Southwest Florida Real Estate Sales at Highest Level for August in Five Years
September 23, 2020 | Blog
Lee county’s housing market saw a significant increase in closings in the single-family category in August compared to the same period a year ago. Typically, sales are slower during the summer months in the Southwest Florida market. Closings in the single-family category were up in August 2020 (1,401) compared to August 2019 (1,203). This is the highest number of closed sales for August in more than five years. Year-over-year, sales were up by 16.5% for single-family and by 28% for townhomes and condominiums, according to figures just released by Florida Realtors, an umbrella organization for Realtor groups throughout the state.
August showed a median sale price increase of 16.5% for single-family and 13.9% in the townhouse/condominium category. Median price in the single-family category shows a steady and consistent rise in pricing, indicating stability in the pricing segments. Inventory is significantly down for both. Year-over-year, local inventory of single-family dwellings is down again this month at 37.1% as shown in active listings on the Multiple Listing Service. A 2.8-month supply of inventory shows we are in a sellers’ market as more listings are seeing multiple offers.
In the townhouse/condominium category, listings were down 9.4% versus August 2019. That translates to a 4.5-month supply and shows the condo market moving into a sellers’ market.
Time spent on the market in August was 51 days for single-family homes and 68 days for townhouses and condominiums. August 2019 showed 82 days for single-family and 88 days for townhomes and condominiums.
Broken down by city, all had an increase over last year. Fort Myers Beach showed an increase of 180% over it last year. Sanibel/Captiva showed a 161% increase over the same period last year.
When looking at closed sales by price point, all single-family homes under $100,000 showed a decrease, while price points above $250,000 showed an increase compared to August 2019. The $600,000 and higher category showed a triple-digit increase over last year. Townhouses and condominiums showed a 140% increase in the $200,000-$299,999 price range.
Source: Royal Palm Coast Realtor Association September 2020