PSIR SWFL Market Trends by Submarket February 2024

Collier and Lee County, FL Market Trends COLLIER AND LEE COUNTY FLORIDA MARKET DATA SOURCED FROM LOCAL MARKET MLS STATISTICS. EFFECTIVE DATE FEBURARY 2024

PremierSIR.com © 2023 ResortProperties.com, LLC, All Rights Reserved Prepared by Michael J. Timmerman, CRE of ResortProperties.com, LLC

Collier County

Collier County

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

3

Collier County Rolling sales and Median price trends.

Here are some charts that show the changes in real estate prices over time, starting from January 2020 when the Covid pandemic began. The top chart shows the median price using a 3 month rolling average, while the bottom chart displays the month-over-month price changes. On the far right of the green line, you can see the overall change from January 2020 to the effective date of this report with the blue bar indicating the total change to date.

The pricing in Collier County has risen by 68% since January of 2020 and the current trend suggests that the market has not yet experienced any decline from its peak.

Collier County

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared by Michael J. Timmerman, CRE of ResortProperties.com, LLC

4

Naples

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2021J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

5

Naples

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

6

Marco Island

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2021J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

7

Marco Island

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

8

Collier County

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

9

Collier County

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

10

Lee County

Lee County

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

12

Lee County Rolling sales and Median price trends.

Here are some charts that show the changes in real estate prices over time, starting from January 2020 when the Covid pandemic began. The top chart shows the median price using a 3 month rolling average, while the bottom chart displays the month-over-month price changes. On the far right of the green line, you can see the overall change from January 2020 through the effective date, with the blue bar indicating the change up to the present time.

Since January 2020, pricing in Lee County has risen by 52%.

Lee County

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

13

Bonita Springs

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

14

Bonita Springs

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

15

Estero

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

16

Estero

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

17

Cape Coral

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2023J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

18

Cape Coral

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

19

Sanibel Captiva

© 2023 ResortProperties.com, LLC, All Rights Reserved © 2022J.ResortProperties.com, LLC, All Rights Reserved Prepared by Michael Timmerman, CRE of ResortProperties.com, LLC

20

Sanibel Captiva

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

21

Fort Myers

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

22

Fort Myers

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

23

Fort Myers Beach

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

24

Fort Myers Beach

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

25

Lee County

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared by J. Timmerman, CRE of ResortProperties.com, LLC ©Michael 2023 ResortProperties.com, LLC, All Rights Reserved

26

Lee County

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared

by Michael J. Timmerman, CRE of ResortProperties.com, LLC Reserved © 2023 ResortProperties.com, LLC, All Rights

27

© 2023 ResortProperties.com, LLC, All Rights Reserved

Key Takeaways

Southwest Florida

•

As of February 1, 2024, the average monthly supply of units in Lee County increased to 6.00. The current 3-month moving median price trend for the February 1, 2024 change was the same as that of February 2023, reflecting level pricing. Median Pricing increased 2.4% in February 2024 compared to 6.8% in the same month of the prior year, and Average Price increased 6% on February 1, 2024, compared to 10.6% in the same month last year.

•

As of February 1, 2024, the average monthly supply of units in Collier County increased to 6.14. The current 3-month moving median price trend for the February 1, 2024 change is -.01%, compared to 19.7% in the same month prior year. Median Pricing decreased -7.6% on February 1, 2024, compared to 25% in the same month the last year, and Average Price decreased -8.8% on February 1, 2024, compared to 38% in the same month the prior year.

•

Based on the Rolling sales and Median Price Trends chart, we can see the month-over-month changes in median prices and whether they are increasing or decreasing from the peak. Over the past 12 months, the rate of monthly price appreciation has slowed. The waterfall chart measures the variance up or down from the peak median price. Cumulatively, Collier County has experienced a peak 67% increase in median Pricing since January 2020, and the most recent period reflects a 4% discount from the peak, with Lee County seeing a cumulative median price peak of 57% over the same period, with a 4% for the current.

•

Micro Market Results for Lee and Collier counties show similar trends to the counties overall. The inventory supply has increased to 12,629 from 12.265 units in December, a 3 percent month-over-month increase. The active inventory has increased by 84% YoY, while the 12-month rolling sales have decreased by 12.6%. The months' supply as of January 1 for Lee and Collier's counties combined is 5.29 months, indicating a continued undersupply of product, generally favoring the seller. The market activity is stagnant, with the sales pace slowing and inventory beginning to accelerate.

•

Based on the Micro Market Results for Lee and Collier counties, the 12-month rolling median price has slightly decreased to $455,000. The 3-month moving median price increased on February 1, 2024, to $455,000. The 12-month rolling average price has risen to $730,000 in February 2024 from $716,000 in the same month the prior year, while the 3-month moving average has increased to $715,000. Over the past year, the YoY change in the 12-month rolling median and the rolling average price has contracted 1.3% and 1.9%, respectively. The limited sales activity and increasing inventory are slowly moving the market favorability to the buyer.

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared by Michael J. Timmerman, CRE of ResortProperties.com, LLC

28

Michael Timmerman, CRE •

Member of the Counselors of Real Estate (CRE)

•

40 Years Experience as a Real Estate Economist and Consultant •

Market and Feasibility Studies

•

Economic Impact Studies

•

New Community Product and Amenity Planning

•

Consumer Preference and Engagement Analysis

•

Private Club Amenity analysis

•

Real Estate Investment Advisory

•

25 Years experience using GIS and Data Analytics tools to provide clients with a clear picture of market trends.

•

Real Estate and Community Planning education from the Appraisal Institute and Urban Land Institute.

•

Frequent Speaker and Lecturer on Economic and Real Estate Trends Analysis.

Contact Information Mike.Timmerman@PremierSIR.com www.ResortProperties.com C. 239.269.0769

Contact Information

© 2023 ResortProperties.com, LLC, All Rights Reserved Prepared by Michael J. Timmerman, CRE of ResortProperties.com, LLC