Single-family home sales in the Lee County area edged slightly higher than last year by the end of October as prices dipped, according to the latest report from the Royal Palm Coast Realtor Association.
The association’s monthly market outlook, released Nov. 11, includes Lee and Hendry counties but excludes Bonita Springs and Estero.
Realtors attributed the modest uptick in sales to an ongoing buyers’ market, with a surplus of 7.3 months of inventory on hand at the end of October. The Federal Reserve’s recent rate cuts — two reductions totaling half a percentage point — were also expected to provide a small boost in activity.
Karen Borrelli, president of the Royal Palm Coast Realtor Association.
Royal Palm Coast Realtor Association
“The movement in interest rates has helped, but I really do think it’s also the pricing,” said Karen Borrelli, president of the Royal Palm Coast Realtor Association and a Realtor with John R. Wood Properties. “The decrease in pricing appeals to a larger pool of buyers who can afford it.”
The median single-family home price fell 5% year to date to $364,900 in the association’s coverage area. Prices continue to ease as the market corrects from post-pandemic highs, Realtors said.
The report, based on MLS data, showed 1,001 closed single-family sales in October, an 18.7% increase from the same month last year. However, that jump is likely inflated because sales in October 2024 were disrupted by Hurricane Milton. Overall, year-to-date sales remain relatively flat at 11,126, up just 0.7% from the previous year.
Sellers continue to reduce asking prices, said Jason Jakus, director of technology and MLS for the Royal Palm Coast Association.
“We’re seeing a lot more price reductions,” he said, noting the median days on market fell from 77 in October 2024 to 65 last month. “When houses hit the market and they’re priced right, they don’t last long.”
Jason Jakus
Denny Grimes, president of Denny Grimes & Team at Keller Williams Realty, said MLS data reflects subdued sales so far this year, particularly compared with 2024 when multiple hurricanes affected Southwest Florida markets.
“We do not have a demand problem here in Florida, we have a pricing problem,” Grimes said. “… Sales are slowing because we don’t have realistic sellers.”
Grimes added that many sellers who purchased before the recent price surge still stand to make a healthy profit.
The area’s condo market remained even more buyer-friendly, with 12.3 months of inventory, down from 15.1 months in October 2024. Median condo prices were down 12.8% year to date at $247,990.