Fort Myers Cape Coral Market Report
Welcome, please find the most recent updates from RPCRA (Royal Palm Coast REALTOR Association; Cape Coral & Fort Myers)
Market Report for Cape Coral and Fort Myers from Barry Hoey & Kimberly Zuponcic PA with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ in Southwest Florida.
June 2021 Report:
As Inventory Tightens, Strong Buyer Interest Pushes Home Prices Higher Again in May
Despite high demand for homes in Lee County, the number of properties for sale remains at historically low levels. Meanwhile, builders face multiple challenges as they seek to address the shortfall.
The law of supply and demand was in full effect in the Lee County housing market in May, as low inventory continued to drive prices higher.
For single-family homes in Southwest Florida, the average sale price rose nearly 48% last month versus a year ago to $507,517.
The median price jumped 39% compared to May 2020 to $365,000. As a result, the housing affordability index dropped nearly 27% compared to last year at this time.
On the supply side of single-family properties, the number of houses for sale dropped more than 77% in May vs. a year ago.
That translates into a meager 0.7 months’ supply of inventory.
A year ago, Lee County had a 4.9-month supply, which is more typical in this area for late spring.
The average single-family home sold in just 27 days last month — 60% less than in 2020.
Meanwhile, sales trends for condominiums and townhouses, which includes duplexes, roughly mirrored the single-family marketplace.
However, housing inventory was especially tight in this segment, resulting in a drop of 91.7% — a two-week supply.
That compares with a six-month supply of condos and townhouses a year ago.
The average price for condo and townhouse units sold in May was $330,890, with the median coming in at $246,000.
Condos and townhouses lasted just 36 days on the market last month compared to 74 days in May 2020.
As pandemic restrictions ease, more buyers are coming into the market, but are finding that there is a diminished supply of homes available.
With such a limited supply of existing homes for sale, the market is looking to home builders to provide a much-needed boost of inventory to help meet buyer demand.
However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers.
Analysts expect the current historically low levels of homes for sale to continue for some time.
If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team 🍀239RealEstateDeals.Com LLC ☘ who are based in North Naples, directly serving Fort Myers through Marco Island in Lee and Collier Counties, including the islands and have the experience; track record; skills; additional education; knowledge and the most desirable credentials to correctly provide an accurate market comparison and efficiently negotiate a sale with impressive results. Please ask for or click here to check out our sales stats and testimonials to help verify this.
For home owners / sellers considering to sell a home in Naples, Cape Coral, Fort Myers, Estero, Bonita Springs, or any part of Southwest Florida' including the islands; if you want to upsize, or downsize, contact Barry and Kimberly with the Hoey Team, 239RealEstateDeals.Com LLC, who have the reputation, experience; work ethic, local market knowledge; and the best possible tools & systems to provide an accurate market comparison so you can determine the right asking price to achieve the best possible bottom line. Our vast array of marketing methods / tools and negotiation skills are second to none.
REALTORS Barry & Kim can also ensure your next purchase in the Southwest Florida market area is a success in an efficient, stress free way.
For all of Collier County; Lee County; Covering all of Southwest Florida, including the islands and beyond with our colleagues. Find out more at: www.HoeyTeam.239RealEstateDeals.Com or contact Barry or Kim via email at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or, Call/Text the Hoey Team ☘ : (239)-360-5527
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Barry & Kim with the Hoey Team ☘ Brokered by eXp Realty
Barry Hoey, REALTOR®, CIPS, CLHMS, CRS, GRI
Full time Real Estate Broker Owner
Kimberly Zuponcic PA, Realtor, CRS
Full time Real Estate Sales Associate
"Your Real Estate Concierge"
Call/Text Hoey Team: (239)-360-5527
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