Lee County-Prices Continue to Rise
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
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%
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!
Managing Broker, Pinnacle Property Group
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