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.
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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/
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