It is important to note the above visual compares the June, 2022 statistics to the June, 2021 statistics. Over the last twelve months, the real estate market as well as the U.S. economy has experienced material changes. As a result of rising mortgage interest rates, escalating home prices and climbing inflation, the U.S. housing market is slowing down. In June, the Federal Reserve raised the federal funding rate by three fourths of a percentage point in an effort to mitigate rising inflation. This move marked the largest increase since 1994 and impacted the cost of credit throughout the economy causing prospective budget minded buyers to table their immediate plan to purchase a home.

Despite those changes, the real estate market in both Lee and Collier County is robust. We remain in a Seller's Market with a 1.7 month's supply of homes reflecting an increase of .4% when compared to May.

The Median Sales price remained unchanged at $410,000, however the Average Sales Price decreased by 5.9% from $573,061 in May to $539,063 in June.

The Percent of Original Price Received decreased by 1% from 99.8% in May to 98.8% in June.

The Number of Days on the Market remained unchanged at 18 days.

The Inventory of Homes for Sale increased 26.1% from 2,962 in May to 3,736 in June.

If you are contemplating listing your home, pricing is critical in this transitioning market. If you are currently searching for a home, be mindful of the shifts. Timing is key. Stay tuned for my next market update scheduled for the third week of August.