Lee County Market Update

February 2022

Click here to watch Mike's Lee County Market Update for the month of February.

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!

Home shortages & bidding wars continue to dominate headlines as prices continue to soar!

Single Family Homes:

• Inventory is down approximately 67% year over year to just a 3 week supply on the market. 
• Pending Sales are up 43% year over year. 
• Average Sale Prices are up 21.8% to approximately $570,000.

Townhome/Condos:

• Inventory is down 82% year over year to a 2 week supply of homes on the market. 
• Pending Sales are up approximately 6.6% year over year. 
• Average Sale Price is up 34.6% year over year to an average of $400,000.

Supply:

The supply is concentrated mostly in the upper-end of the marketplace. The lower-end of the marketplace inventory is quickly disappearing leaving some first time home buyers behind. 

Interest Rates

Interest rates have had an up tick of almost 1% since December 2021. 

Currently:

• 30 year fixed rates - 4.09%
• 15 year fixed rates - 3.40%
• FHA 30 year loans - 3.55%

These are now the highest rates we have seen since May of 2019!

Looking Forward

Right now it is very likely that sales volume is being held back by low inventory. We are now into the last month of tourist season, often the best month where buyers tend to make buying decisions before heading back north. This is an excellent time to have your home on the market! We will also see residual effects of our season well through June. 

As we head into the summer months we will shift more to a traditionally local buyer. It will be interesting to see how the rise of interest rates effects these "traditional buyers" as they tend to finance more where seasonal buyers usually tend to pay more often in cash. 

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!