Lee County Florida Home Sales – Cape Coral, Fort Myers
Realtor Association of Greater Fort Myers Press Release, March 31 2009. Lee County Florida Home Sales, Southwest Florida, Market Update.
Fort Myers, FL – During March, there were 1,326 existing single-family homes sold, compared to 577 in March ’08, an increase of 130%. Pending sales are also up 84.2% year to year, with 2,019 single-family homes pending versus 1,096 a year ago.
The supply of single-family homes shrunk to 4.8 months, which is less than half of what it was a year ago, when the supply was 10.4 months.
While sales of existing single-family homes in March were the highest recorded for a single month in the past five years, our median price is still contracting due to the influence of bank-owned and short sale properties. During the first quarter of 2009, foreclosures represented 67% of the single-family properties sold at a median price of $70,857; short sale properties represented 14% of total sales with a median price of $119,908 and traditional properties represented 19% of total sales with a median price of $190,000.
“No one can argue that bank-owned properties are affecting our median price; however, buyers need to realize that our market is extremely competitive and very fast paced”, said Suzanne Sherer, Association President. “Today’s buyers should have their financing lined up and make their best offer, as most properties are receiving multiple offers and the competition may very well be a cash buyer.”
A Word About Median Homes Prices: The Median is a mathematical result that indicates that one half of the group is higher and one half lower. Median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.
Consider the following example:
70, 80, 80, 90, 150, 350, 650
The median is 90. The average is 210. Additionally, statistics such as median and average do not account for location differences, such as offwater or waterfront, golf course location, beachfront views, or similar.