Finally, Lee County 2019 real estate prices rise slightly. For the past two and a half years, prices haven’t moved much, and they still haven’t. However, we did see a small break-out to the positive side in July. This could be due to lower interest rates and lower Florida taxes compared to high tax states up North.
Real Estate Prices Rise Slightly
Median home prices were up 2.0% over last year and average home prices were up .8%. This may not sound like much. Because we have a balanced market, we’re looking more at the direction than the rate of change.
Inventory is up slightly over last year, but that is offset by the fact that the number of home sales closed was up 8.2% in July.
Agents are still feeling the pinch because the total dollar volume of sales in Lee County year to date is off about 5%. However, total dollar volume was up 9.1% in July, so we’re closing the gap. We’ll keep an eye out and see how inventory numbers, closed sales, and prices fare in the coming months.
New pending sales were up 4.5% in July, so there is reason to believe sales in the future could increase as well. It’s hard to have a closing without a pending first, although you can have a pending and not eventually close.
The Ellis Team is getting renewed interest from buyers all over the country. It’s not just the high tax states, although many are. People who have been on the fence about when the best time to move may be swayed by these low rates.
How long will this last? There’s no reason to believe this can’t go on for a while unless something funky happens with the economy. SW Florida really didn’t participate in the upswing of the past few years, so we may not have any downswing to contend with if things change. With interest rates this low, it could fuel home sales further nationwide, and certainly in SW Florida.
Inventory Falling?
We could begin to see inventory shrink if this keeps up. Unless there is pent-up inventory from home sellers, these low rates could fuel price gains, especially in SW Florida.
Of course, there are the wild cards. You know, the China trade war, fuel prices, conflict with Iran, North Korea, etc. Right now, the economy is doing well. Getting trade agreements with Canada, Mexico, and Japan is huge. The only thing bigger would be a deal with China, then it could be off to the races.
Where is the best place to shop for homes on the Internet? Definitely www.LeeCountyOnline.com It has all the homes, and the data is updated every few minutes. There is access to pending and sold data too, and it’s all current. There is nothing more frustrating than inquiring on a home that sold years ago. Well, maybe missing out on a great deal because it wasn’t there. With our website, it will be there, and you don’t need to miss out.
Thinking of Selling?
If you’re thinking of selling, head over to www.SWFLhomevalues.com You can get an instant value on your home, and if you’re really interested in getting Top Dollar, call Brett or Sande Ellis 239-489-4042 Ext 4.
Some sellers wait until season to sell, but that could be a mistake. In season, a bunch of other sellers also come out to test the market, so you have lots more competition. And, we don’t know how long these ultra-low rates will last.
Sure, rates may stay low into 2020, but they may not stay this low. If rates rise 1%, and they will one day, it will cost you 11% more to purchase your home. Waiting can cost you thousands. And, it’s always more fun to sell when real estate prices rise.
The Ellis Team is here to help. If you have questions, we have agents here to answer them for you. Our website is the best if you just want to shop around and research the market. Our agents are best if you’re serious and would like some guidance about the best way to approach the process.
Good luck, and hope you had a happy Labor Day weekend! Thank you Hurricane Dorian for not raining on our parade!