Current Southwest Florida Real Estate Outlook
February 22, 2022 | Blog
Competition among buyers remains fierce as scarce inventory and higher prices continued to define the Lee County Housing Market in January, according to figures just released by the Florida Gulf Coast Multiple Listing Service.
The median sale price for single-family homes jumped 27.5 percent to $415,000 in January compared to a year ago, while condominiums and townhomes increased 30.9 percent to $294,500.
The challenge for homebuyers continued to grow last month, as the local market saw an inventory decrease of 74.9 percent for all property types in Lee County versus a year ago. There were 1,593 homes of all types for sale in Lee County last month, compared to 6,348 last year at this time – a decrease of 74.9 percent. Nationally, the inventory of existing homes stood at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of Realtors.
Another key metric, Days on Market Until Sale, came in at just 20 days for all property-type homes in Lee County last month, compared with 57 days in January 2021.
Season has returned to Southwest Florida, and it’s one of the best times to sell your home. 778 single-family homes and condos have sold so far this year just in Cape Coral. 43 of those homes sold for one million dollars or more. Here’s a look at the latest real estate activity across Southwest Florida in the past 7 days:
►701 New Listings
►167 Price Increase
►217 Price Decrease
With increased competition for homes during season, we continue to see prices rise and cash offers dominate our market. The good news for buyers who plan on financing – mortgage rates will creep up some in 2022 but will remain low. Patience is important in this seller-driven market. Focus on your goals and why buying a home is so important.