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.<\/p>\n
The association\u2019s monthly market outlook, released Nov. 11, includes Lee and Hendry counties but excludes Bonita Springs and Estero.<\/p>\n
Realtors attributed the modest uptick in sales to an ongoing buyers\u2019 market, with a surplus of 7.3 months of inventory on hand at the end of October. The Federal Reserve\u2019s recent rate cuts \u2014 two reductions totaling half a percentage point \u2014 were also expected to provide a small boost in activity.<\/p>\n
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Karen Borrelli, president of the Royal Palm Coast Realtor Association.<\/p>\n
Royal Palm Coast Realtor Association<\/p>\n
\u201cThe movement in interest rates has helped, but I really do think it\u2019s also the pricing,\u201d said Karen Borrelli, president of the Royal Palm Coast Realtor Association and a Realtor with John R. Wood Properties. \u201cThe decrease in pricing appeals to a larger pool of buyers who can afford it.\u201d<\/p>\n
The median single-family home price fell 5% year to date to $364,900 in the association\u2019s coverage area. Prices continue to ease as the market corrects from post-pandemic highs, Realtors said.<\/p>\n
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.<\/p>\n
Sellers continue to reduce asking prices, said Jason Jakus, director of technology and MLS for the Royal Palm Coast Association.<\/p>\n
\u201cWe\u2019re seeing a lot more price reductions,\u201d he said, noting the median days on market fell from 77 in October 2024 to 65 last month. \u201cWhen houses hit the market and they\u2019re priced right, they don\u2019t last long.\u201d<\/p>\n
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Jason Jakus<\/p>\n
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.<\/p>\n
\u201cWe do not have a demand problem here in Florida, we have a pricing problem,\u201d Grimes said. \u201c\u2026 Sales are slowing because we don\u2019t have realistic sellers.\u201d<\/p>\n
Grimes added that many sellers who purchased before the recent price surge still stand to make a healthy profit.<\/p>\n
The area\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"Single-family home sales in the Lee County area edged slightly higher than last year by the end of…\n","protected":false},"author":2,"featured_media":44810,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[29580,209,211,210,10692,356,29578,29579],"class_list":["post-44809","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cape-coral","tag-buyers","tag-cape-coral","tag-cape-coral-headlines","tag-cape-coral-news","tag-home-sales","tag-lee-county","tag-price-fall","tag-royal-palm-coast-realtor-association"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/44809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=44809"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/44809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/44810"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=44809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=44809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=44809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}