April 2024 Market Update for Lee County Florida: Inventory Soaring, Sales Decreased

TLDRApril 2024 market update for Lee County Florida reveals a 133% year-over-year decrease in home sales. Inventory has doubled, reaching a 10-year high, while prices are up 1.9%. Sellers are experiencing longer time on the market due to increased inventory, currently at 69 days. Interest rates have risen to 6.79% compared to 6.32% last year. Despite these challenges, Florida continues to attract new residents with a net migration of 300,000 people. The future outlook indicates a potential downward compression on pricing.

Key insights

:chart_with_downwards_trend:Home sales in Lee County Florida have decreased by 133% year-over-year, while inventory has doubled, reaching a 10-year high.

:house_with_garden:Average home prices in Lee County Florida are up 1.9% compared to the previous year.

:clock1:The average time on the market for homes in Lee County Florida has increased to 69 days, compared to 44 days last year.

:money_with_wings:Interest rates in Lee County Florida have risen to 6.79%, up from 6.32% last year.

:house:Florida continues to attract new residents, with a net migration of 300,000 people last year.

Q&A

How much have home sales decreased in Lee County Florida?

—Home sales in Lee County Florida have decreased by 133% compared to the previous year.

What is the current average price of homes in Lee County Florida?

—The current average price of homes in Lee County Florida is $499,000.

How long is the average time on the market for homes in Lee County Florida?

—The average time on the market for homes in Lee County Florida is 69 days.

What is the current interest rate for homes in Lee County Florida?

—The current interest rate for homes in Lee County Florida is 6.79%.

How many people migrated to Florida last year?

—Approximately 300,000 people migrated to Florida last year.

Timestamped Summary

00:02[Music]

00:07Mike darta of compass realty presents the April 2024 market update for Lee County Florida.

00:09Home sales in Lee County are down 133% year-over-year, while inventory has doubled.

00:13Average home prices in Lee County are up 1.9% compared to the previous year.

00:18The average time on the market for homes in Lee County is now 69 days.

00:24Interest rates in Lee County have risen to 6.79%.

00:32Approximately 300,000 people migrated to Florida last year, indicating a promising outlook for the real estate market.

00:41The seasonality of the market and the influx of snowbirds buying in April contribute to the current market conditions.

02:01Contact compass realty for more information.

02:02[Music]

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