Report on Highlighted Real Estate Trends in Lee County, November 2024

The real estate market for single-family homes in Lee County for November 2024 displays notable changes in specific metrics, as highlighted in the market report. Below are the key observations and their implications:
1. Median Sale Price

November 2024: $395,000
November 2023: $410,000
Change: -3.7%

The median sale price decreased by 3.7% year-over-year. This drop reflects a potential cooling in home prices, which could be attributed to changing buyer demand, higher inventory levels, or broader economic factors affecting affordability.
2. Median Time to Contract

November 2024: 58 days
November 2023: 46 days
Change: +26.1%

Homes in Lee County took longer to go under contract, with a significant 26.1% increase in the median time to contract. This may suggest reduced market competitiveness, with buyers taking more time to make purchasing decisions. It could also indicate an increasing inventory or less urgency in the market.
3. New Listings

November 2024: 2,126
November 2023: 1,727
Change: +23.1%

The 23.1% increase in new listings demonstrates that more homeowners are putting their properties on the market. This rise could contribute to the increase in inventory and slower price growth, giving buyers more options to choose from.
4. Inventory (Active Listings)

November 2024: 7,913
November 2023: 6,223
Change: +27.2%

The number of active listings grew by 27.2%, a substantial increase in available inventory. Higher inventory levels typically lead to a more balanced market, potentially shifting bargaining power toward buyers and away from sellers.
5. Months Supply of Inventory

November 2024: 7.0 months
November 2023: 5.5 months
Change: +27.3%



Report on Highlighted Real Estate Trends for Townhouses and Condos in Lee County, November 2024

The townhouse and condo market in Lee County for November 2024 reveals significant year-over-year changes. Below is an analysis of the metrics highlighted in red and their implications:
1. Closed Sales

November 2024: 213
November 2023: 362
Change: -41.2%

The number of closed sales fell dramatically by 41.2%. This decline indicates a significant reduction in buyer activity, potentially influenced by higher mortgage rates, economic conditions, or shifting preferences in the housing market.
2. Paid in Cash

November 2024: 123
November 2023: 239
Change: -48.5%


3. Median Sale Price

November 2024: $295,000
November 2023: $354,500
Change: -16.8%


4. Average Sale Price

November 2024: $352,735
November 2023: $457,219
Change: -22.9%

The average sale price saw an even sharper decline of 22.9%, further signaling market-wide downward pricing pressures. This could indicate fewer high-end sales or greater activity in lower-priced segments.
5. Dollar Volume

November 2024: $75.1 Million
November 2023: $165.5 Million
Change: -54.6%

The total dollar volume of sales dropped significantly by 54.6%, reflecting both the reduced number of transactions and lower sale prices.
6. Median Time to Contract

November 2024: 77 days
November 2023: 39 days
Change: +97.4%

The median time to contract nearly doubled, with a 97.4% increase, showing a sharp slowdown in buyer urgency. Properties are taking much longer to secure buyers, signaling reduced demand or increased competition among sellers.
7. New Listings

November 2024: 978
November 2023: 711
Change: +37.5%

New listings rose by 37.5%, indicating an increase in the number of properties entering the market. This growth in supply could contribute to the downward pressure on prices.
8. Inventory (Active Listings)

November 2024: 3,987
November 2023: 2,796
Change: +42.6%

The active inventory increased by 42.6%, significantly adding to the available housing stock. This surge in inventory may result from slower sales and increased listings, contributing to the buyer-friendly conditions.
9. Months Supply of Inventory

November 2024: 10.5 months
November 2023: 6.1 months
Change: +72.1%



Southwest Coast Realty, Inc.
4100 Corporate Square 171
Naples FL 34104
Ken O'Brian, Real Estate Broker
239-229-9926



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