The August SW Florida Real Estate Current Market Index is out for Fort Myers, Cape Coral and Lee County real estate, and as you can tell, it’s been fairly level but weakening slightly, which should lead to strong sales numbers going forward, but not quite as strong as we saw in the summer months.
The official index climbs slighty to 7.88, up from 7.51 the month prior. The Index consists of Fort Myers and Cape Coral combined. The overall Lee County index stands at 10.04 for single family homes and 19.27 for condos this month. Fort Myers single family homes index is 12.89 and Cape Coral is 6.62, so Cape Coral is definitely the hottest part of the county for sales compared to inventory levels. Lehigh Acres numbers are reflected in the Lee County numbers. The graph depicts Fort Myers and Cape Coral real estate single family home sales index numbers.
We’re predicting sales to remain good, but cool off slightly. Financing is having an impact on current pending sales, and new sales will be tougher after October 1 when down payment assitance goes away.
Fortunately we do have some homes listed that are foreclosures and the credit union is willing to finance with only 2% down, and will offer low rates to buyers with less than perfect credit, so this is a very good program for buyers who may get squeezed out of qualifying or who cannot come up with the minimum down payment due to the new financing rules.