As you can see from the charts below, the SW Florida real estate market continues adding inventory, and pending sales are falling each month. This has led to sellers lowering asking prices to attract buyers.
Lee County Florida Current Market Statistics.
|October 18,2006||Active||Pending||Months Supply of Inventory|
*We project there will be approximately 9,048 single family closings reported in Lee County MLS, and approximately 3,144 condo sales reported. Months supply of inventory are based upon these projections.
|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|
Many experts believe the SW Florida real estate market has bottomed. We cannot say this is true for sure, however we can say that showing activity has picked up slightly in the past few weeks which may be a good sign going forward. In addition, the rate of increase of new listings to the market has steadied. Once we see an increase in pending sales, we can begin to identify that the market has bottomed. We haven’t seen that yet.
We believe based on current levels it will be approximately 18-24 months before we work off the excess inventory. 2008 could be a very good year, and we may see signs of recovery in SW Florida in 2007.