June 25, 2019

Lee County Market Update May 2019

 

For the Month of May the Lee County's housing market saw a nice increase over April with an 8% increase in closed sales compared to 2018.   Sales were up by 8.1% for Single Family and 8.7% for Condos.

May showed Median Sale prices were up slightly for Single Family, while Condos showed a higher increase of 7.8%.  Inventory for Single Family is at a 5.7 Months Supply for Single Family and  6.2 for condos. Indicating the supply and demand for properties is fairly equal.

What does that mean to you?

Well Sellers usually accept reasonable, close-to-list-price offers, while the homes will generally sit on the market for an average time on market and for buyers; there is a usually a sufficient number of homes to compare and choose from.

 

Now broken down by cities. Single Family in Bonita Springs had a strong increase over 2018 and There was a significant drop in sales for Fort Myers Beach compared to 2018. Lehigh Acres, Pine Island and Sanibel also showed a double digit drop over last year. 

 

Download the full Lee County Single Family Market Report

If you want to work with one of our real estate professionals simply call 239.244.1649 or click the About US. We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Brian Ludden

Pinnacle Property Group

Lee County Market Update April 2019

May 28, 2019

Lee County Market Update April 2019

 

Lee County’s housing market saw a decrease for the April in year-over-years Sales of Single Family -6.8%, but a nice increase over March with 1,362 closed sales, according to the latest statistics just released by Florida Realtors®. Year-over-year, sales were up by 6.9% for Condos & Townhouse, recording the highest number of closed units since at least 2010! The condo and townhouse market is on fire!

 

April showed Median Sale prices were up slightly at 1.3% for Single Family, while Townhouse and Condos showed a slightly higher increase of 3.5%. Inventory is up year-over year, but down from March 2019 with Single Family up by 10.2% in Active Listings, showing a 6.1 Months Supply of Inventory. Active listings were also up by 6% year-over-year for Townhouses and Condos with a Months Supply of Inventory of 6.9. The time properties spent on the market in April, was 71 Days for Single Family Homes and 77 Days for Townhouses and Condos, both up compared to last year.

 

Broken down by cities, Single Family in Fort Myers was the only city that showed an increase at 5.3%, year over year. All the remaining cities saw a decrease over last year. With Fort Myers Beach showing the largest decrease at -52.4% compared to last year.

 

When looking at Closed Sales by Price Point, the numbers were mostly up for Condos & Townhouses for all price ranges in between $50,000 and up, compared to 2018. For Single Family, there was both increases and decreases across all the different price points. The hardest hit was the $1,000,000 and above price point and the $100,000-$149,000 price point.

 

Download the full Lee County Single Family Market Report

If you want to work with one of our real estate professionals simply call 239.244.1649 or click the About US. We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Brian Ludden

Pinnacle Property Group

Lee County Market Update April 2019

Posted in Market Data
May 1, 2019

Lee County Market Update March 2019

 

Lee County’s housing market saw a nice increase from February sales. The number of sales year over year for both Single Family and Condos saw a decrease.

March showed Median Sale prices were up slightly at 2.1% for Single Family, while Townhouse and Condos showed a decrease of 3.7%, still remaining steady. Inventory is still on the rise with Single Family up by 12.1% in Active Listings compared to 2018, showing a 6.4 Months Supply of Inventory. Active listings were also up by 7.4% for Townhouses and Condos with a Months Supply of Inventory of 7.4. The Active listings have been on the rise for the last six months, with a slight dip this month, pushing inventory up its highest before 2015. The time properties spent on the market in March, was 72 Days for Single Family Homes.  Townhouses and Condos spent less time on the market at 59 Days, compared to 66 Days last year.

Broken down by cities, Single Family sales in Lehigh Acres rose the most with an increase in the number of Closed Sales, year over year of 13.0%. Most of  the remaining cities saw a decrease over last year, with the exception of Bonita Springs and Estero. Sanibel again showing the largest decrease at -48.4% compared to last year.

When looking at Closed Sales by Price Point, the numbers were mostly down for Single Family Homes for most price ranges. The $600,000 - $999,999 saw an increase of sales by 15.5%.

Download the full Lee County Single Family Report

If you want to work with one of our real estate professionals simply call 239.244.1649 or click the About US. We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Brian Ludden

Pinnacle Property Group

 

Posted in Market Data
Feb. 25, 2019

Lee County Market Update Feb 2019

Lee County's Single Family housing market saw a decrease for the fourth straight month in January, according to the latest statistics just released by Florida Realtors®. Year-over-year. sales were down for both by double digits, but Townhouses and Condos are holding steady over the last four months.

