Home Sales Start to Cool Down as the Weather Heats Up

FOR IMMEDIATE RELEASE

(Fort Myers, FL – May 24, 2017) –The housing market in Lee County is favoring the buyers right now – with more listings hitting the market last month. There were fewer sales recorded in April than in the previous year. Meanwhile, homes going on the market are getting pricier.

Closed Sales for the month of April dropped for both Single Family Homes and Condos. Single Family sales totaled 1,186 compared to 1,216 in 2016. Condo sales dropped more than 10%, going from 699 last year to 627 last month.

In April, there were 5,719 Active Single Family Home Listings on the market in Lee County, up 4.6% from the year before (5,467). There were 3,495 Condos listed, up from 3,079 in April 2016 – a change of 13.5%.

Currently, the Months Supply of Inventory is at 5.4 months. Last year at the same time, it was 5.1, a change of nearly 6%. It’s also taking houses longer to sell. Single Family Homes sat on the market for a median 61 days in April, compared to 52 days year-over- year.

The price point for homes currently for sale continues to rise. In 2016, a Single Family Home was $235,000. Last month, the median price was $249,000. Condos jumped year-over-year from $192,500 to $201,000.

The most significant change when looking at sales broken out by price point are for homes listed for less than $50,000, and homes between $50,000 to $99,999. Both categories saw more than a 60% drop in the number of closed sales. Homes in the $200,000 to $249,999 range were up nearly 27%.

Media Contact: Laura Shay                                                                                                                                         laura@rpcra.org

PLEASE CLICK HERE to SEE THE NUMBERS: 2017.05.25-APRIL Monthly Market Report NUMBERS

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