From the Great Fort Myers Area Association or Realtors, May 11, 2009 (Cape Coral, Fort Myers, Lehigh Acres, Sanibel, Fort Myers Beach, Bonita Springs)

Fort Myers, FL – April homes sales were up 105.5% year to year with 1,406 existing single-family homes sold, compared to 684 in April ’08. Pending sales improved 60.2% year to year, with 2,368 single-family homes pending versus 1,478 a year ago.

Of significance is the drop in the number of single family homes listed on the MLS (at the end of April, there were 8,665 active listings of existing single-family residential properties compared to 12,324 a year ago, a decline of 29.7%). The supply of single-family homes shrunk to 3.7 months, which is less than half of what it was a year ago, when the supply was 8.3 months.

REOs represented 65.9% of all single-family homes sold in Lee County. Interesting is that the many of these properties are selling for more than the list price. There appears to be two prevailing reasons for this: one, many of today’s buyers are qualifying for FHA and VA loans, allowing for closing cost assistance; and two, there is more competition for these homes as multiple offers are being submitted on these bank owned properties. As of the end of April, we have already exceeded sales for all of 2007.

“This is causing buyers to make their highest and best offer when they find the home they want” said Suzanne Sherer, Association President. “As listings shrink and sales prices move above the listing price, this indicates that our market is starting its recovery. This should be very welcome news to sellers out there. Priced right homes are selling quickly”.