Lee County Experiences Slight Uptick in Home Listings and Decrease in Days on Market

Fort Myers and Cape Coral, FL – Home buyers in primarily Lee County experienced an increased average
mortgage rate exceeding 5% in April – the highest since 2011, according to Freddie Mac. The recent
increase has reduced the number of eligible homebuyers resulting in a decline of mortgage applications,
which are down 70% from last year.

New Listings increased 0.7% for single family homes and 10.5% for townhouse/condo homes. Pending Sales
increased 28.4% for single family homes and 1.4% for townhouse/condo homes. Inventory decreased
48.4% for single family homes and 60.2% for townhouse/condo homes. Nationally, existing home sales are
down 2.7% from last year, while pending sales dropped 1.2% making it the fifth straight month of under
contract declines.

Single family homes average 19 days on the market, a decrease of 2.2% from March with
townhouse/condo days on market dropping from 12 in March to nine in April. Median home prices rose
31.5% to $465,000 for single family homes and 44.7% to $340,000 for townhouses/condo homes. Months’
supply of inventory decreased 50% for single family homes and 57.9% for townhouse/condo homes.
According to the National Association of Realtors®, inventory remains low with only two months’ supply
available with the U.S. median existing home sales at $373,500, a 15% increase from last April.
As the rising costs of homeownership forces some Americans to adjust their budgets, many buyers are
hoping to offset the costs by moving from larger areas to smaller areas that offer a more affordable cost of
living.

Royal Palm Coast Realtor® Association reports on home sales activity for Lee, Henry and Collier Counties
in Florida with data provided by Florida Gulf Coast MLS (FGCMLS). RPCRA releases monthly market
statistics to deliver local market data for the cities and counties in the RPCRA region.

 

 

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