January showed a -18.7% decrease in the number of Closed Sales for Single Family Homes, and a -10.4% decrease for Townhouses and Condos, compared to the same time last year. Median Sale prices were up slightly for Single Family, while Townhouse and Condos remain steady. Inventory is on the rise with Single Family showing 6.5 Months Supply of Inventory and 7.5 for Townhouses and Condos. The number of Active Listings jumped up again for a fifth straight month at 18.9% for Single Family Homes and 12.5% for Townhouses and Condos compared to 2018. The time properties spent on the market in January, was 67 Days for Single Family Homes and 77 Days for Townhouses and Condos.

Broken down by cities, Single Family sales in Bonita Springs, Pine Island and North Fort Myers saw an increase in the number of Closed Sales. year over year. All the remaining cities saw a decrease over last year. With Sanibel having a -60% and Fort Myers Beach having a -58.3% showed the largest decrease over 2018.

 

When looking at Closed Sales by Price Point, the numbers were mostly down for Single Family Homes for all price ranges in between $100,000 -$299,999 by double digits for the second month, compared to 2018. The $50,000 -$99,999 range saw a slight increase in January, as well as, the $300,000 -$599,999. For Condos and Townhouses, there was a significant increase of 600.0% in the under $50,000 price point. The $250,000 -$299,999 also saw an increase of 22.5% compared to 2018. The $1,000,000 and above took the largest decrease of -58.3% compared to last year.

Download the full Lee County Single Family Report

Download the full Lee County Town home and Condo Report

 

If you want to work with one of our real estate professionals simply call 239.244.1649 or click the About US. We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Brian Ludden

Pinnacle Property Group

 

Posted in Market Data
March 22, 2014

Southwest Florida February Market Update

Lee County-Prices Continue to Rise

Market update

Inventory, or in this case, the lack of, continues to be a driving factor of the rise in Lee County's median price.  All property types saw an increase, from single family homes to condo's.  We also saw a decrease in the total amount of homes sold versus February 2013.  Though volume year over year decreased, it was still an increase over total sold homes in January 2014.

  • 1823 single family homes were listed for sale in February
  • There were 245 fewer homes listed for sale in February versus January 2014
  • Single family home median price increased 19.4% to $185,000
  • Median condo price increased 10.7% to $155,000
  • 779 homes sold in February, down 13.7% year over year

Download the full Lee County Report here

 

Distressed properties (short sales and foreclosures) represented 21.1% of home sales with traditional sales making up the remaining 78.9%.  The number of distressed properties continues to decline as the market and overall economy improves.

  • Median days on market for single family homes is 52 days before going under contract
  • The average home is selling at 93% of the listed sale price
  • The total number of homes for sale in February is 6,271
  • There is a 6.3 months supply of inventory currently versus 6.5 months supply in February 2013

Collier County-Seasonal Outlook Good

Seasonal activity has been strong this year for both buyers and sellers alike.  Lower priced homes are moving very quickly and many people do not get a second chance to look at properties that are priced right.  Buyers are having to act swiftly or miss out.

  • Pending and Closed sales both increased at a rate of 5% in the 12 months ending February 2014
  • Closed sales in the $300,000 and below segment decreased 5%
  • Closed sales in the over $300,000 segment increased by 20%
  • Inventory for the $300,000 and below segment decreased 20%
  • Inventory for all other price points decreased only 12%

Download the full Collier County Report here

 

In 2013 homes under $300,000 represented a 66% market share.  For the month of February that was down to 39%.  This market segment continues to shrink as more buyers have realized the time to buy is now.

The majority of sales in Collier county are either below $300,000 or above $500,000.  The mid market segment is very stable.

  • Condo sales above $2 million increased 102%
  • Under $300,000 segment median price increased from $155,000 to $179,000
  • Average days on market is down to 94 from 169 in February 2013
  • Overall inventory is down 15% with 4633 homes for sale in February 2014

Well that's it for this months update.  To work with one of our real estate professionals simply call 239.671.4046 or click the contact us button to your right.  We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Jan. 23, 2014

Southwest Florida December Market Update

Southwest Florida December Market Update

Southwest Florida Market updateLet's talk big news first...LEE COUNTY'S MEDIAN PRICE CLIMBED 24% IN DECEMBER! Wow, big year over year jump from $142,750 to $177,000.  So what does that mean to you?  Well, most importantly it means Southwest Florida is in a healthy market.  December sales of Foreclosures and Short sales totaled only 27.8% of the market, with the other 72.2% being traditional sales.  This is great news as bidding wars are down and you are not competing with all cash investors all the time.

