2024 Total pending sales equals last year’s numbers. In 2023 Lee County saw 2,254 total pending sales for single family homes, condos, and manufactured homes on March 21, 2023. We track numbers every Tuesday, so this year’s numbers came out March 19, 2024. The current year’s numbers show 2,234, which is pretty close to last year.
The difference though isn’t in the pending sales. It is in the active listings. In 2023 we had 5,458 total active listings across all residential property types for sale. In 2024 we have 10,745 which is almost double the listings.
Roughly, Lee County total pending sales equals 2023 numbers and double the listings. For this reason it is almost impossible for price to rise in this environment. While official numbers are not out yet as we write this article, we are tracking some interesting unofficial sales numbers in Lee County.
Compare today’s supply-demand vs August Housing Demand Gap.
Unofficial Numbers
Unofficially we can track 976 single family home sales in Lee County through our MLS. The median sales price in February 2024 was $430,000 and the average sales price was $586,665. In 2023 the official sales were 1,024 with a median sales price of $447,500 and an average sales price of $573,104.
We know the official numbers will contain a few extra sales from outside MLS’s that could change these numbers a bit. If our numbers were official, we would say the median sales price is down 3.91% from last year and the average sales price is up 2.37%.
These unofficial numbers are similar to what we have been tracking in recent months, so nothing is startling. The real question is, what will happen to home sales after season?
Last year home sales fell off after May. This is nothing new as they usually do. Last year’s drop-off seemed more severe than it was because prices were also dropping in 2023. The 2nd half of 2023 just didn’t feel very good to home sellers and agents.
Interest rates were also on the rise in 2023. In 2024 interest rates seemed to have peaked, and the speculation isn’t around how much higher they may go versus when they will start dropping. This is a very different event than what we saw in 2023, so there is optimism.
Sellers have questions though as buyers may hold off in anticipation of rates going lower someday. When rates start dropping, will buyers jump, or will they wait for them to keep falling? As the Fed holds off on rate cuts, what will happen with the economy?
CMI
The Ellis Team Current Market Index has actually been improving since January 9th. We do not publish the index to the public anymore as we reserve that for our clients, but we can say even though inventory is still rising, the index is improving. If we see this number improving through the month of April, we will feel better about the summer market.
Commission Lawsuit
We have seen several stories by the media about the recently proposed NAR Commission lawsuit settlement. Suffice it to say the media does not understand the terms nor the realities of what’s next. If you have questions about the proposal and are considering buying or selling in the coming months, reach out to us for details. 239-310-6500 The public will have questions, and it pays to get advice from those that know versus the media that does not.
Equity Analysis
Could you benefit from an equity analysis on your home? Not only will you learn the value of your home, you’ll also learn when it pays to refinance, buy investment property, and other uses for your money. Our equity analysis tool is insightful and keeps you updated each month on the changes in your equity. It even keeps track of how much you’re paying down your loan and PMI.
Always Call the Ellis Team at Keller Williams Realty 239-310-6500. We have the tools to help you make good decisions.
Ellis Team Weekend Open Houses
Open House Saturday 12pm-4pm
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Open House Sunday 12pm-4pm
