Despite the fact Buyers needing to finance are faced with higher interest rates and some may feel homeownership is no longer affordable, inventory is up significantly and that is giving Buyers more choices. The market is starting to shift towards a more balanced market. And although many sellers still want to list their home above market value, they’re also starting to understand the importance of appropriate pricing in this changing market. According to Freddie Mac, for the first week of September, the average 30-year mortgage rate increased to 5.66%

In July, Single Family Home Active listings in Lee County were up 100.0% compared to July of last year, and Condo & Townhouse listings were up 81.7%. That relates to a 2.5-month supply of inventory for Single Family Homes and a 1.6-month supply of inventory for Condos & Townhouses. Good news for Buyers that are still in the market, as they have more homes to choose from. And Sellers now have more competition. Year-over-year Sales Prices are still up. July’s Median Sales Price for Single Family Homes in Lee County was up 16.7% and the Median Sales Price for Condos & Townhouses was up 36.5% compared to July 2021. Although prices are up over last year, they’re down compared to the previous month for 3 consecutive months.

During the 3rd week of each month, the Florida Association of Realtors releases the official numbers from the prior month comparing year-over-year activity. Below are some of July’s numbers, for your reference. If you are interested in learning more about market activity in a specific neighborhood, development, city, or zip code, please let me know. I will be happy to provide you with a free customized market analysis.

                 LEE COUNTY Single Family Home Sales - July 2022
Closed Sales         1,168 (July 2022)          1,509 (July 2021)           -22.6%
Median Price      $420,000 (July 2022)    $360,000 (July 2021)        +16.7%
Average Price    $550,845 (July 2022)    $469,072 (July 2021)        +17.4%
Active Listings       3,442 (July 2022)           1,721 (July 2021)         +100.0%
(Source Florida Association of Realtors, Data released August 18, 2022)

The Market is Shifting
Only months ago, the real estate market remained in overdrive with surging home prices, historically low interest rates, and incessant buyer demand. And although home prices continue to increase compared to the previous year each month, home prices compared to the previous month have been declining over the past few months.

Real estate market conditions are always changing. Invariably, Sellers and Buyers need to turn to a local experienced Realtor® for their expertise, knowledge, and support. I have a proven track record and pride myself in helping people make knowledgeable real estate decisions, as well as making the process as easy as possible. Please call me at 239-699-3498 or email me at sue.jones@c21.com, if you or someone you know has a real estate question, or is interested in buying or selling real estate in Southwest Florida.