Lee County 2008 Real Estate Record-Breaking
Fort Myers – Cape Coral and surrounding communities of Lee County saw an unprecedented number of properties go pending in the last quarter of 2008 (pending means the buyer and seller have an accepted contract on price and terms).
In the 4th quarter of 2008, 3,100+ homes went pending and that far exceeds the prior record set in the boom year of 2004 which saw 2,400 homes pending in the same period.
In comparison to 2007, the pending sales of existing homes in 2008 saw a 78% increase.
With homes, condos, and vacant land now priced at 2003 levels, those who say “I wish I had bought five years ago,” now can reach back in time and purchase at those pre-boom prices.
And this record-setting quarter shows the buyers are here and are doing exactly that. And unlike 2004 and 2005 in which many of the purchases were made by investors, we are seeing that most buyers now are end-users and will be occupying the home or condo year-round or seasonally. That bodes well for a more normal market that prevents future radical swings up or down as we’ve seen in the past 5 years.