Every now and then, I like to take a look at key economic information from reports on the area to gauge the health of the local economy. This is important not just for businesses but for homeowners, too, since so much of real estate depends on the economy – and vice-versa.
Fortunately, the latest economic indicator report from Florida Gulf Coast University has several items of good news for Lee County.
Single Family Permits Trending Up
One big force multiplier for local real estate’s contribution to the economy is the number of single-family homes that are being planned for construction.
Building a new home adds a tremendous amount of value to an economy and ultimately helps increase price values for surrounding homes. Also, rising permits suggests increased demand for homes in Lee County, which also helps homeowners.
While the amount of permits issued in November 2013 was down slightly from October, that decrease is seasonal. The overall trend is up significantly from November 2012 and well above the average for every year since 2007.
Homes in Bonita Springs and Elsewhere in Lee County Are Worth More
Overall, homes in Lee County have been increasing in value for the past few years. Values took a dip in October 2013, but as the report suggests, they rebounded nicely to a median price of $170,000. The overall trend is on the rise, too, even as fewer homes are being sold as a whole in Lee County.
It appears that demand is still hanging with supply and even outstripping supply at certain times of the year, which only boosts prices and helps those who own homes in Southwest Florida.
If you are looking to buy homes in Lee County, you may have to act quickly to avoid even higher prices. (Of course, that works out to your favor once you buy!) Contact me to learn more and take action!