Residential real estate prices in Lee County continued to slip in May with high inventory levels favoring buyers in the condo market while single-family home supply was about neutral, a report released June 11 from the Royal Palm Coast Realtor Association showed.
Single-family homes sold for a median price of $362,900 in May, off 1.9% from the previous month and 6.7% year-over-year. The median price of condos at $259,500 was nearly the same as April but down 13.5% compared to May 2024.
The RPCRA report is based on MLS data accounts for Lee and Hendry counties, excluding the cities of Bonita Springs and Estero.
Jason Jakus
Adding to a glut of available condos, units that had roofing and other repairs after major hurricanes in 2022 and 2024 have continued to come back online, said Jason Jakus, RPCRA director of MLS and technology. A 10.6-month inventory of condos across Lee and Hendry was up 3.1% since last month and 45.6% year over year.
Across Lee County, closed sales of condos were down 12.5% from April and 16.7% year over year. But they ticked up in Cape Coral by 2% since April and 20.9% compared to last May.
Jakus forecasts that pricing will continue to stabilize, with inventory reaching more neutral levels across the county. He expects more condos to sell as ongoing damage assessments from storms help clarify for buyers what they’re going to get. “I think you’ll probably see that trend the remainder of the year.”
At the same time, Lee’s 6.2-month supply of single-family homes shows that segment of the market is balanced between buyers and sellers. The National Association of Realtors considers a 5- to 7-month supply around neutral. But Lee’s supply is still up more than 26% year over year, and the downward trend coincided with the end of the winter visitation season, when some inventory usually vanishes as sellers delist their property for the summer.
Other factors may be putting downward pressure on prices. That includes the dramatic rise in the cost of homeowner insurance policies for single-family homes — especially flood, Jakus said. Some buyers may also be waiting on the sideline for federal interest rates to go down by a percentage point or so before they look at buying a house.
Karen Borrelli
“Sellers now have to have the mindset that they’re probably not going to get as much for their house as they did a couple of years ago,” said Karen Borrelli, RPCRA president and Realtor with John R. Wood Properties.
But she adds that while median sale prices have come down, single-family sellers in Cape Coral got 97.2% of their asking price in May. Single-family home sales also ticked up 1.6% since last month.
“While we’re seeing some seasonal moderation in prices and new listings, steady buyer activity and a balanced supply indicate continued confidence in our market,” Borrelli said. “These trends reflect a healthy adjustment period and opportunities for both buyers and sellers across Fort Myers and Cape Coral.”
While Lee County’s single-family home inventory is about neutral or favors buyers, Lehigh Acres’ 4.6-month supply favors sellers even with inventory up 29.5% compared to May 2024.
