Sales surge in February as stocks remain tight
Residential real estate continues to be in high demand in Lee County, with median prices rising 22.2% to $ 329,000 for single-family homes and 11.9% to $ 223,750 for townhouses and condominiums in February compared to the same period a year ago.
However, the housing stock continued to run out over the past month, as days on the market fell 39.2% for single-family homes and 22.6% for townhouses and condominiums.
Measured by the month supply, inventories were down 75% for single-family homes in February and 68.3% for townhouses and condos compared to 2020.
“We have seen exceptionally strong home sales in Southwest Florida for most of the past year,” said Robin McKeever, president of the Royal Palm Coast Realtor Association. “After some initial sluggishness in March and April last year, sales started to climb rapidly during the pandemic and have not yet slowed down.”
Driven in part by the ongoing pandemic, new listings fell 9.8% for single-family homes and 11.8% for townhouses / condominiums in February 2021 compared to February 2020.
In another large category, pending sales increased 108.5% for single-family homes and 109.8% for townhouses / condominiums.
Inventories fell 67.8% for single-family homes and 62% for townhouses and condos.
Mortgage interest rates edged up in February, but remain below their levels a year ago.
Rates are expected to rise a little more in the coming weeks, although economists expect them to stay in the low range of 3% for the year.
This scenario means that home sales are unlikely to be significantly affected for the remainder of 2021.
For homeowners currently struggling due to COVID-19, government agencies are continuing their efforts to help those in need.
The Federal Housing Finance Agency has announced that it will allow homeowners with loans guaranteed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending full payment relief to 18 months. Eligible homeowners must already be in a forbearance plan by the end of February. ??