PSIR SWFL Market Trends by Submarket June 2024

Collier and Lee County, FL Market Trends

Collier County

Collier County

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 Rolling sales and Median price trends.

Collier County

Collier County

Collier County

Lee County

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%.

Bonita Springs

Bonita Springs

Fort Myers Beach

Fort Myers Beach

Key Takeaways

• As of June 1, 2024, the average monthly supply of housing units in Lee County remained unchanged from the prior month at 6.39 units. The current 3-month moving median price trend for June 1, 2024, was $402,500, compared to $403,500 in June 2023. The 3-month rolling average price on June 1, 2024, was $552,000, unchanged on May 1, 2024, and up from the $538,000 in June 2023.

• Collier County's average monthly housing supply was 6.87 on June 1, 2024, slightly lower than the prior months at 7.02 months supply. The current 3-month moving median price trend for June 1, 2024, was $710,000, compared to $651,000 on June 1, 2023. Median pricing increased by 9.0% on June 1, 2024, compared to 5.5% in the same month the previous year, while average price increased by 10.5% on June 1, 2024, compared to 3.7% in the same month the prior year.

• Based on the rolling sales and median price trends chart, we can see the changes in monthly median prices and whether they increase or decrease from the peak. Over the past 12 months, the monthly price appreciation rate has slowed. The waterfall chart measures the variance in median price up or down from the peak. Cumulatively, Collier County has experienced a 67% increase in median pricing since January 2020, and the most recent period reflects a 5.6% discount from the peak. Meanwhile, Lee County saw a cumulative median price peak of 57% over the same period, with a 5.9% for the current period.

• The Micro Market Results for Lee and Collier counties show similar trends to the counties overall. The inventory supply on June 1, 2024, was 15,418, the same as the prior month, and is the first leveling trend since the last quarter in 2022. The active inventory has decreased by 76% YoY, while the 12-month rolling sales have decreased by -3.9%. The months' supply as of June 2024 for Lee and Collier's counties combined is 6.55 months, indicating a balanced market that generally favors the buyer. The market activity is stagnant, with the sales pace slowing down and inventory accelerating

• Based on the Micro Market Results for Lee and Collier counties, the 12-month rolling median price increased slightly to $459,000. The 3-month moving median price increased on May 1, 2024, to $476,000. The 12-month rolling average price increased slightly to $735,000 in June 2024 from $722,000 in the same month the prior year, while the 3-month moving average increased to $820,000. Over the past year, the YoY change in the 12-month rolling median and the rolling average price has remained the same as the last year. The limited sales activity and increasing inventory are slowly moving the market favorability to the buyer.

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.