Lee County Real estate after Irma: This is an update to the case study “SWFL Real estate after Irma” that was presented by Jeff Tumbarello, Broker Steelbridge Realty LLC/ Director SWFL REIA at the SWFL REIA luncheon in October.
Disclosure:
- This presentation is meant to provide some guidance from a statistical point of view.
- This is my work done for my use and shared with you.
- All data exported from MLS and trended with Microsoft excel.
- Data was exported on 11/15/2017
Lee County Real estate after Irma: Where is the market today?
Volume Jan thru October YTD (Year to Date)
Lee County Residential
| 2016 | 2017 | DIFF | |
| Sales Volume | $ 4,460,924,501 | $4,747,859,631 | 6.43% |
| Sales Counts | 16,341 | 16,419 | 0.48% |
Note: Volume is the most important metric in a market. The fact that volume is not down from a year over year perspective is a reason for optimism.
Lee County Real estate after Irma: Pricing
Jan thru September YTD
Lee County Residential
| Average Sold Price | $ 272,990 | $289,169 | 5.93% |
| Median Sold Price | $205,000 | $220,000 | 7.32% |
Note: The pricing always seem to go up after a Hurricane. I think the lower price points have more cancellations.
Lee County Real Estate after Irma: Cash Sales Percentage.
Jan thru September YTD
Lee County Residential
| Sales Counts in cash | 6,849 | 6,680 | -2.47% |
| Cash % | 41.91% | 40.68% | -2.93% |
Note: The cash sales percentage is still a very positive metric for the market.
Lee County Real Estate after Irma: October 2016 versus October 2017 Volume and Sales Counts
| 2016 | 2017 | DIFF | |
| Volume | $ 376,077,728 | $368,417,806 | -2.04% |
| Counts | 1,406 | 1,318 | -6.26% |
Note: Some of the sales counts and volume are from the previous month.
Lee County Real Estate after Irma: October 2016 versus October 2017 Pricing
| 2016 | 2017 | DIFF | |
| Average | $267,481 | $279,528 | 4.50% |
| Median | $210,000 | $215,000 | 2.38% |
Lee County Real Estate after Irma: October 2016 versus October 2017 Cash Sales Metrics
| 2016 | 2017 | DIFF | |
| cash | 540 | 484 | -10.37% |
| Cash % | 38.41% | 36.72% | -4.39% |
Lee County Real Estate after Irma: Foreclosures:
From the October 2017 Lee County Foreclosure Trend Report
Notes:
- I have seen interviews with public and private individuals referring to a bump in the foreclosures.
- You have to understand the timeline to understand the possible trends.
- The earliest a foreclosure will be filed is roughly 90 days from today. Then you have generally a 6 month process.
- Due to our high percentage of cash sales since 2009. It is unlikely to trigger a mass event like the end of the last cycle.
Lee County Real Estate after Irma: How do we compare to other storms?
- Hurricanes have long had an influence on the Florida Real Estate market.
- The Florida Land Boom in the 1920’s was finished off by the 1926 and 1928 hurricanes.
Notes: From a pattern perspective we are resembling Wilma the most. Time will tell if that is the case.
~ Stay tuned (subscribe and follow) for updates going forward. Reposted from
We look forward to meeting you at a meeting soon!
Click here for membership information
Get our meeting notices and market data emailed to you.
The post Lee County Real Estate after Irma appeared first on SWFL Real Estate Investing.
source https://swflreia.com/2017/11/15/lee-county-real-estate-after-irma/
No comments:
Post a Comment