Lee County Market Update - March 2022
Lee County Market Update
Click here to watch Mike's Lee County Market Update for the month of March.
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!
New listings and sale price continue to increase!
The number of new listings for single family homes coming onto the market is at a 6.8% faster rate than before. The condos listing rate has actually dropped by 5%. Inventory is still low overall.
Single Family Homes:
- Inventory is down approximately 57% year over year.
- Average Sale Prices are up 26% year over year to approximately $430,000.
- Days On Market has dropped to 46% to 22 days on the market.
- Inventory is down approximately 75% year over year.
- Average Sale Price is up 38% year over year to an average of $315,000.
- Days On Market has dropped 80% to 12 days on the market.
We are seeing inventory levels slowly rising each week. So relief is in sight for homebuyers, giving them more choices. Condos remain, especially in low inventory, which is partially due to many buyers switching to buying condos because of the higher price point on single family homes. We have also come off our first three months of the year, which is the high season for condo buyer's also causing the low inventory we are seeing.
Interest rates have risen 1.4% since January 2022.
- 15 Year Fixed - 4.30%
- 30 Year Conventional - 5.12%
- 30 Year FHA - 4.65%
These rates are creating affordability issues for buyers and driving some towards the rental market, which is also seeing dramatic increases in rents right now. Overall sales have remained strong, even though rates have gone up, we have yet to see a major impact on volume of sales and rising prices in our market place.
Season is now behind us and our summer market is ahead! The last few years, thanks to our growing population, the summer market is not the slow market Lee County is used to having. Instead, it has remained consistently busy all year long. With this being said, we are looking forward to the coming months to see what it has to bring!