Cape Coral – Fort Myers Sales Up 57 % Over This Time Last Year
UPDATE August 7, 2008
The REALTOR® Association of Greater Fort Myers and the Beach, Inc. reports that a total of 745 existing single family houses were sold in July, 2008. The is an 87.7% increase in the number of single family houses sold vs. July, 2007.
While prices have dropped in the past year, the absorption rates (supply in months) have shrunk to 9.6 months, a significant drop since July 2007, when the absorption rate was 21.6 months. This indicates that homes have returned to levels of affordability as pending sales of existing single-family homes in July were 1,179 vs. 518 a year ago, an increase of 127.6%.
UPDATE JULY 7 2008 – PRESS RELEASE FROM GREATER FORT MYERS ASSOCIATION OF REALTORS:
The Trend Continues.
Fort Myers, FL – Single-family home sales across the Greater Fort Myers area rose again in June for the sixth consecutive month, according to the statistics released by the REALTOR® Association of Greater Fort Myers and the Beach, Inc. Sales of single-family homes rose by 53.2 percent on a year over year basis, with the number of closed sales at 717 compared to 468 last June.
While the median price of a single-family home dropped by 34 percent to $158,000 compared to $239,500 a year ago, it is apparent that buyers are deriving solid value from the properties on the market. Pending sales are up 80.1 percent with 1379 single family homes pending compared to 762 in June 2007.
“Buyers are benefiting from an attractive selection of housing inventory from which to choose along with historically low interest rates. Sales demand in the Greater Fort Myers area is continuing to grow as housing prices return to a more affordable range,” said Ron Carpenter, president of the REALTOR® Association. “We are very pleased with the upward trend in home sales over the past six months and we’re expecting that, as prices have become more reasonable, more buyers will realize that now really is a great time to buy a home.”
UPDATE MAY 2008: Median price in Lee up 6 percent in May; sales increase by 2 percent
Sales edged up and prices reversed a downward spiral that’s been going on since October for existing homes in Lee County, according to statistics released Thursday.
The median price of a single-family home sold with the assistance of a Realtor in May was $212,400, up 6 percent from April’s $200,300, according to the report issued by the Florida Association of Realtors.
Meanwhile, the number of houses sold rose 2 percent from 809 to 823.
Nationally, resales increased 2 percent to a 4.99 million annual rate, but the median price dropped to $208,600 from $222,700 in May 2007.
The April 2008 real estate market numbers for the Cape Coral – Fort Myers area have finally been released by the Realtor Association of Greater Fort Myers and the Beach. Attached are snapshots of various Florida major markets, showing that real estate sales in Cape Coral and Fort Myers are experiencing some of the greatest activity.
- Sales of existing single family homes in Cape Coral – Fort Myers are up 41% over this time last year
- Sales of existing condos in Cape Coral – Fort Myers are up 57% over this time last year.
- Inventory of single family homes has decreased from a 22 month supply in December of 2007 to a 10 month supply.
View the Acrobat PDF Reports: