The housing market has been on a roller-coaster ride in recent times, with the effects of the pandemic being felt in every industry. The real estate market, in particular, has experienced its share of ups and downs, with some areas seeing a decline in sales, while others have witnessed an increase.
According to the latest data released on March 21st, 2023, the coastal counties (Lee, Collier, Charlotte) had a total of 1,681 single-family home sales in February 2023. This represents a decrease of 21 percent from February 2022 but is up 19 percent from January 2023.
Among the coastal counties, Lee County registered the highest number of single-family home sales, with a total of 1,024 units in February 2023. However, this figure represented a decrease of 17 percent from February 2022. On the other hand, the median price in Lee County increased from $410,000 to $447,500 over the same period.
Collier County, which had the second-highest number of single-family home sales among the coastal counties, reported 390 units in February 2023, down 15 percent compared to February 2022. However, the median price in Collier County rose by $75,000 from $700,000 in February 2022 to $775,000 in February 2023.
Charlotte County reported the lowest number of existing single-family home sales among the coastal counties, with 267 units sold in February 2023. This figure represents a decline of 37 percent from February 2022. The median price in Charlotte County was $370,000 in February 2023, down $18,500 (5 percent) over the same month last year.
These figures suggest that the coastal counties experienced a mixed bag of results in terms of single-family home sales in February 2023. While there was an overall decrease in sales compared to the same period last year, the sales figures in January 2023 showed an upward trend.
The increase in median prices in Lee and Collier counties indicates that even though sales numbers were down, there is still demand for properties in these areas. However, the decline in sales and median prices in Charlotte County may suggest that the demand for properties in that area is currently lower than in other coastal counties.
The decline in sales could be attributed to various factors, including rising interest rates and home prices, supply chain disruptions, and changes in buyer preferences due to the pandemic. It remains to be seen how these factors will continue to impact the housing market in the coming months.
Overall, the coastal counties’ housing market remains an area of interest for real estate investors, home buyers, and industry analysts alike. As the market continues to shift and adapt to the changing times, keeping an eye on these trends and fluctuations could help buyers and sellers make informed decisions.
About the Data
Existing single-family home sales and median prices for each of the coastal counties is provided by Florida Realtors®. Data is updated on a monthly basis.