April 2024 Market Update

April 2024

Lee County Market Update

Hi, this is Mike Darda with Compass Realty giving you your April 2024 market update for Lee County, Florida, including Fort Myers and Cape Coral. 

Hi, this is Mike Darda with Compass Realty, giving you your April 2024 Market Update for Lee County, Florida, including Fort Myers and Cape Coral.

Let's start with our Sold Report as we always do. The sales in Lee County are actually down 13% year over year. March of this year, we had 991 homes sold compared to 1150 a year ago. 

But the big story is the inventory. The inventory is actually doubled year over year. So a year ago, we had 2,799 homes. Today we have 5,756 homes. That's a 10 year high for our inventory. That has not really affected pricing much yet. 

Prices right now are actually up year over year 1.9%. The Average Sale Price is currently 499,000 compared to 490,000 a year ago.

 Sellers are noticing that it's taking longer to get their homes sold. In part, that's because there is more inventory. Buyers have a lot to look at, so they're taking their time, and they're now seeing that the Average Time on the market is 69 days this year versus 44 days the same time last year. 

Interest rates are up about a half a point. They're currently at 6.79% versus 6.32% a year ago.

Overall though, the outlook is promising. We are seeing net migration to Florida, according to the US Census of 300,000 people last year relocating to Florida, second only to Texas in the most increase in population. And we also are seeing that there is more inventory. So that is returning us now to pre pandemic levels of sales. So the simple physics of law of supply and demand indicates that there will be some downward compression on pricing at some point.

 

However, at the moment, we have the last month of our seasonal market.We have April on hand, and that is one of our best months for snowbirds buying.They try to line up their slice of sunshine for next season.And then after that, we roll into our summer market, which is more of a locals market, people buying that live here full time.

 

So thank you as always for watching our Market Update video. If you have questions about this or curious how it affects your plans, whether buying or selling, please reach out to us. We'd be thrilled to talk to you.  Thanks for watching.

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