Lee County Market Update - January 2022
Lee County Market Update
Click here to watch Mike's Lee County Market Update for the month of January.
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!
Market Update For January 2022
Low Supply & Higher Prices Continue To Challenge Buyers
Single Family Home prices are up 27% year over year to a median price of $415,000. Townhome/Condo prices are up 31% year over year to a median price of $294,500. Inventory is down 75% for both Single Family Homes & Townhomes/Condos. The Average Days on Market is down for both Single Family Homes & Townhomes/Condos to 20 days compared to 57 days last year.
Interest Rates Are Rising
We are now seeing interest rates crest over the 4% mark for a 30 year fixed rate mortgage. The FED has indicated that there are going to be 4-7 more interest hikes by the end of 2022.
New construction homes are not only facing a supply chain issue but also labor issues as well. Presented with those two challenges new construction may be delayed over a year. Currently, new construction homes are experiencing delays of a couple months or more based on when materials will be delivered. There is a shortage of materials including:
- Garage Doors
With these supply shortages come new construction prices being driven upwards forcing what would be new construction buyers back into the resale market. This is creating more of a demand on the low inventory at this time.
Season Is In Full Effect
We have about two more months of season, which is arguably the best part of season because buyers are making their buying decisions before heading back up North for the summer. Between now and Easter should be a strong buying season for our snowbird buyers.