April Home Sales Up 32% From Last Year

The Realtor Association of Greater Fort Myers and the Beach, Inc. 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.
"We're seeing a gradual improvement in the market and are optimistic that with the current interest rates and affordable inventories in the market there is a window of opportunity for many residents who had been unable to afford a home in recent years," said Ron Carpenter, President of the Realtor Association of Greater Fort Myers and the Beach, Inc.

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."- Jenny Moorhead, Amerivest Realty of Lee Island Coast


Florida Weekly, May 14, 2008

Market Takes Off On Lower Prices

Naples & Bonita Springs Florida - Pending sales have reached their highest levels since August of 2005, nearly three years ago; while median home prices are at four year low. They have hit month over month highs the last two months, with April sales even outpacing March sales, bucking the normal seasonal trend.

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