Condo Market Heats Up with the Start of Summer
FOR IMMEDIATE RELEASE
(Fort Myers, FL – June 21, 2017)
The Condo market in Lee County is heating up, according to the newest statistics from Florida Realtors®. The numbers, released today, show a positive upswing for Condos and Townhomes in the month of May, while Single Family Home numbers were mixed. Closed Sales were down slightly for Single Family Homes – less than 2% year-over-year. Meanwhile, Condo sales were up 6% last month. Median Sale Prices are still on the rise, though. The price for a Single Family Home went from $225,000 last year to $237,500 this year, a change of 5.6%. Condos were up from $185,000 to $198,000, a change of 7%.
Active Listings for Condos and Townhomes jumped more than 12% last month, with 370 more listings than this time in 2016. Single Family Homes dropped just over 1%, with 70 fewer listings in May 2017 than in 2016.
The number of Pending Sales is also up, but so is the amount of time it takes for a home to sell. There were 10.3% more New Pending Single Family Home Sales last month, and 12.1% more New Pending Condos. Homes took a median 63 days to go under contract, compared to 59 days year-over-year, an increase of almost 7%.
Broken out city-by-city, Estero and Pine Island had the best month for Closed Single Family Home Sales. Meanwhile, all except Fort Myers Beach, North Fort Myers, and Sanibel/Captiva had properties sell for more than the previous year.