August Florida Real Estate Sales Remain Strong
Posted by Benjamin Dona on Tuesday, September 29th, 2009 at 6:03pm.
After a sizzling first seven months of the year, real estate sales in Southwest Florida remained strong in August. In fact, more homes were sold in the first 8 months of this year (by 13.6%) than in 2005, the biggest sales year ever in Southwest Florida. August marked the fourteenth month in a row sales have climbed in Lee and Collier counties. The Cape Coral and Ft. Myers market area saw total sales rise over 80% on a year over year basis and the Bonita Springs and Naples market area wasn't too shabby either, up 38%.
Overall, Florida's existing home and condominium sales have risen on a year over year basis for twelve straight months. And, after three consecutive months in a row of statewide median sales price ($147,600 in July) increases, August's existing homes number fell just slightly to $147,400. Not bad for a market that some in the press continue to portray as dead in the water.
Cape Coral and Ft. Myers Real Estate
Cape Coral and Ft.Myers Highlights:
- Single-family home sales were up 82% and totaled 1,317 sales.
- Condos sales were up 81% and totaled 266 units.
- Foreclosures and short sales continue to drag down the median price. The median price of single-family homes was $82,300, down 39% from last year. Condos faired a little better as their median price was down only 37% to $131,500.
- At the end of the August, there were 11,258 active residential properties listed in the Ft. Myers MLS. That's a decrease of over 30% versus this time last year and reflects just 5.1 months worth of supply of inventory.
Bonita Springs and Naples Real Estate
Bonita Springs and Naples Highlights:
- Single-family home sales were up 52% and totaled 317 sales.
- Condos sales were up 23% and totaled 228 units.
- Foreclosures and short sales continue to drag down the median price. The median price of single-family homes was $170,000, down 28% from last year. Condos faired a little better as their median price was down only 23% and was also at $170,000.
- At the end of the August, there were 9,163 active residential properties listed in the Naples-Bonita Springs MLS. That's a decrease of 13% versus this time last year and reflects over a 16 months worth of supply of inventory.
Condo sales continue to suffer in all market areas though as the new Fannie/Freddie lending guidelines continue to have a major impact, especially with the 30% down payment requirement and the 15% (30% for new construction) maximum units in condo fee default guideline. In addition, HUD has now changed the FHA rule regarding condominium financing and adopted conventional HVCC appraisal guidelines making condo loans that much tougher to get.
So, if you're thinking about getting a little piece of paradise for yourself and your family, now is the time to do it. Just come on down and join in on all the fun. You can be certain that buying now may just get you the deal of a lifetime.
*Sales Data Statistics from SWFL and NABOR MLS
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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
Southwest Florida Real Estate Blog