Lee County home prices haven’t budged since December 2016. As you can see by the graph, median home prices in November 2018 stood at $245,000. Median home prices in January of 2017 stood at exactly $245,000. Average home prices this November came in at $330,100. Average home prices back in January of 2017 were $340,604, so average prices declined over $10,000. Many sellers in Lee County believe home prices have been going up steadily the past few years, and they really haven’t. Lee County home prices steady as listings rush to market.
We’ve been telling readers not to wait until season to put their home on the market, and people listened. Each January there is a rush to list homes on the market. This season will be interesting to watch as the rush has already begun. If you look at this year, you’ll see a spike in listings beginning in October and continuing into November. What’s going to happen this January? Did the rush to list begin ahead of schedule, or is there another normal wave coming?
We believe there is another normal wave coming which will further increase our inventory supply, but we’ll wait and see. If there is another wave coming, this will temper future price increases as inventory rises. We already have pressure on prices due to rising interest rates. Now we’re getting pressure from rising listing inventory.
The good news is we have rising sales. Closed sales were up 12.2% in November over last year. New pending sales were down 20.1% in November and total pending inventory was down 20.3%. This is a future sign for closings in December and January. We had a spike this year in January closings, and that was due to a high number of pendings in November 2017. Keep in mind we were just getting the market cranked back up after the hurricane last year, so that may have accelerated sales into January of this year.
The key to buying in this market is sorting through all the inventory and viewing the best ones. The best listings go fast in any market, and the rest sit and linger on the market. Don’t forget about listings that have been on awhile and recently reduced their price to get in the game. These are just like brand new listings. They were invisible to the market before because they were priced to high. Once they reduce down to where the market is, buyers will scoop them up, assuming they’re marketed correctly.
Sellers are often reluctant to reduce their price because they’re not sure if it’s the price or the marketing. Sometimes they want to try changing Realtors first, then go to price. I really wish sellers would do a better job selecting their Realtor upfront. Not all Realtors market the same and this can make a big difference exposing their home to all of the market, not just a select few.
Because some sellers believe all Realtors do the same thing, sometimes they choose a Realtor with the lowest commission. Why pay more if you get exact same service, right? This couldn’t be further from the truth.
Now back to the buyers. Sorting through all the listings can be challenging. Buyers love our website www.LeeCountyOnline.com because it has all the listings, not just some of them like other big websites. It’s updated in real-time too, so you’re not looking at old data with old prices, or listings that are sold. Speed wins in the home buying game. The good deals are easier to land when you have the information first!
Buyers love saving their search, so when a listing has a price change, or a new one enters the market, our buyers have an advantage. Our website is Free, and easy.
If you’re thinking of selling, call Sande or Brett Ellis 239-489-4042 Ext 4. We’ll show you how the best marketing plan can sell your home faster, and for top dollar. Whether you’re a buyer or seller, we’ve got you covered.
Thinking of Selling? Find out what your SW Florida home is worth online for Free.
Good luck and Happy New Year!