Cape Coral and Fort Myers Real Estate Sales: April, 2010 Update
Posted by Benjamin Dona on Thursday, June 10th, 2010 at 7:41pm.
T he sales of homes and condominiums in the Southwest Florida real estate market continued to impress as season wound down in April. Both the cities of Cape Coral and Fort Myers saw their inventories fall and the median price rise. Buyers who remained on the sidelines are finding out their choices are becoming more limited and many of the best properties are now receiving multiple offers making purchasing more difficult.
Here's a synopsis of the April sales numbers:
Cape Coral Real Estate Sales
- April sales totaled 657 and were down 8% from a year ago.
- Single family home sales were down 12% and totaled 591 sales.
- Single family home inventory has fallen to 2.7 months worth of supply.
- Condos sales were up 40% and totaled 66 units.
- Condominium inventory has fallen to 5.8 months worth of supply.
- For the month, there were 214 foreclosures sold, 322 normal sales and 121 short sales.
- The list to sales price average for all properties sold was 94.70%.
- The average Days On Market were 65 for single family homes and 127 for condominiums.
Fort Myers Real Estate Sales
- April sales totaled 696 and were up 10% from a year ago.
- Single family home sales were up 10% and totaled 369 sales.
- Single family home inventory has fallen to 3.9 months worth of supply.
- Condos sales were up 99% and totaled 327 units.
- Condominium inventory has fallen to 4.6 months worth of supply.
- For the month, there were 230 foreclosures sold, 348 normal sales and 118 short sales.
- The list to sales price average for all properties sold was 93.83%.
- The average Days On Market were 108 for single family homes and 111 for condominiums.
At the end of the month, there were 10,886 active residential properties listed in the Ft. Myers MLS. That's a decrease of 12% versus this time last year and reflects a 3.8 months' worth of supply of inventory. Pending sales were down 2% over last year and totaled 2,861. The median price of all sold properties was $96,000, up 20% from a year ago. The median price for properties sold above $300,000 was $395,000, down 7% from $425,000 in 2009.
All Residential Sales - 2003 to 2010
It will be interesting to see how things go as we move into the summer season. If the tighter inventory trend continues, things are going to get dicey as the competition for properties will become fiercer and prices are likely to continue rising. So, if you're thinking about purchasing a little piece of paradise for yourself and your family, now may be the time to do it. Hesitating too much longer and you may just be sorry you decided to "wait and see" what happens next in this fast moving market.
*Sales Data Statistics from SWFL & Nabor MLS.
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