Year end statistics were recently released and reveals that Lee County Florida real estate 2017 home prices rose while sales remain steady. Considering the fact Southwest Florida encountered Hurricane Irma and much of the area was without power for a few weeks, the sales numbers are impressive. 2016 showed 12,538 sales while 2017 produced 12,356. We’d call that dead even.
Home prices rose 7.1% from $227,400 in 2016 to $243,500 in 2017. While median prices rose 7.1%, average price only rose 4.3% We also like to look at total dollar volume to judge the market. 2016 saw $4.0 Billion while 2017 came in at $4.1 Billion. That’s a 2.8% increase and puts it in the healthy gain category.
Overall, we’d have to judge 2017 as an excellent year. It started off well beginning in February and did well until September. That’s when the numbers started falling off, as to be expected.
So how is 2018 shaping up? What can we learn from 2017? If we’ve learned anything through the years, it’s that markets don’t stay the same forever. Market forces tug at the margins, and eventually sway the market’s momentum in varying directions.
Momentum might be the key word for 2018. We seemed to lose our momentum. That doesn’t mean we can’t get it back. To do that we’d need some market forces to swing back. The tax reform bill goes into effect this year and some elements will propel the market and some will not. Interest rates are rising and that is not helping. If the economy picks up from the tax reform, that could swing momentum back to the real estate markets favor.
Buyers are buying right now. They are being selective and going for value. It’s almost like a stock pickers market. You know, where investors will buy certain stocks but they’re not buying the broader indexes. Southwest Florida real estate buyers are buying individual homes that are priced well. They are not buying every home with multiple offers just because it’s on the market. They are selective and do their research.
We are seeing more research being done by buyers on our website www.LeeCountyOnline.com They are viewing properties the minute they come on the market and performing more searches than ever. It’s not uncommon for a buyer to view over 100 properties online before deciding to go see a home.
We are in final stages of releasing the 2018 State of the Market Report. Our report shows you how Southwest Florida fared in 2017, latest inventory supply numbers, sales activity, and which areas are Hot in Southwest Florida. If you’re a buyer or seller, you can’t afford to miss out on this research. We’ll release this on our website when it’s complete, so stay tuned and check back for updates.
All Realtors are not the same. It pays to work with a team that understand the market dynamics and can guide you with your needs. Put our experience to work for you. If you think it’s expensive to hire a professional, just wait until you hire an amateur. You could lose thousands in the deal, or your deal could blow up and not happen at all. We’ve seen almost everything, so we can guide you through and help you every step of the way.
If you’re looking to sell your home, ask for Brett or Sande. 239-489-4042 If you’re looking to purchase, one of our friendly agents will be glad to help you.
Good luck and Happy House Hunting!