May 2022 Market Update

By D. Michael Burke

In early April, we pointed out that active for-sale inventory in both Lee and Collier counties was down substantially year-over-year. At that point, we reported that February single-family home inventory in Collier and Lee counties was down by 27% and 23%, respectively, from the same reporting period in 2021, and the active inventory levels for townhouses and condos in both counties were down by 61%.

This month, although single-family home inventory in both counties has improved slightly (March data puts Collier County at up 1.9% from the same reporting period last year, and it also shows that single-family home inventory Lee County is up by 9.3% from a year ago), inventory for townhouses and condos are still down by 35-37%.

The average sales prices for single-family homes, townhomes, and condos, are also still climbing, albeit at a tapered rate.

Data from Zillow’s March Home Price Expectations Survey reports that industry experts believe that the average home value growth for this year is projected at 9%, against the whopping 19% that was observed in 2021.

Additionally, the report further suggests that most industry experts also believe that pre-pandemic norms may not return for two more years, which means that demand will continue to outpace supply.

Consequently, if you’re wondering if it’s still a good time to list your home- the answer is yes.

Our experienced team of professionals is here to help you achieve your residential real estate goals. Whether buying or selling, our tools are PROVEN to help you get the most from your transaction!

Let’s chat! Just give us a call at 239-498-7600. We look forward to hearing from you