Here is the latest version of the Downing-Frye Realty newsletter.
SOUTHWEST FLORIDA –
October 2009 – Members of the REALTOR® Association of Greater Fort Myers and the Beach, Inc. in eight months have sold 13.6 percent more homes than during the height of the market in 2005. In 2005, a total of 9,842 homes were sold during the entire year; through August, the year’s total number of single family homes sold is 11,178.
During the month of August, 80.7 percent more homes were sold than in August of last year, contributing to the area’s year-to-date sales increase of 124.9 percent. There were 1,317 single family homes sold in August; of the August sales, 54.4 percent of the homes were bank-owned, 18.6 percent were short sales and the remaining “conventional” sales made up 27.0 percent.
In addition to an increase in homes sold in the Greater Fort Myers area, there are 51.5 percent more pending home sales (1,752) than in August of last year (1,157).
The median sales price of all existing homes sold in August remained relatively unchanged at $82,300. That same median price is a decrease of 39.0 percent compared to August 2008’s median of $134,900 as foreclosures continue to bring down the median price.
There are currently 6,777 single-family homes listed in the MLS. This number has decreased by 4,320 homes from August 2008, which has resulted in an inventory supply just shy of 4 months (3.9) for single family properties in our area. Increased sales activity has led inventory months-of-supply to decline by 27.8 percent since the beginning of the year, when inventory supply was recorded at 8.8 months.
According to Mike Hughes, Managing Broker of Downing-Frye Realty, “The average days a property is on the market has decreased by over 20 percent. This decrease demonstrates that buyers are motivated. Pending sales contracts for September 2009 have outpaced last September by about 20% with sales of properties below $500,000 continuing to lead the way. September, which is usually a slow month, showed positive activity. Looks like the active summer season is spilling over into the fall.”
Jerry Bodart, Manager of the Downing-Frye Realty Bonita Springs Office, sees very positive signs in regard to the local real estate market. “Homes, condos, and land are all significantly more affordable than in recent years, mortgage rates are at historic lows, inventory (although decreasing) is still plentiful, and most importantly, people still want to own a piece of paradise here in Southwest Florida. Whether you are an investor, part-time resident, relocating to the area, downsizing or expanding, now is a great time to buy,” he said. “We may never again experience the great buying opportunities that the current market offers.”
Source: REALTOR® Association of Greater Fort Myers and the Beach, Inc.
If you have any real estate questions, please contact Ruth Bethem at firstname.lastname@example.org or visit her Naples Real Estate website.