June 2022 Market UpdateBy D. Michael Burke Greetings and welcome to June. Last … Continue reading...
Greetings and welcome to June. Last month, we reported that for-sale home inventory in Lee and Collier counties had risen up month-over-month, and while inventory levels in both counties is still ticking upward, it’s still below 2-months. (A balanced market works out to roughly 6-months’ worth of inventory- which means we’re still in a sellers’ market.)
For example, although MLS data indicates we’re hovering at roughly 5,000 active homes for sale in the region, before the pandemic hit, we were averaging about 20,000 active homes at any given time.
Perhaps not surprisingly, the average sales price for single-family homes is still rising. For the month of April, the average sales price of single-family homes in Collier County was recorded at $1,623,750, which reflects a 34% rise from levels seen a year ago. The average sales price for Collier County condos was recorded at $763,966, which reflects a 32% increase from the same reporting period last year.
The situation in Lee County is largely similar. In that same month, the average sales price for single-family homes and condos were recoded at $611,198 and $440,162, respectively. Single-family home prices in Lee County are up 17%, year-over-year, whereas the average sales price for condos has jumped by an impressive 34%.
The bottom line is this- if you’re wondering if it’s still a good time to put your home on the market, the answer is a resounding yes.
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