Tag Archives: Snapshot

LEE COUNTY MARKET SNAPSHOT MULTI-FAMILY & SINGLE FAMILY October 2018

Welcome to our Lee County Multi-Family and Single Family Market Snapshot!  Hopefully, you will find the summary provided to be informational and helpful with your rental investments.

Rental / Single Family Home Market Analysis

A quick Snapshot of the market in Lee County.  This summary provides housing information relating to proposed growth, new development activity, sales trends, population trends, apartment rental analysis, and economic indicators.


  • According to the Fort Myers News-Press in an article written on September 19th, 2018, Lee County property values increased county-wide by about 6.6% over the past year. Increased values mean that many homeowners will pay a higher tax bill.
  • According to the apartment report, published by RealPage Inc., current occupancy rates for the Fort Myers/Cape Coral market remain at approximately 96%. Monthly apartment rental rates average at $1,268 per month or $1.30 per square foot. The supply of new apartment units per year of 569 units exceeds the annual demand of 418 units, by 151 units per year. This could signal a softening in the apartment market.
  • Lee County’s housing market experienced positive change during the month of August, according to the latest statistics released by Florida Realtor. Year over year sales were up quite a bit for both single family homes and townhomes and condominiums. Estero was the hottest market.
  • Last month there was a 10.3% increase in the number closed sales for single family homes, and a 17.9% increase for townhomes and condominiums, compared to the same time last year. Median sale price for single family homes were $251,000 in August 2018 compared to $239,900 in August of 2017, median sale price for townhomes and condominiums were $180,000 in August 2018 compared to $175,000 in August 2017.
  • Southwest Florida’s regional economy continues to display signs of growth across all measured sectors. Improvements include a 9% increase in airport passenger activity between June 2017 and June 2018, a 6% increase in taxable sales for May 2018 versus May 2017, and a 17% increase in tourist tax revenue from June 2017 to June 2018.

 

Leave a comment

Filed under Rental and Sales Market Real Estate

LEE COUNTY MARKET SNAPSHOT MULTI-FAMILY & SINGLE FAMILY

January 2018

Welcome to our Lee County Multi-Family and Single Family Market Snapshot!  Hopefully, you will find the summary provided to be informational and helpful with your rental investments.

Rental / Single Family Home Market Analysis

 A quick Snapshot of the market in Lee County.  This summary provides housing information relating to proposed growth, new development activity, sales trends, population trends, apartment rental analysis, and economic indicators.

Apartment rents have grown over the past five years. Consistent and healthy expansion of newly created payroll positions has kept demand for apartments strong and vacancies low, which gave operators substantial pricing power.

 

Some top and middle-tiered rental rate units have experienced a slowdown in rate increase as a result of robust completion volumes and momentum in the for sale market. Research indicates that the apartment market will do well but at a somewhat more measured pace in the future. We expect solid rental rate growth of 5.5% to 6.5% over the short term. Occupancy rates are averaging 95%.

 

Passenger activity for the three local airports totaled 44,271 in September 2017, representing a decrease of (84,745) from September 2016. The decline reflects the anticipation and destruction caused by Hurricane Irma.

 

The unemployment rate for the five county region again edged downward in October 2017 to 3.5 percent, down from 3.6 percent in September 2017 and from 4.9 percent in October 2016.

 

According to October 2017 Total Realtor, sales of single family homes in Charlotte, Lee, and Collier counties rebounded from the impact of Hurricane Irma in September 2017, increasing by 24 percent. However, median prices in October 2017 were down between 3% and 6% compared to September 2017.

 

Condominium sales were up slightly from 414 to 420 over the past year. Closed condominium sales were up for many price points, however saw a dip in the range of 200,000 through 599,999. New pending condo sales were up 23% year over year.

 

Southwest Florida’s real estate market endured unusual numbers in the last quarter of 2017 due to Hurricane Irma. The construction industry is consumed with renovation and preservation of existing product. It will take more time to evaluate the effects of Hurricane Irma on Southwest Florida’s real estate market.

Leave a comment

Filed under Rental and Sales Market Real Estate