Florida Real Estate - A Mid Year Southwest Florida Sales Update
Posted by Benjamin Dona on Friday, July 24th, 2009 at 2:32pm.
Florida real estate sales are hot. Yes, you read that right. The real estate market in Southwest Florida is booming and the rest of the state is doing quite well too. In fact, for the first six months of the year, the Cape Coral and Ft. Myers market area has seen sales soar 116% on a year over year basis and the Bonita Springs and Naples market area was not too shabby either, up 34%. Overall, Florida’s existing home and condominium sales have risen on a year over year basis for ten straight months. And, for two consecutive months in a row, the statewide median sales price for existing homes rose over the previous month’s figure. Not bad for a market that some in the press portray as dead in the water.
Cape Coral and Ft. Myers Real Estate
Cape Coral and Ft.Myers Highlights:
- Currently there are 7,239 single family homes listed in the Ft. Myers MLS. That's a decrease of 41% over this time last year and reflects just 3.5 months worth of supply of inventory.
- Foreclosures and short sales continue to drag down the median price. The overall median price of single family homes is $83,000, down almost 48% from last year. Year-to-date, the median price of traditional sales is $175,000. It's $69,000 for bank owned (foreclosure) properties and $105,000 for short sales.
- Condos sales totaled 1548 units and had a median sales price of $207,000.
Bonita Springs and Naples Real Estate
Bonita Springs and Naples Highlights:
- Currently there are 5,059 single family homes listed in the Bonta Springs/Naples MLS. That's a decrease of 31% over this time last year and reflects 8.25 months worth of supply of inventory.
- The overall median price of single family homes is $200,000, down almost 40% from last year. Year-to-date, the median price of traditional sales is $360,000. It's $100,515 for bank owned (foreclosure) properties and $210,000 for short sales.
- Condos sales totaled 1536 units and had a median sales price of $156,950.
Condo sales continue to suffer in all market areas though as the new Fannie/Freddie lending guidelines are having a major impact, especially with the 30% down payment requirement and the 15% (30% for new construction) maximum units in default guideline. In addition, many luxury home sellers still have not figured out that they are going to have to reduce their asking price in order to move their properties. There are 700 homes for sale over $1 million listed in the Ft. Myers MLS and 1131 homes listed in the Naples MLS. Both are well over a 100 months worth of supply of inventory at the current sales pace for homes in that price range.
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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