Lee County Market Update - April 2022
Lee County Market Update
Click here to watch Mike's Lee County Market Update for the month of April!
From The Desk Of Mike Darda
This month's report focuses on the hottest topics trending now in the local market. As always, if you have any additional questions please feel free to respond to this email or contact us here at the office at 239-542-2822. We are here to help!
THE MEDIAN PRICE OF A HOME IN THE UNITED STATES IS UP 15% TO $373,500!
The average days on the market is 19 days and prices are up dramatically!
Single Family Homes median sale prices are up 31.5% year over year to approximately $465,000 year over year.
Townhome/Condos median sale price is up 44.7% year over year to an average of $340,000.
In Cape Coral last May we were seeing 351 homes for sale on the market. Currently we are at 771 homes for sale in Cape Coral.
Last May, Fort Myers had 184 homes for sale and currently this May there are 241 homes for sale on the market.
This is still a strong seller's market with low inventory that ranges from a month to a month and a half. Buyers are getting a little more selection and we are not seeing as many bidding war scenarios due to interest rates going up.
Interest rates are still rising!
Currently for a 30 Year Conventional the rates are at 5.57%, which is the highest interest rates have been for a 30 Year Conventional since 2011!
These rates are creating affordability issues for buyers, remember that for every 1% that interest rates go up that decreases buyers ability to borrow what they qualify for by 10%. These affordability issues are starting to create some headwinds on our market. In some ways it benefits us because buyers will be moving and relocating from higher cost markets to lower costing markets, which we may be considered one of them.
As always, if you have any additional questions please feel free to respond to our email [email protected] or contact us here at the office at 239-542-2822. We are here to help!