The Florida Association of Realtors released their monthly home sales report, and SW Florida posted a 36% increase in sales of single family homes over last October, 2005. Numbers for October 2005 may be skewed due to Hurricane Wilma. One such anomoly is the October 2005 single family median home price which was adjusted to $445,100 last year. Previously it was reported around $311,000.
The median price of a single family home in Lee County slipped to $249,200 in October, a 4.67% price drop from the previous month of September, 2006.
As you can see from this chart, home sales in SW Florida have leveled off. Showings have picked up, and buyer calls have really picked up in SW Florida. For the first time in a long while, inventory levels have topped in the Fort Myers and Cape Coral Geo areas, and Pending Sales have bottomed. This could be a sign our market has bottomed. Buyers seem to be aware of this now and are getting back in the buying game. We believe there is some pent-up demand, and once more buyers discover what’s going on, more buyers may jump in.
Condo sales in Lee County rose 76% to 153 sales. This is a 155% increase from September 2006 numbers. Median prices were down to $269,000, and this is why we’re really starting to see sales occur again in SW Florida.
Naples single family home sales are another story. Fort Myers – Cape Coral sales increased 36%, while Naples dropped 27% down to 204 sales in October 2006 compared to 280 sales in October 2005, Median home prices dropped 17% in Naples down to $420,000, down from $505,400 in October 2005.
Naples condo sales were down 43% from 266 last year to 152 this year, and median sales prices eased only slighty 6% down to $355,600
The Ellis Team has noticed phone calls picking up, and buyers making offers. Pending sales have increased in the last two weeks. We certainly have a buildup of inventory, and this market won’t turn overnight, however we are encouraged by some positive signs in the last month.