Key Takeaways
• As of August 1, 2024, the average monthly supply of housing units in Lee County increased from the prior month to 6.71 units. The current 3-month moving median price trend for August 1, 2024, was $394,500, compared to $399,000 in July 2023. The 3-month rolling average price on August 1, 2024, was $535,000, down from $544,000 on July 1, 2024, and unchanged from $536,000 in August 2023. Median 3 Month rolling pricing decreased by -.2.1% on August 1, 2024, compared to -2.6% in the same month the previous year, while the 3 Month rolling average price decreased by -1.3% on August 1, 2024, compared to -2.5% in the same month the prior year.
• Collier County's average monthly housing supply was 6.07 on August 1, 2024, slightly lower than the prior months at 6.50 months supply. The current 3-month moving median price trend for August 1, 2024, was $668,000, compared to $640,000 on August 1, 2023. The 3-month rolling average price on August 1, 2024, was $1,193,000, down from $1,255,000 on July 1, 2024, and unchanged from $1,105,000 in August 2023. Median 3 Month rolling pricing increased by 2.6% on August 1, 2024, compared to 4.85% in the same month the previous year, while the 3 Month rolling average price increased by 7.9% on August 1, 2024, compared to 0.6% 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 experienced a 71% increase in median pricing from January 2020 to its current peak in May 2024. As of the current period, median pricing is a 5.2% discount from its peak in May 2024. Cumulatively, Lee County experienced a 58% increase in median pricing from January 2020 to its current peak in July 2022. As of the current period, median pricing is an 8% discount from its peak in July 2022.
• The Micro Market Results for Lee and Collier counties show similar trends to the counties overall. The inventory supply on August 1, 2024, was 14,005, a 5% decrease from the prior month, and is the first leveling trend since the last quarter in 2022. The active inventory has decreased by 59.1% YoY, while the 12-month rolling sales have decreased by -2.4%. The months' supply as of August 2024 for Lee and Collier's counties combined is 6.02 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 $455,000. The 3-month moving median price increased on August 1, 2024, to $462,000. The 12-month rolling average price increased slightly to $729,000 in August 2024 from $722,000 in the same month the prior year, while the 3-month moving average decreased to $762,000. 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.
