The Ellis Team SW Florida real estate Current Market Index leveled off in July to a 7.51 mark, up slightly from the 7.23 numbers in June. The lower the index the better it is for sellers, and the higher the index the better it is for buyers. We witnessed 5 straight months of decline before this leveling off.
Single family listings in Lee County Florida rose slightly from 15,634 to 15,668, while pending sales dipped slightly from 1,697 to 1,574. Both factors contributed to the slight uptick in the CMI index. This could be somewhat seasonal. We’ve also noticed a surge in investors swooping in to buy distressed bank foreclosures in recent weeks, which could be a positive sign. Investors tend to be less emotional and more analytical about the numbers, and their comfort level with today’s prices speaks volumes. It is important to note that these pending sales have been translating into significant increases in closing volume of 2007 levels. Home sales in Lee County were up 43% in June over last year’s numbers, following up on a big increase in May as well. Prices are down and volume is up.
The CMI index in Fort Myers actually improved, while Cape Coral softened just a bit. Listing inventory of single family homes declined in Fort Myers from 2,528 to 2,489, while inventory in Cape Coral rose from 5,092 to 5,104. Pending sales dipped slightly in the Cape while they held steady in Fort Myers