condos are about the same as last month, but up 13.6% from this time last year.
Inventory of Homes: The inventory of all the homes that are currently on the market have steadily decreased over the past many months, as buyer demand outpaces the number of new listings. The current number of properties on the market is down 26.9% from last month, and down an astonishing 59.3% 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 2 months 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 27 days. This is down from 53 days a year ago.
New Pending Sales vs New Listings: The balance of supply and demand is the primary driver of prices and how fast inventory is sold. New pending sales currently are at 6,462 units in our MLS area (primarily Lee County FL). New listings are only at 4,229 units. Demand continues to outpace supply by a considerable amount.