The single-family home market in the Fort Myers – Cape Coral metro area still remains strong but is starting to show signs of transitioning to a more balacned market as evidenced by two straight quarters of declining home sale transactions.
According to FloridaRealtors, there were a total of 3,997 existing single-family home sales throughout the greater Fort Myers metro area during the first quarter 2022. This represents a 8.3% decrease from the number of existing single-family sale transactions during the first quarter 2021 (4,357). Of the total, approximately 40% or 1,654 transactions were completed using cash.
The amount of closed sales have continued to increase based on the following historical levels.
- Q1 2022 – 3,997 (down 8.3% year-over-year)
- Q4 2021 – 4,183 (down 8.9% year-over-year)
- Q3 2021 – 4,288 (up 0.9% year-over-year)
- Q2 2021 – 5,347 (up 60.1% year-over-year)
- Q1 2021 – 4,357 (up 29.6% year-over-year)
- Q4 2020 – 4,590 (up 38.8% year-over-year)
Based on the current level of activity and the decline in pending sales during the quarter, it is anticipated that the number of overall sales of existing single-family homes will decline in the upcoming quarter due to limited inventory levels, rising interest rates and record high home prices.
Overall dollar sales volume for the second quarter 2022 was $2.3 billion which is a 10.2% increase from the $2.1 billion amount realized during the prior year. but down from $2.8 billion as of the second quarter 2021. For the past several years, year-over-year dollar sales volume has continue to increase not only due to a growth in the number of transactions, but also the growth of single-family home values.
- Q1 2022 – $2.3 billion (up 10.2% year-over-year)
- Q4 2021 – $2.3 billion (up 16.0% year-over-year)
- Q3 2021 – $2.0 billion (up 22.6% year-over-year)
- Q2 2021 – $2.8 billion (up 121.6% year-over-year)
- Q1 2021 – $2.1 billion (up 668.4% year-over-year)
- Q4 2020 – $2.0 billion (up 76% year-over-year)
Single Family Home Sale Prices (First Quarter 2022)
The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.
For the first quarter 2022, the median sale price for single-family home sale transactions in the greater Fort Myers – Cape Coral metro area was $420,000 which is 25.1% higher than that observed for the first quarter 2021.
- Q1 2022 – $420,000 (up 25.1% year-over-year)
- Q4 2021 – $380,000 (up 21.8% year-over-year)
- Q3 2021 – $360,000 (up 24.1% year-over-year)
- Q2 2021 – $360,000 (up 35.6% year-over-year)
- Q1 2021 – $335,775 (up 122.3% year-over-year)
- Q4 2020 – $312,005 (up 20.0% year-over-year)
For the same period, the average sale price for single-family home sale transactions in Fort Myers – Cape Coral MSA was $585,593. This amount is 20.1% higher than the first quarter 2021 and the highest average observed in over a decade.
- Q1 2022 – $585,593 (up 20.1% year-over-year)
- Q4 2021 – $547,641 (up 27.3% year-over-year)
- Q3 2021 – $472,713 (up 21.5% year-over-year)
- Q2 2021 – $515,254 (up 38.4% year-over-year)
- Q1 2021 – $487,561 (up 30.0% year-over-year)
- Q4 2020 – $430,191 (up 26.8% year-over-year)
Single Family Home Inventory Levels (First Quarter 2022)
Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market.
As of the end of the first quarter 2022, there were only 1,651 single-family homes available for sale throughout the Fort Myers – Cape Coral area which is a 9.3% increase from the amount of inventory as of the end of first quarter 2021. In the past two years, overall inventory has been extraordinary low compared to historical levels.
- Q1 2022 – 1,651 (up 9.36% year-over-year)
- Q4 2021 – 1,586 (down 36.2% year-over-year)
- Q3 2021 – 1,746 (down 43.1% year-over-year)
- Q2 2021 – 1,622 (down 58.4% year-over-year)
- Q1 2021 – 1,510 (down 72.1% year-over-year)
- Q4 2020 – 2,485 (down 53.2% year-over-year)
The monthly supply of single-family home inventory as of the first quarter 2022 was also historically low. At the current pace of sales, there is just a single month of inventory available for sale in the greater Fort Myers area.
- Q1 2022 – 1.1 months supply
- Q4 2021 – 1.0 months supply (down 47.4% year-over-year)
- Q3 2021 – 1.1 months supply (down 57.7% year-over-year)
- Q2 2021 – 1.0 months supply (down 71.4% year-over-year)
- Q1 2021 – 1.1 months supply (down 75.6% year-over-year)
- Q4 2020 – 1.9 months supply (down 58.7% year-over-year)
The number of new single-family home listings which were put onto the market during the first quarter increased by 4.3% (from 1Q 2022), continuing a trend since the first quarter 2021.
- Q1 2022 – 5,174 (up 4.3 year-over-year)
- Q4 2021 – 4,286 (up 3.8% year-over-year)
- Q3 2021 – 4,711 (up 5.3% year-over-year)
- Q2 2021 – 5,107 (up 38.3% year-over-year)
- Q1 2021 – 4,963 (up 1.7% year-over-year)
- Q4 2020 – 4,129 (down 1.6% year-over-year)
Due to demand levels and low inventory, the number of new listings are increasingly higher price points continues to grow. Following is a table of new first quarter 2022 single-family listings at individual price points.
| Initial Listing Price Point (New) | New Listings | % Change (YOY) |
| Less than $50,000 | 1 | 0.0% |
| $50,000 – $99,999 | 6 | -57.1% |
| $100,000 – $149,999 | 27 | -64.5% |
| $150,000 – $199,999 | 89 | -72.4% |
| $200,000 – $249,999 | 172 | -77.0% |
| $250,000 – $299,999 | 441 | -49.8% |
| $300,000 – $399,000 | 1,259 | 20.2% |
| $400,000 – $599,000 | 1,445 | 51.0% |
| $600,000 – $999,999 | 1,088 | 81.3% |
| $1 million or more | 646 | 103.1% |
As of the first quarter 2022, the following table will show the number of active property listings at individual price points.
| Current Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 0 | NA |
| $50,000 – $99,999 | 0 | -100% |
| $100,000 – $149,999 | 4 | -88.9% |
| $150,000 – $199,999 | 23 | -70.5% |
| $200,000 – $249,999 | 31 | -81.7% |
| $250,000 – $299,999 | 83 | -58.1% |
| $300,000 – $399,000 | 332 | 16.9% |
| $400,000 – $599,000 | 466 | 90.2% |
| $600,000 – $999,999 | 379 | 49.2% |
| $1 million or more | 333 | 37.6% |
Are you thinking of selling?
Based on the year-end 2021 data, the current state of the market is highly favorable for seller. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com.
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