Download the full Lee County Market Report here

Sales in December were virtually unchanged, with 992 homes sold versus 1000 sold in December 2012.  Overall we finished the year 3.2% greater than 2012 with 12,144 homes selling (11,765 for 2012).  

Okay so maybe you're not a buyer but looking to sell...how's the seller's market doing?  Glad you asked!  Inventory year over year remained the same with a 6.1 month supply of homes to sell.  That's right in the sweet spot for a normal market.  The best part is the days on market improvement.  Last year the median days on market was at 51 days, now we have improved to 43 days!  That's just over a week less to sell your home.  

Download the full Collier County Market Report here

Now keep in mind this is considering the home is priced at fair market.  Overpriced listings will still take time to sell until either the market reaches you or until you come down to market.

With peak season in full gear there will be plenty of buyers, and sellers making real estate transactions.  But don't expect to be able to lowball offers.  On average homes in December sold for 93.5% of the listed price.  So keep this in mind if you are selling or buying, there's only about 7% wiggle room considering a fairly priced home.

FUN FACT:  How many homes sold in Lee County this past December over a Million Bucks?  (for the answer scroll down to the info graphic and see the last line)

So let's sum all this info up.  Prices are up but still historically very reasonable.  With rates under 5% this represents one of the best opportunities to buy a home or sell.  There is plenty of inventory for everyone to find what you need, just keep the offers reasonable.  And if you're selling, we can sell your home in just over a month...not bad!!

Well that's it for this months update.  If you want to work with one of our real estate professionals simply call 239.671.4046 or click the contact us button to your right.  We will get you the right home, in the right place, for the right price...that's the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Lee County housing stats

Nov. 25, 2013

Southwest Florida October Market Update

Southwest Florida October Market Update

The Florida real estate market has continued to improve and grow in 2013 although some aspects of the market are changing.  Close sales increased 12.2% year-over-year for single family homes in Lee County.  The median sale price of homes increased to $157,000 with a nice gain of 12.1% year over year.

Download the Full Lee County Market Report

Investor activity in the marketplace continues to decline as first time home buyers and second homeowners continue to make their way off the fence and make that purchase.  Cash sales as a percentage of close sales in October represented 52.9% of the transactions.  This is a 10.9% decline in cash sales year-over-year.  Cash sales are the indicator for which investors are participating in the market since they are most likely to have cash available for purchasing a home.

Another aspect of the market, inventory, has made a change in direction.  Over the last three years we’ve seen inventory levels continue to tighten.  But over the last three months the supply of inventory has increased from five to 5.7 months supply.  This range of inventory indicates a balanced market.  The higher the inventory the more it favors buyers.  The lower the inventory the more it favors sellers.

Download the Full Collier County Market Report

I want to point out a significant inventory number here.  As of the end of October, those homes priced under $150,000 only represented 24% of the market share.  Not a lot of inventory considering this is the sweet spot for local residents as well as investors.  If this is your budget my best advice is to move quickly on an offer!  Don't send in any lowballs and give yourself an opportunity to compete for your home.

So where are all the short sales and foreclosures?  Year-over-year short sales declined over 51% and the median price for short sales increased almost 24%.  This indicates that while there are still opportunities for distressed sales the banks are no longer working with lowball offers.

Foreclosures actually saw an increase of over 33% in closed sales year-over-year.  Let’s qualify this figure by stating it only represented 194 sales in Lee County.  This is due in large part to banks eliminating red tape and processing foreclosures much quicker.  With private equity firms such as Blackstone purchasing foreclosure portfolios directly from lenders we will not be seeing a flood of  foreclosures into the market as some had previously expected.

So what should you take from this market report?  We’re still in one of the best real estate markets to buy in years! Mortgage rates are still historically low and there are still plenty of opportunities to buy right.

Lee Market Report Summary

Well that’s it for this month’s update.  If you are ready to take the next step click the contact us button or call 239.671.4046 and we will get you the right home,  in the right place,  for the right price…that’s the Pinnacle Promise!

Sincerely,

Roberto Lee
Managing Broker, Pinnacle Property Group 

Follow us on Twitter at @PinnacleBroker and let us know how we're doing. 

Oct. 8, 2013

Rose Gardens Vacation Villa

Secluded Rose Gardens Vacation Villa

3 bed, 2 bath southern exposure with head pool, located in the desirable Rose Gardens

 Sleeps 8, Beds for 8

  • Bedroom 1: 1 king
  • Bedroom 2: 2 queen 
  • Bedroom 3: 1 queen (Bedroom has office set up with comfortable Murphy bed)
  • Master with en suite bath.

