"People don't buy houses in December" they say. Well, that's certainly not the case anymore! Interest rates remain low and more and more people who have considered purchasing a home before are now taking advantage of the historically low rates.
Both Millennials and Gen X generations are also preferring to buy their own home rather than to rent, as they experience a growth in income and mortgages become more affordable, owning a home seems to be the better option for many.
The United State Real Estate Market
According to NAR, all four regions experienced a growth in closed sales compared to December of 2018. The South led by an increase of 12.4%, the West came in second with a 10.7% increase, Midwest with 9.2% increase and lastly, the Northeast with 8.8% increase in closed sales.
Year over year, single family homes and condos also saw an increase in price country-wide at $276,900 and condos at $255,400.
Florida Real Estate Market
According to the FloridaRealtors.Org , Florida also had a great run in December of 2019.
The Media sales price also increased by 5.9% for single family homes at $270,000 and 8.1% increase for condos and townhouses at $200,000.
The average days on the market for the month of December 2019 was 39 days for single family homes and 48 days for condos and townhouses.
Inventory remains low, at a -11.4% with a 3.4 months supply of inventory for single family homes and down by -9.7% with a 5.2 months supply for condos.
Lee County Real Estate Market
Just as the state of Florida, Lee County Real estate market has grown tremedously! As snowbirds become full time residents and folks from all over the country decides to call Southwest Florida their home, the economy has really been booming for the entire area.
The increase in jobs and advancement in careers has helped the real estate market to continue stay strong and steady.
According the Royal Palm Coast Association of Realtors, year over year closed sales were up by 35.7% for single family homes and 50.6% for condos and townhouses.
Median sales prices continue to rise, this time with an increase of 0.7% for singe family homes at $262,000 and 0.1% for condos and townhouses at $246,000.
Average day on the market in Lee County was 58 days for single family homes and 69 days for condos and townhouses.
As far as inventory goes, the situation is no different in this region, single family home inventory is down again by -16.5% with a 4.6 months supply of inventory and condos and townhouses down by -21.2% with a 5.2 months supply of inventory.
Cape Coral saw the biggest year over year increase in single family home closed sales in December of 2019, with 40.4% increase and Fort Myers right behind it with 38.7% increase.
All cities experienced an increase with the exception of Pine Island that saw a decrease of -26.3%.