June 2023 Market Update

Lee County Market Update

June 2023

Click here to watch Mike's Lee County Market Update, a review of what happened in the real estate market in April 2023!

Hi, this is Mike Darda with the Darda Group at Compass Florida in Cape Coral and Fort Myers giving you your June 2023 market update for all of Lee County. Right now, the number of homes sold in May of last year was 1,363 homes. This May, we have 1,020 sold. So it's a decrease of about 25%. 


The number of active listings in May of 2022 was 1,501 homes. The number of active homes now is 3,141 homes. So that's more than a 2X increase in the number of homes for sale.


The average sale price is still holding fairly steady as last year was $425,000. This year's average sale price is $415,000, about a 2% decrease. 


The current interest rates are holding fairly steady at 6.57%. 


So a few changes that are happening in our area that are starting to influence our market as we move out of the tourist season and spring into our summer and hurricane season. Fortunately, the National Oceanic and Atmospheric Administration has called for a near-normal storm season with no major storms to cause any crazy disruptions this year. So let's hope that's right. 


According to an FGCU study, the rental rates are continuing to rise year over year. They went from 2000 last year to 2300 average rent this year. That's a 13% increase.


Fort Myers, the same study by FGCU has been labeled as the second most overvalued rental market in the state of Florida. So rental rates in Fort Myers are similar to Cape Coral. They're running around 2000 a month now. 


Fort Myers Beach, there's been some changes there. We're seeing developers coming in. They're purchasing some of the older storm damage properties. For example, the Carousel Inn is being transformed into a twelve-unit condo building with prices starting at $4 million. This is a trend that we're starting to see, where Fort Myers Beach is changing from a touristy spot to more of a luxurious vacation destination. 


So thanks for watching, if you have any questions about these market statistics, we're here for you and happy to talk.


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