Aug. 6, 2023

Lehigh Acres, FL - R/E Market Report - July 2023

Lehigh Acres, FL - R/E Market Report

Welcome to an insightful exploration of the Lehigh Acres, Florida real estate market – a crucial resource for both discerning buyers and strategic sellers aiming to comprehend the prevailing market dynamics and anticipate potential shifts in the forthcoming year. This analysis offers a meticulous examination of Lehigh Acres' real estate landscape, presenting valuable data-driven perspectives on current trends and plausible future trajectories. For prospective buyers in search of astute investments and sellers seeking to optimize their property transactions, this guide provides an informed foundation to navigate the intricate nuances of this dynamic market with prudence and foresight.

Closed Sales

Let's dive into the world of home sales in Lehigh Acres, Florida for the month of July. During this time, 204 homes were sold. Comparing this to the previous month, June, where 266 homes were sold, we see a decrease of about 23%. Looking back to July 2022, when 235 homes were sold, this year's July sales were down by around 13%. These figures offer valuable insights for anyone interested in understanding real estate trends.

Average Sales Prices

Let's delve into the average sales prices of homes in Lehigh Acres, Florida. In the month of July, the average price for a home stood at $335,619. This showed a slight increase compared to the previous month, June, where the average price was $332,305. This means there was a rise of around 1%, indicating a modest uptick in home prices from June to July.

Now, casting our gaze back to July 2022, the average price was $315,918. When we compare this to the average price of $335,619 in July 2023, there has been an increase of about 6%. These figures underscore the evolving trends in housing prices over the past year, providing valuable insights for those interested in the real estate landscape of Lehigh Acres.

Days on Market (DOM)

Let's take a closer look at the average days on market (DOM) for homes in Lehigh Acres, Florida. In July, homes were on the market for an average of 43 days. This indicated a slight decrease compared to the previous month of June, where the average DOM was 44 days. This translates to a change of about 2%, showing a small reduction in the time it takes for homes to be sold from June to July.

However, when we look back to July 2022, the average DOM was 20 days. If we compare this to the average DOM of 43 days in July 2023, there's been an increase of around 115%. This notable change emphasizes the shift in market dynamics over the past year, which can be valuable information for those seeking to understand the pace of home sales in Lehigh Acres.

Inventory Levels

Let's delve into the housing inventory levels in Lehigh Acres, Florida, which are measured in terms of months of supply. In July, there was a 6-month supply of homes available for sale. This marked an increase from the previous month, June, when the supply of homes listed for sale stood at 4 months. This signifies a change of around 50%, indicating a notable rise in the number of homes available for purchase from June to July.

Turning our attention back to July 2022, the inventory level was at 5 months. If we compare this to the 6-month inventory level in July 2023, there's been an increase of about 20%. These numbers provide valuable insights into the balance between supply and demand in the Lehigh Acres real estate market, serving as crucial information for those looking to grasp the changing dynamics of home availability.

Absorption Rate

Absorption rates are an important metric for both sellers and buyers. They can indicate how long the home will be on the market by comparing it to the rate which comparable homes are selling.

It also can play into the price of the home. A home in a market with a high absorption rate will command a higher price than the same home in a market with a low absorption rate.

Put simply, the absorption rate is a measure of supply and demand. By taking the number of homes sold in a month and dividing it by the number on the market, you can find a percentage that determines how quickly homes sell. Rates over 20% indicate a hotter real estate market with rising home demand and home prices.

In conclusion, a pivotal factor shaping the Lehigh Acres, Florida real estate market is the absorption rate, which currently stands at approximately 18%. This metric underscores the rate at which available properties are being purchased, reflecting the balance between supply and demand. As buyers and sellers contemplate their strategic moves within this market, the absorption rate serves as a critical indicator of its health and vitality. Whether one is entering the market as a buyer or seller, understanding this metric provides a pragmatic basis for decision-making and underscores the importance of staying attuned to its fluctuations in the dynamic landscape of Lehigh Acres' real estate.

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July 1, 2023