Surging Prices and Sales Drive the Market in Southwest Florida | Think Realty | A Real Estate of Mind

Abstract

Land, new home sales, and development expert Randy Thibaut, founder of LSI Companies, stated that while usually the national real estate cycle fluctuates every seven years, the country is in currently on the 11th year of an uptick in new single-family homes sold. New residential single- and multifamily homes in Lee County saw a 28% increase, while Collier and Charlotte saw 48% and 50% increases, respectively. "They're selling out, choosing not to buy in, and renting an apartment. They're riding it out until the market softens. Young families looking to buy a home got priced out, so they're renting." When it comes to single-family homes, Lee County saw a 59% increase in permits-and not just in premiere locations. In 2021, Lee, Charlotte, and Collier counties all set records for single-family home sales, with Lee coming in at 19,226. The median price of existing homes sold in Lee County from 2020 to 2021 increased by 31%. The median price of a single-family home in Lee County in 2021 stood at $360,000-the first-year median prices were over $300,000. Grimes said in January 2022, the median price for a home in Lee County was $411,000. Lee County saw 1,169 homes sell in that range in 2021, up from 558 in 2020.