SW Florida Real Estate Home Sales Statistics

Fort Myers and Cape Coral saw a 128% increase in home sales over last year as reported by the Florida Associatiopn of Realtors.  Statewide sales were up 24%, but locally they were up much greater becuase affrodability is back in the SW Florida real estate market what is not priced into all Florida markets. Median sale price is Fort Myers and Cape Coral dropped to $141,400 from $231,600 last year.

Condo sales in Cape Coral and Fort Myers saw a 50% rise in condo sales over last year, while the median price dropped 17% to $185,000.

Home sale prices declined for the 4th straight month in Fort Myers and Cape Coral real estate.  See our month over month prices graph. You can also view a monthly price summary by year for Fort Myers and Cape Coral real estate.  We’ve also included a home sales by month for the past several years for Fort Myers and Cape Coral.

We’ve created some videos for you to learn about the SW Florida real estate market better.  Some of these videos were newscasts done on TV, while others were simply us on a video camera talking about the market in our office.  We’ll be adding more videos like the newscast we did for NBC Nightly News with Brian Williams a few weeks ago, so stay tuned.

Thank you for reading our SW Florida Real Estate Home Sales Statistics update this week.  We look forward to bringing you further SW Florida Real Estate Home Sales Statistics.

This week’s guest on “The Future of Real Estate”  will be Lee County Florida property appraiser Ken Wilkinson.  Ken was the Father of Save our Homes Ammendment years ago and served on the Tax and Budget Reform Comittee that meets every 20 years.  Ken was appointed by the Governor to sit on that panel.  This panel came up with several ammendments voters will be voting on this election.  3 ammendments were taken off the ballot by a judge who said the wording was not clear to voters.  Unfortunately by law they are only allowed 74 words to describe the entire ammendment, so it’s very hard to get everything in and make it clear.

Ken will also tell us how property values have done in 2008 and what that could mean for your assessment when it’s analyzed on January 1, 2009.  The Future of Real Estate presented by The Ellis Team at RE/MAX Realty Group can be heard Saturdays at 11:00 AM on WINK AM 1240 and 1270 in Collier County.  It is also broadcast over the Internet after the show airs.

Next week we may have on Lieutenant Governor Jeff Kottkamp back on our show, so tune in next week as well.

NBC-2 did a report Monday night about how out of state buyers are snatching up bargains in SW Florida.  Buyers have been coming in from all over looking for bargains, some of them foreclosures, in the Fort Myers, Cape Coral, and Lehigh Acres area.

The Ellis Team lists a lot of bank owned foreclosures and we are seeing buyers snatch up these properties in hours.  Many of these properties receive multiple offers in just a few days, so it’s important for buyers to know the rules the lender is requiring and to follow them.

Buyers quite often ignore the rules and are disappointed when their offer is not accepted.  Working with an agent who knows the requirements of the offer will increase your chances of acquiring the property, although it cannot guarantee it when multiple offers are invloved.

We will be adding shortly a way to search for foreclosures on our website.  To search the entire SW Florida real estate MLS, including Fort Myers, Lehigh Acres, and Cape Coral, visit www.Leecountyonline.com

 

re MLS

 

People always ask each year what Season will bring in terms of home buying activity in SW Florida.  The past few years Season has been slow compared to historical standards, with good reason.  The past few years buyers have been fearful prices could slip lower, and the economy seemed to be showing signs of slowing down and consumer confidence was eroding.  Some have even argued we’ve been in recession or at least heading toward recession.

So why would 2009 Season be any different, as the economy doesn’t look any better than it has the past several years?  There are many reasons this year could be different.

1.  Prices are down.  Not just a little down, but way down.  They’re down so far that builders wouldn’t dare build right now because sales prices are much lower than replacement cost.  This phenomenon can only last so long, and once inventory levels start coming down, prices will go back up.  We’ve witnessed a large number of foreclosures work their way through the system and come to the market.  As soon as they hit the market, they’re sold because they’re affordable.  Affordability is back in this market, and that is new.

2. Retirees aren’t getting younger.  A Retiree has been able to sit on the sidelines and wait for prices to come down, and they have come down significantly.  The demographics for Florida are still fantastic as Baby Boomers haven’t even peaked yet.  Retirees have wisely waited, but they can’t wait forever.  A retiree only has so many good years and opportunities left, and if they wait too long they’ll miss out on living their dream in Sunny SW Florida forever, not because the market won’t be good, but because they only have so many good years left.  Retirees are so much healthier when they move to the sunshine because their outlook improves, and they can be physically active 365 days per year due to the weather.  They also enjoy conversations with other people in the neighborhood close to their same age and with similar interests.  This isn’t always the case in rural areas up North with bad weather.

