Southwest Florida Real Estate Market Trends July/August 2020
by Scott Meadows
on Wednesday, August 26th, 2020 at 3:30pm.
Southwest Florida Real Estate Sales trending higher, demand for inventory increases
As we wind down the traditional summer season, the real estate market in Southwest Florida is only heating up. Like much of the rest of the state, the housing market is strong, and that’s evident in locations stretching from Marco Island and Naples to Fort Myers Beach, Cape Coral, Port Charlotte, Venice, Sarasota, Tampa and Orlando.
It’s no wonder that demand for residential real estate is high in Southwest Florida. Afterall, the local population continues to grow and is maintaining its status as one of the fastest growing regions in the entire State of Florida. That’s translated to an exciting trend for rental property investors, as well as for those in search of a new home in the region.
As we begin inching closer to fall, the Southwest Florida real estate market for August 2020 is already shaping up to be a strong one. In particular, we’ve seen a surge on waterfront properties in both July and August in Cape Coral.
Home and condo sales are surging in Naples as well, as is the market for Marco Island. If you’re thinking about investing in Fort Myers real estate, the Naples real estate market, or interested in one of the many waterfront homes in Marco Island, now is the time to act.
While the real estate market took a hit in late Spring, likely due to COVID-19 and some of the economic uncertainty nationwide, by June of this year we were already beginning to see the market come back to life. Since then, we’ve seen plenty of positives. Demand is steady, even with fewer homes on the market.
The Southwest Florida Economic Development Alliance is pointing to strong overall growth across each of the five counties it covers. Altogether, the counites of Lee, Collier, Glades, Hendry and Charlotte account for an estimated 1.3 million residents today, but that number is expected to climb substantially over the coming years and decades.
Population of Southwest Florida
Projected population by 2025: 1.5 million
Projected population by 2045: 1.8 million
The SWFLEDA points to Florida being a particularly strong state for business, high-tech establishments and for its talent pipeline. Not only is the state business-friendly, but the alliance points out Southwest Florida is also affordable and boasts a high quality of life.
For all of these reasons and more, Southwest Florida continues to grow and expand. Even amid some economic uncertainty, the real estate market in this part of the country is seeing some real surges, especially over the past couple of months.
New listings are up and demand remains high. Serious sellers know there’s a market out there right now for homes and properties in Southwest Florida. For buyers, the allure of extremely low mortgage rates is hard to pass up.
As a major tourist destination, Lee County is known for its miles upon miles of white sand beaches, its prime opportunities for boating and fishing and its championship golf courses.
According to the SWFLEDA, the median single-family home sales price in Lee County as of April 2019 was $266,500.
The largest city in Lee County is Cape Coral. As previously mentioned, we’ve seen a real surge on Cape Coral waterfront properties recently, mostly notably in July and August.
Lee County is also home to Fort Myers. Fort Myers real estate is particularly strong right now. Condo sales and home sales are surging in Fort Myers Beach.
Sometimes referred to as the Paradise Coast, Collier County sits on Southwest Florida’s southern side. It is the State of Florida’s largest county by land acreage, and is known for its fishing, its protected sanctuaries and its state parks.
According to April 2019 data from the SWFLEDA, the median single-family home sales price for Collier County was $499,500.
Research shows the Naples real estate market is particularly strong. That’s evident from the surging home and condo sales in Naples right now, making it a good time to get in on the market. Even back in June of this year, the Naples Area Board of REALTORS was already tracking a major uptick in pending sales, especially in terms of single-family homes.
Waterfront homes in Marco Island are hot, as many buyers seek out new opportunities to fully enjoy a Southwest Florida lifestyle. Marco Island is surging in terms of residential real estate, as more and more buyers and sellers seek out new opportunities.
To the north of Fort Myers and Cape Coral, Charlotte County enjoys more than 12 miles of white sand beaches and is home to one of the largest protected marine estuaries in the world. It is also known for its fishing, including some annual tournaments.
The SWFLEDA puts the median single-family home sales price in Charlotte County around $232,700, as of April 2019.
Some of the current residential buyers out there are actively seeking Port Charlotte waterfront homes for sale. Boaters enjoy access to Charlotte Harbor, the Myakka River and the Peace River, with the opportunity for some relatively affordable waterfront properties and golf course homes.
Another location on the list for Southwest Florida buyers is Punta Gorda. The area is known for its incredible waterfront views and for promoting an active lifestyle.
Even further to the north along Florida’s Gulf Coast is Hillsborough County and the City of Tampa. It is one of the most populated counties in Florida.
Tampa, in particular, is a major city in the State of Florida, and the largest city in the Tampa Bay area. Despite fewer homes being on the market compared to a year ago, we’re really beginning to see a change when it comes to the number of closed sales in the Tampa area, including single-family homes, townhouses and condos.
To the south of Tampa, the City of Sarasota is known for its incredible sand beaches and its shallow waters. Buyers desire Sarasota homes for sale, and serious sellers know now is the time to get their home ready and on the market.
Overall, the Southwest Florida real estate market for August 2020 is shaping up to be strong. That’s setting a positive trend as we move forward through the rest of the calendar year and on to 2021.