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Monday, June 3, 2019

Lee County’s April 2019 Market Snapshot

No matter if you’re buying or selling in our Lee County market, opportunities are there for the taking. Find out why in our latest market update.

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It’s time for a look at how our Lee County market performed this past April. There’s a lot to share, so let’s jump right in.

Although the number of closed sales for single-family homes saw a 6.8% dropoff year over year, the median sale price went from $263,000 to $266,500—a 1.3% increase.

As we predicted, the market is making an adjustment, which has led to a bit of a downturn. Even still, we’re seeing plenty of activity and buyers getting into the market.

For sellers, this could very well mean that now is as good a time as any to take advantage of all the opportunities before you in our market. If you’re more comfortable with waiting, just know that you could be gambling away the chance to earn top dollar on your home sale.

The choice of whether to get into the market now or later is much clearer for buyers: Year over year, the number of active listings in our market has shot up by 10.2% from 6,017 to 6,633. It goes without saying that the more homes available to you, the better your chances of finding the perfect home. 

We’re seeing plenty of activity and buyers getting into the market.

As for new pending sales, we’ve had a year-over-year increase of 5.5%, so it’ll be interesting to see if we can keep this up into May.

Next, let’s look at the median time to contract—from the time the home goes on the market to the time it’s under contract. Here, we saw a 16-day jump from 55 days to 71 days. In all likelihood, this can be attributed to our market’s above-average supply of inventory. Unless a home is priced aggressively, it’s going to sit a little longer. 

Shifting the focus to townhomes and condos, the number of closed sales is 6.9% higher than it was at this time last year. The median sale price for these homes is up as well: Between April 2018 and this April, it rose from $198,000 to $205,000. For condo owners looking to sell, upgrade, or downsize, it only makes sense to get your property on the market now.

Our market’s sweet spot when it comes to pricing is currently between $200,000 and $300,000. Broken down further, it’s between $200,000 to $250,000 and $250,000 to $300,000 for condos and single-family homes, respectively.

For help with any and all of your real estate questions and needs, you can reach us by phone at 239-309-2352 or find us online at SearchFloridaGulfHomes.com. We hope to hear from you soon!