Tuesday, May 20, 2008

Fort Myers, FL: April Home Sales Up 32% From Last Year

Inventory of unsold homes declining

We have continued to see an increase in sales and the amount of positive press about the local real estate market in Southwest Florida over the past few weeks as new sales data has come in. I think the most interesting statistic to come out is the current absorption of inventory which I think has been under publicized and provides both buyers and sellers with a more comprehensive view of the market. The most current absorption rate for single family homes is 9.9 months considerably lower than the 23 months of inventory that we saw in December 2007.

Special to Florida Weekly-
The Realtor Association of Greater Fort Myers & the Beach (which includes Bonita Springs & Estero) reports that a total of 684 existing single family houses were sold in April. That's a 32 percent increase in the number of single family houses sold compared to last April. In addition, 1176 single family homes are pending, reflecting a 47.2 percent upswing since April, 2007. Most encouraging are the absorption(supply in months) rates, as the current absorption rate for single family homes is 9.9 months, well below December 2007 when there was nearly 23 months of inventory up for sale.

The median sales price is $180,000, up 21 percent from 2003 levels, but down from year ago by 16 percent. Moderately priced inventories are moving as buyers are taking advantage of the lower interest rates and the affordable property values in the market. Based on the 4-month trend, it is anticipated that existing single family home sales will out-pace 2007 sales by 30 percent. "It is apparent that buyers are seeing the value of homes in Southwest Florida and are entering the market at increasing numbers."

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