Report on Key Real Estate Trends in Lee County, November 2024
The November 2024 market update for single-family homes in Lee County reveals several noteworthy shifts across important metrics. Here’s a breakdown of the main findings and what they suggest for buyers and sellers:

1. Median Sale Price
November 2024: $395,000
November 2023: $410,000
Change: -3.7%
The median sale price has declined by 3.7% compared to last year. This decrease may point to a moderation in home values, likely influenced by factors such as evolving buyer demand, increased inventory, or broader economic conditions that impact affordability.

2. Median Time to Contract
November 2024: 58 days
November 2023: 46 days
Change: +26.1%
Homes are taking longer to go under contract, with the median time rising by 26.1%. This suggests decreased market urgency, possibly due to more options for buyers or a less competitive environment overall.

3. New Listings
November 2024: 2,126
November 2023: 1,727
Change: +23.1%
New listings have increased by 23.1%, indicating more homeowners are putting their properties up for sale. This growing supply can give buyers more choices, which could slow price growth.

4. Inventory (Active Listings)
November 2024: 7,913
November 2023: 6,223
Change: +27.2%
The active inventory has grown by 27.2%, resulting in more available homes on the market. Higher inventory volumes tend to create a more balanced market and may empower buyers in negotiations.

5. Months Supply of Inventory
November 2024: 7.0 months
November 2023: 5.5 months
Change: +27.3%

Townhouse and Condo Market Trends in Lee County, November 2024
The November 2024 update for Lee County’s townhouses and condos shows significant year-over-year changes in several areas. Below are the highlighted metrics and their potential implications:

1. Closed Sales
November 2024: 213
November 2023: 362
Change: -41.2%
Closed sales dropped sharply by 41.2%, indicating a substantial decrease in buyer activity. This may be due to higher financing costs, economic uncertainty, or changing housing preferences.

2. Paid in Cash
November 2024: 123
November 2023: 239
Change: -48.5%

3. Median Sale Price
November 2024: $295,000
November 2023: $354,500
Change: -16.8%

4. Average Sale Price
November 2024: $352,735
November 2023: $457,219
Change: -22.9%
The average sale price fell even further, down 22.9%, indicating significant pricing pressure. This could result from fewer high-value sales or increased activity at lower price points.

5. Dollar Volume
November 2024: $75.1 Million
November 2023: $165.5 Million
Change: -54.6%
The overall dollar volume of sales declined by 54.6%, reflecting both fewer transactions and lower average prices.

6. Median Time to Contract
November 2024: 77 days
November 2023: 39 days
Change: +97.4%
The median time to contract nearly doubled, up 97.4%. This points to slower buyer activity and more time needed for properties to secure a contract, likely due to increased competition among sellers or reduced demand.

7. New Listings
November 2024: 978
November 2023: 711
Change: +37.5%
More properties are entering the market, with new listings rising by 37.5%. This added supply may contribute to downward pressure on prices.

8. Inventory (Active Listings)
November 2024: 3,987
November 2023: 2,796
Change: +42.6%
Active inventory has increased by 42.6%, further boosting the available options for buyers and likely contributing to slower sales and more buyer-friendly conditions.

9. Months Supply of Inventory
November 2024: 10.5 months
November 2023: 6.1 months
Change: +72.1%

Southwest Coast Realty, Inc.
4100 Corporate Square 171
Naples, FL 34104
Ken O’Brian, Real Estate Broker
239-229-9926

Links:
Contact: https://www.southwestcoastrealty.com/contact.php
Home Page: https://www.southwestcoastrealty.com/
Market Report: https://www.southwestcoastrealty.com/…
Buyers: https://www.southwestcoastrealty.com/…
Sellers: https://www.southwestcoastrealty.com/…
New Home Showcase: https://www.southwestcoastrealty.com/new-homes/

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