The month of October, 2019 was a great month for the real estate market.
Thanks to the historically low interest and mortgage rates and higher earnings for the general population, the real estate market has seen a great increase in closed sales throughout the country compared to October last year.
Country Wide Real Estate Snapshot
According to the National Association of Realtors both South and Midwest regions of the country experienced an increase meanwhile, the Northeast and west experienced a decrease in closed sales.
The total number of transactions for the month of October, 2019 was 5.46 million, which is 4.6% increase compared to October 2018.
Median Sales price rose up by 6.2% at $270,900, while total inventory went down by 4.3% with a 3.9 months of supply.
The average days on the market for properties was an average of 36 days.
State of Florida Real Estate Snapshot
As the South held 43% of total closed sales for the entire country, the market in Florida also showed great numbers.
According to Florida Realtors, total closed sales for single family homes increased by 5.2% compared to October of last year while closed sales for townhouses and condos decreased by 0.5%
The median sales price in the state of Florida increased by 3.6% at $263,000 as well as townhomes and condos with a 5.8% increase at $190,500.
Inventory remains down at -7.0% with a 3.7 months of supply for single family homes and -3.7% for a townhomes and condos with a 5.4 month supply.
Lee County Real Estate Market Report
According to the Royal Palm Coast Realtor Association, the total closed sales were up by 10.4% for single family homes and 17.4% for condos and townhouses.
Although single family inventory is down by 9.2% in active listings with a 4.7 month supply for single family homes and 8.1% for townhomes and condos with a month supply of 5.3, both single family homes and townhomes and condo's median sales price dropped by 5%.
The average time properties spent on the market were 72 days for single family homes and 83 days for townhomes and condos.
Once again North Fort Myers and Sanibel/Captiva Islands saw an increase in family home sales with North Fort Myers at 63.9% increase and a total of 59 closed sales and Sanibel/Captiva Island at 40% increase and 14 total closed sales compared to October 2018.
Over all, all Lee County cities saw an increase in sales with the exception of Fort Myers beach for another consecutive month, this time with a 12.5% decrease and 7 closed sales.