Lee County Home Sales Up 87.7%
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. This 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%.