Cape coral rose garden vacation villa

Quiet Neighborhood walking distance to Tarpon Pointe Marina 

Circular driveway - easy in and out

Circular driveway - easy in and out with your vechicles.

Beautiful secluded pool area

Enjoy your privacy with this beautiful secluded pool area.

cover lanai

Enjoy a evening with friend on your covered lanai.

open kitchen

Prepare all your meals in this open kitchen looking over the family room.

 Eat-in Kitchen area leading to the lanai

Eat-in Kitchen area leading to the lanai

family room

Family Room off of kitchen.

dinning room

Dinning area

Master with slider leading to pool and lanai

Master with slider leading to pool and lanai

guest  bedroom

Bed room 2 with two queens

Pool Bath

Pool bath that leads to pool area

Bedroom 3 with office area

Bedroom 3 with office area and pull down murphy bed.

 

For more information please visit us at www.vrbo.com/494425

 

 

 

Oct. 8, 2013

Looking to Build in Cape Coral?

Pinnacle Building Solutions - Tarpon Model

Built by Pinnacle Property Group, the Tarpon model boasts 2,552 total square feet with no hallways - a unique feature allowing maximum living area with no wasted space! Curb appeal is abundant with attractive driveway pavers, a  tile roof, automatic garage doors and a generous landscape package with a sprinkler system. 

Tarpon elevation pinnacle building solutions

Pinnacle building solutions tarpon floorplan

 

Another unique feature is that each bedroom includes its own master bathroom – each with decorative floor-to-ceiling tile and glass tile accents

pinnacle building solutions tarpon master bathroom

picture of guest bathroom tarpon model

guest bathroom pinnacle building solutions

 

This home offers 3 bedrooms, 2 bathrooms, a great room and study, separate dining and kitchen bar areas, a spacious master suite, low impact hurricane windows throughout and a 3-car garage.

pinnacle building solutions tarpon model great room

pinnacle building solutions tarpon den

With sophistication in mind, this home’s color palette is warm and inviting with espresso cabinetry, rich earth tones and tray ceiling features throughout. Eight-foot solid wood interior doors, crown moulding and 7.5” baseboards greet owners and guests alike, and draws attention to the decadent pine tray ceiling with LED lighting in the great room. Additionally, media set-up features are included with surround sound and a custom 50” built-in television alcove.  Equally as unique is the affinity-edge great room slider, giving a full unobstructed beautiful water view.

tarpon model 90 degree slider

tarpon model entry new homes cape coral

The gourmet kitchen includes a double-split refrigerator/freezer unit, a 36” 5-burner glass top stove with a microwave/convection oven range, and a double oven below. The master suite’s amenities include a soaking tub, his/her closets, and slider door entry to the lanai and pool

pinnacle building solutions tarpon

kitchen tarpon model

The back lanai also has decorative pavers, a pool with a built-in sun shelf, pool bath, outdoor wet bar, a waterfall feature and a wide view of intersecting canals– perfect for entraining or relaxing

pool bar pinnacle building solutions tarpon model

new home pool

intersecting view of canal from pool

 

 

Oct. 2, 2013

Canadian Financing News

Big thanks to Karen at PNC mortgage for providing this update on their new program for Canadian buyers.  Very competitive!

See her bio here

We spoke last week regarding Canadian buyers and what PNC Mortgage can offer.  Below is a brief overview for you, please just have the client reach out to me and I will walk them through the process.  

The MOST important thing is that we require them to have an established PNC account at time of application for the mortgage and ALL of our account openings must be face to face.  As such, it will be important for them to establish an account while they are in Florida looking at properties.   

Canadian Product Features: 

Must be a second home 
Max loan to value of 70% 
Fixed rate loans from 15 to 30 Years 
Six Month Reserves of PITIA (Principal, Interest, Taxes, Insurance) must be verified with assets- we do not hold these funds - just have to verify their existance 

Click here  to download the Canadian Buyer Survival Guide Here

I hope this helps.   

I am also attaching a flyer for your review and you may email this to your clients if you wish.  I also offer portfolio jumbo loans, all conventional, FNMA HomePath, FHA and VA. 


Karen Boring 
Mortgage Loan Officer  NMLS# 572256 
PNC Mortgage, a Division of PNC Bank, NA 

PNC Financial Services Group 
9430 Bonita Beach Road (XM-YMBJ-01-1) 
Bonita Springs FL  34135 

239-250-3570 cell 
877-750-4981 fax 
nkarenboring@pncmortgage.com 
www.pncmortgage.com/karenboring