Lee County Experiences Slight Uptick in Home Listings and Decrease in Days on Market
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Fort Myers and Cape Coral, FL ~ Home buyers in primarily Lee County experienced an increased average mortgage rate exceeding 5% in April – the highest since 2011, according to Freddie Mac. The recent increase has reduced the number of eligible homebuyers resulting in a decline of mortgage applications, which are down 70% from last year.
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New Listings increased 0.7% for single family homes and 10.5% for townhouse/condo homes. Pending Sales increased 28.4% for single family homes and 1.4% for townhouse/condo homes. Inventory decreased 48.4% for single family homes and 60.2% for townhouse/condo homes. Nationally, existing home sales are down 2.7% from last year, while pending sales dropped 1.2% making it the fifth straight month of under contract declines.
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Single family homes average 19 days on the market, a decrease of 2.2% from March with townhouse/condo days on market dropping from 12 in March to nine in April. Median home prices rose 31.5% to $465,000 for single family homes & 44.7% to $340,000 for townhouses/condo homes. Months’ supply of inventory decreased 50% for single family homes & 57.9% for townhouse/condo homes.
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According to the National Association of Realtors®, inventory remains low with only two months’ supply available with the U.S. median existing home sales at $373,500, a 15% increase from last April.
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As the rising costs of homeownership forces some Americans to adjust their budgets, many buyers are hoping to offset the costs by moving from larger areas to smaller areas that offer a more affordable cost of living.
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Royal Palm Coast Realtor® Association reports on home sales activity for Lee, Hendry and Collier Counties in Florida with data provided by Florida Gulf Coast MLS (FGCMLS). RPCRA releases monthly market statistics to deliver local market data for the cities and counties in the RPCRA region
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The Nichols Team at Grow Prosper MOVE Realty. Selling Fantastic Houses in SWFL. www.GrowProsperMOVE.com
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We want to help you Grow, Prosper, MOVE! ~ 239-281-7980 Realtor@TheNicholsTeam.com