3. It’s always wise to Buy when everyone else is selling and Sell when everyone else is buying.  Look back to 2005 and you’ll recognize many were buying.  Those that sold did very well.  Now that prices are abnormally low and below replacement costs, those that buy now when banks and sellers are selling at bargain prices will fare much better than those that purchased only 3 short years ago.

4. Interest Rates have remained low.  Because of the global crisis, the World Bank has coordinated interest rates cuts among many nations, so the US was free to cut again without fear of the dollar being de-valued if we were the only one’s cutting rates.

5.  Inflation may come back long term.  If so, buying assets today at low prices and financing them with low rates allows people to pay back a rapidly appreciating asset due to inflation at today’s low prices and with cheap money.  It’s the same reason people have bought gold, only a house is something you can live in, Vs.  gold or a stock.

6. When real estate was down, people flocked to stocks.  People are running from stocks right now, and because prices are so low in real estate, you could see a charge back into real estate in the next year or so.

The bottom line is nobody knows for sure the future.  All we do know is that our streets are getting busier with our friends from the North visiting, and people are watching to see if this is the year many of these snowbirds start opening up their wallets now that Florida is on sale.  Everyone loves a good sale, and we’re having a blowout sale as we speak.  The next few months could get interesting.

Click here to Search the entire MLS for your bargain property today.  Cape Coral and Lehigh Acres has had a number of bank foreclosures.  Fort Myers has had a few, but not near as many, but there are bargains galore.  Sales in Lee County Flroida have been up tremendously versus other areas of the state because our prices in SW Florida real estate have come down much faster than other areas.  The areas throughout the country seeing the greatest sales gains are those where the sellers have reacted first and brought value back into the market.  While it’s been painful, SW Florida home sellers have reacted.

 

Galerie Du Soleil Art Gallery in Naples, with the help of local restaurants Handsome Harry’s, Campiello’s, RIdgeways and Tommy Bahama, as well as local band Moony Mann is hosting a charity event to grant the wish of a special child with the Make a Wish Foundation.  The event is Saturday October 25 from 6-9PM at Galerie du Soleil, 393 Broad Avenue South, Naples, Florida 34102.  For more information, check out Wish to your Arts Desire or visit the online Flyer.

Tickets are only $45/person, and the night will be filled with good food, great wine, cool tunes, and of course fantastic intentions for a good cause.  Please come out, enjoy yourself, and help a worthwhile charity make children’s wishes come true.

The Make-A-Wish Foundation® of Southern Florida grants wishes to children 2 ½ to 18 years old with life-threatening medical conditions to enrich their lives with hope, strength and joy. Twenty years of magic and more than 6,500 wishes later, the Foundation continues its mission to share the power of a wish® with ailing children. For more information or to find out how you can help call 239-992-9474 or visit www.slfa.wish.org.

To order tickets,  call 239.417.3450 or e-mail  Deanne@GalerieduSoleil.com

Sponsors include Naples Packing and Shipping, Bellasera Hotel, Bentley Motors of Naples, Architects Unlimited and Robb & Stucky. Other generous donors include: Amanda Jaron Jewelry, Naples Illustrated, RE/MAX Ellis Team, The Bob Harden Show, Evelyn and Arthur Boutique, Mac Furniture, Olde Naples Chocolate, Vergina on Fifth Avenue, Naples Princess, Lely Resort, Pazzo! Italian Cafe, Trilogy of Naples, Cafe Luna, Femmes Je Vous Aime, Seraphim Boutique, Julie’s of Naples, Ava’s Flowers, Chop’s, Yabba Island Grill and Blue Water Bistro.

The October 2008 Ellis Team Current Market Index shows slight continued improvement in the SW Florida real estate housing market.  The index went down to 7.27, down from 7.75 the month prior.  The lower the number the better it is for sellers, and the higher the number the better for buyers.

Ellis Team SW Florida Real Estate Current Market Index Fort Myers Real Estate

Cape Coral real estate led the way with a market index of only 5.93, down from 6.38 in September.  Fort Myers real estate stands at 13.13, down from 13.76 in September.  There is currently 15,570 single family home listings in Lee County, up from 15,530 in September, so listing inventory is remaining relatively steady.  Pending sales in SW Florida rose to 1700, which is a very good sign going forward.

