Friday, August 23, 2019 / by Lauren McGinnis
The numbers are out for our local Lee County housing market during the month of July 2019. The Royal Palm Coast Realtor Association gathers all the numbers and compares them to the same time period from the previous year. We have sifted through them all to bring you the most updated and important information.
All numbers are based on Single Family Homes listed and sold in Lee County (Fort Myers - Cape Coral)
We will start with the median sale price and the average sale price.
The median price, unlike the average sale price, is not sensitive to high sale prices for a small number of properties that is uncharacteristic of our market area. Median price trends over time are not always caused by changes in the general value of our local real estate, they only reflect the values of the homes that have sold each month.
- The median sale price is at $260,000.
- This is an increase in $5,000 from July 2018.
- It is also an increase of $4,000 from last month; June 2019
- The average sale price is at $353,488.
- This is an increase of $2,922 from July 2018
Next lets look at the sales! We will look at closings as well as cash sales, plus the median time homes spent to go under contract and to finalize the sell.
Closed sales are a simple indicator of the residential real estate market for our area. Closed sales are also affected by the seasonal cycles, especially here in Southwest Florida. This means that actual trends are more accurately represented from year-to-year rather than month-to-month. Cash sales are an indicator of the extent that investors are participating in market. This is because investors are more likely to have the cash funds to purchase a home up front.
- There were 1,261 closings.
o That is an increase of 96 closings from July 2018.
- There were 343 homes paid for in cash.
o That is an increase in 20 homes from July 2018.
- The median time for a home to go under contract was 73 days.
o That is an increase of 7 days. That means that houses sat on the market for 7 more days this year than in the same period in July 2018.
- The median time for a sale to finalize was 115 days.
o That also is an increase of 7 days. Meaning that it took 7 days longer to finalize a sell than during the same period last year.
Finally lets look at new listings for July 2019.
New listings tend to be a delayed response to an increase in prices. That means they are often seen as a late indicator of the current state of the market for our area.
- There were 1,279 new listings this month.
o That is a decrease of 78 new listings. This means that there are fewer houses for sale in our market right now.
When we look over all of these numbers and the current market trends, it seems as though we are slowly moving into more of a sellers market.
What does that mean for you as a buyer? It means that you may have to look a little longer to find your dream house, and then when you do find it that you may not be the only person putting in an offer. If that is the case you may find yourself having to pay a little more to get your happily ever after.
If you are ready to take advantage of the market right now and sell your home, or if you are ready to find your dream home then give us a call and we will be happy to help make your dreams come true!