Readers have been asking for the latest city housing supply numbers in Lee County. We decided to break housing supply numbers down by city/township area instead of the overall county. When you see the overall market in this graph, it is for the overall within these selected cities and not Lee County overall.
Latest City Housing Supply Numbers
The month’s supply of inventory has fallen in every category since we pulled these numbers in April. This is due largely to many sellers taking their home off the market. Data also shows that home sales have increased slightly. Fort Myers Beach saw the largest drop of almost 5 months’ supply. The islands are next at almost 3 months drop.
Bonita/Estero is leading the market with the lowest inventory supply of all the areas in Lee County. Cape Coral is down to 7.43 months in supply of homes, which is exactly what the overall number is. Lehigh Acres is doing better than average, as is Fort Myers. The problem areas are still the barrier islands and the beach.
Sales Activity Analysis
Every single area saw lower homes on the market. All experienced rising home sales except for two areas. Cape Coral and the islands are those two areas. This tells us that the Cape Coral and Islands market are not necessarily improving. It just looks like it because the month’s supply of inventory has declined. Unlike the rest of the county, which is also seeing lower inventory, the Cape and the Islands have declining sales.
When official sales pricing numbers are released next week, we expect median prices to be down about 8.46% It is hard to imagine we will see upward pricing pressure until we get the monthly supply of homes down. This will occur when the pace of homes picks up. The wild card will be the shadow inventory of sellers who would like to sell but have given up on the idea at today’s prices. We expect more sellers to enter the market in the future as the market improves.
Ellis Team Numbers
I was looking at our team’s sales numbers this year. If everything closes this month as it should, our numbers will be up about 100% from the same time last year. This tells us that the strongest agents with the best marketing and sales experience are taking market share because they are selling in this market. Many agents are struggling and don’t know where to turn. We see experienced agents join teams or switch brokerages in search of answers. Costs are up for Realtors, and buyers are fewer and more difficult to convert. Some agents pay for leads, and those costs are rising or disappearing as programs are changing. Many agents are leaving the business altogether, while others are desperately trying to extend their career by cutting costs. This is not a recipe for sellers achieving Top Dollar for their home.
Want to Sell?
If you’d like to sell in this market, give Sande Ellis or Brett Ellis a call at 239-310-6500 You can also visit www.SWFLhomevalues.com to get a Free online estimate of your home’s value. We can discuss your needs and talk about the best way to sell your home. Not ready to sell yet? It’s never too early to speak with a professional to help you make better decisions for the future.
Looking to Buy
Buyers have the upper hand right now. Negotiating leverage may be at its highest, so take advantage of lower prices and leverage while you can. Check out www.LeeCountyOnline.com to see all the listings in MLS or call us at 239-489-4042 to speak with an agent on our team that can give you valuable insight.
Good luck, and Happy House Hunting!