April 2022 Market Update

By D. Michael Burke

The housing market in both Collier and Lee counties continues to remain strong, despite year-over-year declines in home sales. For example, for the month of February, in Collier County, closed sales of single-family homes and condos declined by 25% and 51%, respectively, from the same reporting period last year. And while some may question whether that’s a sign that the housing market has begun to stall, the average sales prices tell a different story.

In that same month, the average sales price for single family homes was recorded at $1,290,852, which reflects an 11% jump from February 2021— and the average sales price for townhouses and condos was recorded at $753,509, which reflects an astonishing 34% year—over-year spike.

The situation in Lee County is largely similar. For the month of February, although closed sales of single-family homes and condos declined by 4.1% and 29%, respectively, from the same reporting period last year, sales prices continue to soar: the average sales price for single family homes was recorded at $569,697, which reflects a 17% increase from February 2021—and the average sales prices for townhouses and condos was recorded at $399,893, which reflects an impressive 33% increase from last year.

The reason for this is largely tied to active inventory levels: single-family home inventory in Collier and Lee counties is down by 27% and 23%, respectively, from February 2021, and the active inventory levels for townhouses and condos in both counties is down by 61%.

Suffice to say, if you’ve been on the fence about selling your home, it’s best to contact a real estate agent while the market is still hot.

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