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Florida Real Estate - A Mid Year Southwest Florida Sales Update

Posted by Benjamin Dona on Friday, July 24th, 2009 at 2:32pm.

Southwest Florida Home SalesFlorida 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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About the Author

Gulf Coast Associates, RealtorsBenjamin 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



7 Responses to "Florida Real Estate - A Mid Year Southwest Florida Sales Update"

Beverly Henson wrote:
Good! I am so glad to hear that. I've always loved Florida..especially Pensacola and Ft. Walton etc. I am glad you are getting the word out that things are moving now. Hopefully, between the low interest rates, the tax credit AND the fact that things are moving, people will get the message and get on it while the getting is good!

Posted on Friday, July 31st, 2009 at 12:51pm.

Benjamin wrote:
We try Beverly. I just wish the press would get on the bandwagon.

Posted on Friday, July 31st, 2009 at 5:49pm.

Sam Chapman wrote:
I hope that continues as I have a guy waiting to sell in Florida before he can buy in Austin. We need to see more movement and a reduction of inventory in many cities across the country.

Posted on Friday, July 31st, 2009 at 6:43pm.

Benjamin wrote:
No doubt Sam. I wish we would see what is going on here in SW florida spread around the country. The sooner it does the better things will get for evryone.

Posted on Friday, July 31st, 2009 at 7:43pm.

Aaron wrote:
No question about it, home sales are way up in southwest Florida right now. I do not make a ton of money, but I am thinking about buying a two bedroom and renting the second room out to a roommate. I know several people who were terrified to buy over the past few years but are now talking about taking the plunge. Maybe this housing crash is finally coming to an end.

Posted on Sunday, August 2nd, 2009 at 12:50am.

J Brandt wrote:
Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix.

1. A mortgage lender friend of mine says that April was his best month since 2005.

2. I wrote purchase contracts on two different properties today and received offers on two different listings this weekend. This constitutes the busiest weekend I have had in four years. One of the offers I received was for full price.

3. My wife, an escrow officer, says that April was her busiest month since 2005. About 50% of the transactions are refinancing of existing mortgages and 50% purchase contracts. Yes, most of the contracts are of lower priced foreclosures but its still promising to see that so many people believe prices now “make sense”.

4. We have received more buyer leads over the last two weeks than we have in four years.

5. We are finding properties priced low enough that one can easily enjoy positive cash flow if they buy and then rent the property out.

I’m not saying that we can now declare that the bust is over and full steam ahead but if things keep going in this direction we very well may be seeing the beginning of a recovery.

Posted on Tuesday, August 4th, 2009 at 2:33am.

Gerard wrote:
From speaking to colleagues and having read a number of real estate blogs, it seems to me that you'd struggle to find any region in the country in which house sales are not up.

It could have been a lot, lot worse.

Posted on Wednesday, August 5th, 2009 at 6:52am.



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