With currently 8 recorded real estate sales in the MLS for the month of May that puts us on pace with the monthly lows we saw in 2008. Given the pandemic and stay at home orders issued by government officials , even though Real Estate was given a designation of essential, those numbers should be no surprise.

The good news is that since the state of Florida started their reopening phase, at the beginning of May, there have been 36 properties that have gone pending under contract in the MLS. Bringing the total pending properties in Gateway to 53. That includes new construction units in the Lennar community of Westhaven at Gateway.

Currently, in Gateway, 33 Single Family are pending in the MLS ranging in price from $209,000 to $575,000 and at a median price of $305,000.

There are 20 multi-family properties pending in the MLS ranging in price from $106,900 to $299,900 and at a median price of $204,498.

Relaxed restrictions along with supply and demand are playing a part in this activity. A recent report from the Florida Realtor Association showed active inventory for Lee County down 21.9% for April 2020 versus April 2019. Pent up demand from buyers not able or comfortable shopping for a home during the lock-down and the normal introduction of buyers coming into the sales cycle might play a part in the recent activity. But the recent activity is good news for the Florida real estate market.