LMCU December 2023 Market Trends

Collier and Lee County, FL Market Trends COLLIER AND LEE COUNTY FLORIDA MARKET DATA SOURCED FROM LOCAL MARKET MLS STATISTICS. EFFECTIVE DATE DECEMBER 2023

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Collier County

Collier County

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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

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Naples

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Naples

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Marco Island

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Marco Island

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Collier County

Collier County

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Collier County

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Lee County

Lee County

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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

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Bonita Springs

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Bonita Springs

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Estero

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Estero

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Cape Coral

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Cape Coral

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Sanibel Captiva

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Sanibel Captiva

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Fort Myers

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Fort Myers

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Fort Myers Beach

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Fort Myers Beach

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Lee County

Lee County

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Lee County

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Key KeyTakeaways Takeaways

Southwest Florida

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As of December 1, 2023, the average monthly supply of units in Lee County increased to 5.17. The 3 month moving median price trend, has seen a YoY change of 1.46%, which increased from the past since the beginning of 2023. However, the YoY change in median pricing is below the historical CAGR noted before the pandemic, reflecting reduced sales volumes and pricing following the hurricane. In Collier County, the average monthly supply remained near 4.3 units. The 3 month median moving price trend decreased from 4.6% in December to 3.2% in November, the lowest since June of 2020, which was near the beginning of the median price growth trend due to the Pandemic. Pending sales in both Lee and Collier County have fallen to 2019 pre-pandemic levels due to insurance reimbursements, geopolitical uncertainty, and interest rate increases.

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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. The cumulative month-over-month median price change report for both counties shows a 2% drop in median price for each of the past three months. 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 an impressive 67% increase in median pricing since January 2020, and the most recent period reflects a 3% discount from the peak, with Lee County seeing a cumulative median price increase of 52% over the same period. Over the past 2 months, median pricing is discounted 5%.

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Micro Market Results for Lee and Collier counties show similar trends to the counties overall. The inventory supply has increased to 12,265 from 11.015 units in November, a 4 percent Month over Month increase. The active inventory has increased by 82.2% YoY, while the 12-month rolling sales have decreased by 15.3%. Despite the low inventory supply, the median asking prices are 9% higher than the Year End 2022 Median Closed Price. The Months Supply as of December 1st for Lee and Collier counties combined is 5.1 months, indicating a continued undersupply of product, generally favoring the seller. Currently, the market activity is stagnant, with the sales pace slowing and inventory beginning to accelerate.

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Based on the Micro Market Results for Lee and Collier counties combined, the median price for closed sales in the last 12 months has slightly increased to $454,000 as of December 1st, with the 3-month moving median price remaining the same at $440,000. The 12month rolling average price has increased to $720,000 in November from $694,000 the prior year, while the 3-month moving average has come down to $664,000. Over the past year, the YoY change in 12 month rolling median and average price has contracted to 2.9% and 3.7% respectively. The limited sales activity and increasing inventory is slowly moving the market favorability to the buyer.

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Community Specific Real Estate Trends Data sourced from NABOR MLS for Pelican Bay, Crayton Road, Olde Naples, Aqualane Shores and Port Royal

Southwest Florida

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Pelican Bay

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All Products

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Pelican Bay

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All Products

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Pelican Bay

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High Rise Condominium 32

Pelican Bay

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High Rise Condominium 33

Olde Naples

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All Products

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Olde Naples

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All Products

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Olde Naples

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Condominium

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Olde Naples

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Condominium

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Olde Naples

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Single Family

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Olde Naples

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Single Family

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Aqualane Shores

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Single Family

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Aqualane Shores

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Single Family

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Port Royal and Beach

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Single Family

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Port Royal and Beach

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Single Family

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Gulf Shore Blvd

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Condominiums – High Rise 44

Gulf Shore Blvd

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Condominiums – High Rise 45

Crayton Road

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All Single Family

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Crayton Road

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All Single Family

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Crayton Road

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Single Family – Non Waterfront

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Crayton Road

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Single Family – Non Waterfront

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Crayton Road

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Single Family – Waterfront

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Crayton Road

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Single Family – Waterfront

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Michael Timmerman, CRE •

Member of the Counselors of Real Estate (CRE)

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40 Years Experience as a Real Estate Economist and Consultant •

Market and Feasibility Studies

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Economic Impact Studies

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New Community Product and Amenity Planning

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Consumer Preference and Engagement Analysis

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Private Club Amenity analysis

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Real Estate Investment Advisory

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

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

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

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

Contact Information

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