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Realtors association: local real estate sales show mixed results in May

June 26, 2020
Special to The Breeze ( , Cape Coral Daily Breeze

Lee County's housing market saw a big double-digit decrease in closings in both the single-family and townhouse/condominium categories in May, compared to the same period a year ago, according to a report from the Royal Palm Coast Realtors Association. These results were not surprising in light of the COVID-19 pandemic. Year-over-year, sales were down by 39.1% for single-family and 54.5% for townhouses and condominiums, according to figures just released by Florida Realtors, an umbrella organization for Realtor groups throughout the state.

May showed a small median sale price decrease of 0.7% for single-family and 3.1% in the townhouse/condominium category. This shows stability in the pricing segments. Inventory is significantly down for both. Year-over-year, local inventory of single-family dwellings is down at 27.5 % as shown in active listings. A 4.0-month supply of inventory shows the market is moving further into a sellers' market.

In the townhouse/condominium category, listings were down 17.1% versus May 2019. That translates to a 5.2-month supply and shows a balanced condo market.

Time spent on the market in May was shortened to just 47 days for single-family homes and 55 days for townhouses and condominiums. May 2019 showed 68 days for single-family and 74 days for townhouses and condominiums. This is another indication that we are in a sellers' market.

Broken down by city, negative results were widespread. Single-family homes all the cities showed a decrease in sales, with Sanibel/Captiva hit the hardest with a decrease of 71%.

When looking at closed sales by price point, all single-family homes were affected by the decrease in sales, with the $1 million and higher category hit the hardest with a 61.3% decrease.

About the Royal Palm Coast Realtor Association

Comprising a membership of more than 7,000 Realtors, RPCRA exists to advance the success of its members, serving as a resource for professional development and an advocate in community issues affecting members, their customers and property owners' rights. RPCRA serves all of Southwest Florida, with offices in Cape Coral, Fort Myers and South Fort Myers. For additional information, please visit



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