Lee County’s real estate market cooled again slightly in July. Single family home sales were down 32% from July 2005, and down 22.11% from June 2006. There were 694 sales in July which signals buyers are still buying, just not as much in previous months or years. The median single family home sale price dropped 8% from July 2005 levels, and dropped 1.27% from June 2006 levels.
Many sellers have adjusted their asking prices to compete in this market, and some have not. Some sellers are being caught chasing the market down. Each time they make a price drop, they’re still behind what has already occurred. Many sellers are pricing their properties in line with what other sellers are asking, not what actual buyers are paying.
It’s very difficult determining the correct price because in many cases there are few sales to base it on. This is where knowledge and experience of your agent comes in. Sellers who have broken through the "Ask in line with what other Sellers are asking" mold have had success selling, while the bunched group of sellers properties remain on the market.
The seller sets the price, the market determines the value. This is true in a rising market, a flat market, and of course in a declining market. In a hot market, the asking price was bid up over full price. In a declining market, the property just sits. When there are no offers and few showings, it’s either incorrect pricing, lack of marketing, or both.
Here are some other interesting statistics as of August 23, 2006:
Lee County Florida Current Market Statistics.
|August 23,2006||Active||Pending||Months Supply of Inventory|
|July 25,2006||Active||Pending||Months Supply of Inventory|
|May 27, 2006||Active||Pending||Months Supply of Inventory|
Inventory levels for single family homes in Lee County Florida have actually increased slightly from 12.97 months supply to 13.10 months supply. Condominium inventory levels in Lee County have remained fairly steady the past several months.