It’s important to keep in mind that many of these sales are a result of foreclosures hitting the market at affordable prices.  These listings are replacing short sales that were not sellable, and once they become sellable and affordable, the market gobbles them up.

It is still a tough environment for agents though as marketing costs remain high, gas prices remain high, and sale prices are half what they used to be.  Add in financing troubles and many times the agent has to sell the home more than once to get that one sale.  So bottom line is margins are tight, workload has doubled which adds administrative costs, and prices are down.  This is perhaps why there is a flight to quality by home sellers to top agents capable of selling in a tough market.  The same is true with mortgage professionals and title professionals, as only the strongest have survived in this market.

 We are noticing seasonal vistirs again, and may are inquiring about buying this year as prices are much more to their liking.  They’ve held off in past years waiting for the bargains, snd this year will be the year of bargains for our northern friends.

We beleive there may be pent-up demand from northern buyers as we are still receiving calls from our NBC Nightly News  with Brian Williams report we did last week showing affordability is back in the market, as well as The NBC Today Show we did a few weeks ago.  We also did a piece this past week for ABC-7 News on Sales up and Home Prices Down.

 

 

Brett Ellis on NBC Nightly News with Brian Williams SW FLorida real estate affordability

 

Busy Week in the News For The Ellis Team at RE/MAX Realty Group in Fort Myers Florida

NBC News featured SW Florida’s real estate market and the Ellis Team at RE/MAX in a story which concentrated on housing affordability.  Lower prices are attracting buyers back into the market, and home sales statistics bear this out.  Home sales have been up dramatically over last year each month this year.  NBC News decided to come to the epicenter of where the housing crisis turned bad, and noticed there may be a turn around in the works, which could be a positive sign for other parts of the country in the coming years. Click here to watch The Flip Side of Foreclosures: Affordable Homes  MSNBC also has a Blog article up about this story Mortgages Are Out There . And So Are Bargains which also features the Ellis Team in the Blog.

NBC Today Show from Fort Myers Florida featuring Brett Ellis of RE/MAX Realty Group

The NBC Today Show visited Fort Myers on September 23 and reported on foreclosures in the SW Florida real estate market, particularly on Lehigh Acres and Cape Coral Florida.  NBC came to The Ellis Team for answers.  Click here to watch Florida’s Foreclosure Hot Zone.

 

Last night Brett Ellis was also on the ABC News about home sales increasing while prices have been declining.  Click here to watch this story.

 

This past week Brett Ellis was featured on WINK News regarding Governor Sarah Palin’s speech in Fort Myers, and Mike Ellis was seen live on WINK News as a local business leader and his reaction to the presidential debate.  We’ll try to get video uploaded on these two stories later on.

The O’Reilly Factor called and asked Brett Ellis to be on The O’Reilly Factor this past Tuesday.  Unfortunately the taping time with Bill O’Reilly conflicted with Brett’s son’s baseball game that night, so we had to pass on that interview.

Governor Sarah Palin visited SW Florida today and talked about truth in campaigns and presented the Republican version.  Governor Palin told how Barack Obama is proposing $1 Trillion dollars in new spending at the same time he is promising tax cuts for 95% of the public.  Obviously unfunded spending will not allow for tax cuts, so in her opinion Barack Obama isn’t being truthful with the American people.

Before Governor Palin took the stage several candidates took the stage, including Sherriff Mike Scott and state Senator Nick Thompson. Brett Ellis met with Sheriff Mike Scott and Senator Nick Thompson before Governor Palin took the stage.

Brett Ellis Sheriff Scott Florida State Senator Nick Thompson Sarah Palin Rally

 

Ellis Team to Appear on NBC Nightly News with Brian Williams Regarding Fort Myers Housing Affordability

Ellis Team to Appear on NBC Nightly News with Brian Williams Regarding Fort Myers Housing Affordability

Brett Ellis of The Ellis Team at RE/MAX Realty Group will appear this week on NBC Nightly News with Brian Williams.  The focus will be on buyer affordability in the Fort Myers and Cape Coral housing market, and how buyers have begun purchasing in 2008 as affordability has come back to the market.  Home sales in July were up 80% over last year, and up 32% in August over last year.

This should be a positive story about the SW Florida real estate market.  The show will air Wednesday October 8, 2008 at 6:30 PM ET

To search for your home, click here to search the entire MLS.