Fort Myers, FL –June 2008 The REALTOR® Association of Greater Fort Myers and the Beach, Inc. reported a positive five-month trend in existing single family home sales. In May, the sale of existing single family homes increased by 61.9 percent compared to a year ago. 719 existing single family homes were sold in May, 2008 vs. 444 existing single family homes in May, 2007. In addition, 1429 single family homes are pending, reflecting a 76.9 percent upswing from a year ago. This year over year sales increases indicates a turn in the real estate market for Ft. Myers.
In addition, the current absorption rate (supply in months) for single family homes is approximately 8 months, well below December, 2007 when the absorption rate was nearly 23 months.

While the median sales price was down 28 percent from a year ago, it rose slightly last month to $185,900 and is well above 2003 levels, when prices began to inflate.

These indices suggest that we are experiencing a slow but steady recovery. We are seeing the buyers return to the market place. 2nd home buyers are seeing the value in real estate in Southwest Florida. We expect to see activity continue at it’s current pace, just above the 2007 levels, but well below the over inflated market in 2005. Have we reached the bottom? The upturn in May could indicate we have, but unfortunately the bottom cannot be seen after it has already passed.
Amerivest Realty – Fort Myers, Florida