March 2024 Market Update

March 2024

Lee County Market Update

Hi, this is Mike Darda with Compass Realty giving you your March 2024 market update for Lee County, Florida, including Fort Myers and Cape Coral. 

We're gonna start with our sold report, and you're going to see that actually sales are down about 12% countywide, 839 homes sold a year ago, whereas last month, only 736.

The big story we are hearing in town is inventory. There's a lot more for buyers to choose from. Inventory is up 2.2 times from what it was a year ago. So instead of 2,500 homes for sale a year ago, buyers now have over 5,600 homes to choose from. So they're seeing a great selection. Cape Coral made the news last month, with a Redfin report showing it to be the city that had the greatest growth in inventory in the nation at over 57% year over year, followed by North Port, in the county next door next to us. 

We're actually seeing prices increase 4%; 480,000 was the average a year ago. It's currently averaging around $500,000. 

Days on the market is taking a little longer because buyers have more to choose from. they're not in a hurry. So sellers are noticing it's taking about a month longer to sell their homes, currently averaging 68 days on the market. 

If you look at our inventory versus the number of buyers buying, where you actually have a 7.7 month supply of homes if nobody lists another home for sale, and that compares to three-month supply a year ago. So we've gone from a neutral market to now a buyer's market, where there's more sellers than buyers. And why is that? We're seeing that a lot of people that had relocated here over the last four years are now discovering maybe this wasn't the right area for them. It's a little hot in the summer, maybe they miss their grandkids, they want to go back. And we're also seeing affordability issues. People are seeing their taxes and insurance and HOA fees go up and folks on a fixed income are seeking more affordable housing. 

 

As far as the rental market goes, we're actually seeing that the rental market softened a little bit. As we mentioned, it's down 19% from a year ago. That means that some landlords and investors are looking to sell their investment properties and cash in on the market.


The good news is, we are now in the best month of the season.Typically March is when snowbird buyers make buying decisions before heading back North for the summer, so it's a great time to have your home on the market. If you're curious how these market stats affect you, whether you're buying or selling, we're thrilled to talk to you.Please reach out to us. And again, thanks for watching.

 

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