Median sales prices for single family homes in Lee County rose .8% year over year for June, rising slightly to $250,000. The average sales price rose 2.7% to $352,890, up from $343,652 last June. For the most part, Southwest Florida real estate home prices held steady in June.
Southwest Florida Real Estate Home Prices Held Steady in June
Prices did fall from May numbers. Median home prices were down $10,700 in June of 2018 and down almost $11,000 for average sales price in June. The market has been flat for the past 18 months, there’s just no getting around it.
We are seeing fluctuations in certain price ranges. The over $300,000 price ranges in Lee County were hit the hardest over the past 9 months or so, however we have seen more sales in all price ranges in recent months along with declining inventory.
Official Inventory Levels Rise
Speaking of inventory, the official number of listings at the end of June rose 3.1%. However, internal Ellis Team research shows this number declined in July. There were a lot of expired listings that came off the market at the end of June. Closing activity was down 2.5% in June. Ellis Team numbers were up significantly in June.
New pending sales were down in June which may translate to lower closed sales in July and August. We’ll have to keep an eye out on July numbers in a few weeks.
There is some uncertainty in the economy. Interest rates have risen, which impacts buyers’ buying power. Trade tariffs are increasing the cost of new construction, which could help the resale market if that continues. The stock market is doing well, and GDP numbers for June came in at 4.1%, the highest in decades. The economy seems to be running on all cylinders. The only fear is if looming trade wars will stall out certain sectors of the economy.
We can’t control what happens nationally. Locally, hiring the right Realtor can make a world of difference. Buyers want a Realtor with local knowledge, and experience when situations arise, like inspection issues, HOA issues, etc.
Sellers want a Realtor who will look over the contract and make sure it’s written properly and free of loop-holes. We’re seeing more contracts come in from new agents that are not completely filled out. We’re seeing offers from experienced agents slipping in loop-holes and buyer closing costs into the fine print. Your Realtor really needs to look at the contract to make sure the buyer agent didn’t slip in extra ways to void the contract, or shift buyer closing costs to the seller.
We Can Save You Thousands on Your Next Transaction
The Ellis Team can save you thousands on your next transaction. If you’re selling, call Sande or Brett Ellis at 239-489-4042 Ext 4. Or you can find out what your home is worth online for Free at www.SWFLhomevalues.com
If you’re buying, you can save thousands too. We’ve got a tool that saves the average buyer about $5,000. Call us and ask how you can take advantage of this tool 239-489-4042 You can search the MLS at www.LeeCountyOnline.com It’s updated instantly with all the latest listings. Viewing homes online that were sold yesterday, or missing out on new homes that just entered the market can be frustrating. When you use our site, you’re more likely to have a better outcome. The best homes go quickly. We can help you beat out other buyers to hot new listings.
The market is steady. Each price range can vary. It pays to study the market so when opportunity strikes, you’re ready. We love sitting down with people ahead of time and planning out a strategy, even if it’s 6-12 months down the road. If you’re thinking of making a move, we should talk. Give us a call. You’ll be glad you did. 239-489-4042 Ext 4. ask for Sande or Brett Ellis.