(Fort Myers, FL – October 22, 2015) Lee County continues to be a very hot market!
Homes are selling for more money, and they continue to sell quickly.
According to the latest numbers just released by Florida Realtors®, there were 14% more closed sales of Single Family Homes in September than the same time in 2014. The median sale price for a Single Family home has also risen to $211,578 – a 20% increase year over year.
Condos and Townhomes are also doing well on the market. Closed sales were up 7.1% and the median sale price was $188,000, which is up from $170,500 in September 2014.
All of the cities saw an increase in the number of sales over last year with the exception of Lehigh Acres and Pine Island. The price range continues to inch up with most homes selling between $150,00 – $300,000.
The Months Supply of inventory continues to drop year over year. In September, supply was at 3.7 months, which is a 21.3% drop from this time last year. That means, as we head into Season, the inventory of homes for sale in Lee County will be much lower than normal.
The numbers reported by the Realtor® Association of Greater Fort Myers and the Beach represent all sales by members of Florida Realtors® in Lee County, FL. Statistics released each month may be revised in the future as new data is released.
The numbers reported by the REALTOR® Association of Greater Fort Myers and the Beach represent all sales by members of Florida Realtors® in Lee County, FL. Statistics released each month may be revised in the future as new data is released.
**For more specific details, contact Scott Morrison at Scott@PTropical.com / Ask for “Current Market Statistics-Lee County”
“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected” – Steve Jobs
There seems to be a trend with homeowners (and Realtors) of overpricing homes recently. I cannot say whether it is being driven by the homeowners or Realtors being overly optimistic about rising property values. The normal pricing strategy for Realtors is to look at comparable, recent (60-120 days) closed sales in the same area for similar properties. I know of several cases recently where that sound pricing strategy is not being used. I’ve seen homes priced at $50,000 – $100,000 over what comparable homes in the same neighborhood have sold for in the previous 60-90 days (in the $400k to $500k price range)! That’s rather optimistic appreciation in such a short time. In fact, it makes no sense at all. If a homeowner truly wants to sell their home, it needs to be priced based on what has sold and closed within a recent timeframe, or expect the home to have very few if any showings, and certainly no offers. Realtors are doing their clients no favors by overpricing their home – it just means the house will sit on the market with little or no activity for an extended period of time, until the market slowly increase to a higher level, or until the list price of the home is reduced to a realistic price point.
*Buy a new construction home in February, March or April receive up to a $2,000 credit towards your outdoor kitchen!
*Talk to your Premier Tropical Realty salesperson for specific details.
There’s still good buys on vacant land, and developers in planned communities have great inventory to build your new home just the way you want it. The pro of buying a vacant lot outside many planned communities (not all), is that you can custom design your own home and floor plan exactly like you want it. Most planned community builders have range of specific floor plans in varying square footage you have to chose from, providing only options on upgrades cabinetry, pool, floorings, fixtures, finishes, etc. It just depends on whether a developer home has floor plans and options that meet your needs, or whether you want to start with a “clean sheet of paper”, and customize your home to your specific needs and desires. in some cases, the cost to do either option can be reasonably close, depending on the price of the lot you purchase. Developers have “lot premiums” for the most desirable lots in their development, so the cost of a lot can go up significantly even in a development depending on what lot you choose. We have researched many of these variables, and can be a valuable resource for you as you consider the various options. One final consideration, is that planned/gated communities generally have many amenities included in the development and lush common areas that need ongoing maintenance. Expect to pay significant monthly fees to cover the cost of the shared clubhouses, pools, landscaping, guards/gates, etc., versus stand-a-lone lots located outside of specific communities where there are minimal if any annual fees.