Fort Myers led the area with 657 closed sales in February 2021, a 9% increase from January 2021 and a 16.70% increase over February 2020. Cape Coral had similar gains with 540 closed sales, a 10% increase month over month and an increase of 19.73% over February 2020. While Lehigh Acres posted a slight gain in sales month over month, 1%, with 164 closed sales in February it is a 13.89% increases from February 2020. North Fort Myers had the biggest gain in February with 136 closed sales, a whopping 37% increases of January 2021 and a 25.93% increase of February 2020.
Notice in the graphic above that each town has more new listings in February than the number of listings closed yet we still have an inventory shortage. Why? Selling a home is not the only reason a listing is taken off the market. Sometimes a listing just doesn't sell, yes even in this market. In February there were 211 listings that expired therefore they are off the market and subtracted from the available inventory. A seller may decide to withdraw their listing and again it is subtracted from inventory. Other reasons include termination and of course pending. Over 1700 listings went pending each week in the month of February and that trend is expected to continue in March. When we take into account all the reasons a listing comes on and off the market we can calculate our inventory gains or losses and we have been having an inventory loss of over 1000 listings a week for quite some time now.
The median sales price in February for all residential properties is $324,900, a 36.25% increase over February 2020 and a 1.53% increase over January 2021. Fort Myers led the way with a month over month increase of 4% and an 18.18% increase over February 2020. Of the cities we are tracking Cape Coral has the highest median sale price, $295,245, a 23.02% increase year over year. Even though Lehigh Acres and North Fort Myers had a slight decrease in median sales price in February verses January these towns are still have an increase of 15.48% and 15.93% year over year. The chart below shows the four year history of the median sales price in February.
Homes in SW Florida are selling for more now than they have in a long time. How long will this continue? We are not sure but as mortgage interest rates rise buyers will be unable to continue paying these prices and a slowdown in price increases is expected. Curious about how much your home is worth on the open market? Contact us and request a market value of your home.
The Giacalone Team