Housing Market Update January 2018 – Sees Drop in Median Sale Price
FOR IMMEDIATE RELEASE – Market Update January 2018
(Fort Myers, FL – January 24, 2018) – The end of 2017 saw a dip in sale price in Lee County. The number of listings also dropped, but closed sales were on the up.
The biggest statistical drop for Lee County in December 2017 was the Median Sale Price – Which went from $249,900 a year ago down to $238,350 for a Single Family Home (a change of 4.6%). Active Listings of Single Family Homes also dropped – almost 3%.
On the positive side, we saw more closed sales for both Single Family Homes (+1.9%) and Condos (+11.3%). While the number of New Pending Sales dipped by less than a percent for Single Family Homes, Pending Condos Sales were up 6.4%
Homes continue to sit on the market for more time. Last year, the Median Time to Contract was 58 days. This past December, it was 64 days – an increase of 10.3%.
Breaking the numbers down by city, only North Fort Myers, Cape Coral, and Pine Island saw positive change for the number of Single Family Homes sold in December. Everywhere else saw a drop that ranged from -2.5% in Lehigh Acres to -40.3% in Estero.
An interesting piece of data can be found when looking at Closed Sales by price point. In the $1 million-plus range, there was a 37.5% DROP for Single Family Homes, but a 120% INCREASE for Condos. The Median Time to Contract for Condos in that price bracket was only 10 days. Single Family Homes in that range sat on the market for 258 days.