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Closed Sales
April posted 4,837 closed sales, over double that for April of last year when an abnormally low 2,234 sales were posted due to the initial impacts of the pandemic. Comparing April 2021 sales with the average for April 2017, 2018, and 2019, sales were up 74% from 2,774 to 4,837. On a 12-month rolling basis, sales through April 30 were up 40.8% from 27,658 to 38,942.
Listing Inventory / New Listings
As of April 30, 2021, there were 2,390 properties on the market, down 79.8% from the same date last year when 11,801 properties were available. Months of supply as of April 30 was under one month, at .74, down 85.6% from last year when 5.12 months was posted. New listings for April were up 95.4% from last year, mainly due to last April’s sharp but temporary drop in new listings due to uncertainty about the pandemic at that time. However, at 3,587, new listings for April 2021 were consistent with the 3,670 average for April 2017, 2018, and 2019. On a 12-month rolling basis, new listings were up 1.7% from 38,149 to 38,800.
Average Selling price
For the 12-month period through April 30, the average selling price was $557,227, up 23.15% from the preceding 12-month period when a $452,496 average was posted.
Summary
We’ve experienced a steady decline in standing inventory over the past year; however, the rate of that decline has started to decrease in recent weeks. This is due in part to a modest increase in new inventory entering the market over the past few weeks when compared to typical patterns for this time of year. With standing inventory still in short supply, it is this increase of new inventory that is helping satisfy continued strong buyer demand
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The January 27, 2021 edition of the Ft Myers Florida Weekly reports that “Lee County’s housing market again saw a double-digit increase in closings in the single-family category in December compared to the same period a year ago. Lee County closings in the single-family category were up sharply in December (1,648) compared December 2019 (1,221).
This is the highest number of closed sales for December going back to 2016. Year-over-year, sales were up by 35% for single-family and by 34.8% for townhouses and condominiums, according to figures just released by Florida Realtors, an umbrella organization for Realtor groups throughout the state.
December showed a median sale price increase of 41.9% for single-family and 11.8% in the townhouse/condominium category. Median price in the single-family category shows a steady and consistent rise in pricing, indicating a rise in the pricing segments. Inventory is still significantly down for both.
Year-over-year, local inventory of single family dwellings is down again this month at 53.2% as shown in active listings on the Multiple Listing Service. A 1.9- month supply of inventory shows we are in a sellers’ market as more listings are seeing multiple offers. Properties are going under contract in 26 days compared to 57 days in December 2019.
In the townhouse/condominium category, listings were down 36.8% versus December 2019. That translates to a three-month supply and shows the condo market is also now in a sellers’ market.
Properties last month went under contract in 46 days compared to 69 days in December 2019. Broken down by city, all cities saw an increase in the number of closed sales over December 2019. Fort Myers Beach sales surged 100%, and Sanibel Captiva registered a 95% increase in properties sold.
When looking at closed sales by price point, all single-family homes over $200,000 saw a significant increase over December 2019. Homes over $600,00 saw triple digit increases compared to December 2019.
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The city of Sanibel provided the following status update date June 3rd
