The November 2008 Ellis Team SW Florida Real Estate Current Market Index showed continued improvement again in November. We expect sales numbers to be quite positive when they are released in a few days, even if sale prices are down as has been the trend in 2008. The index fell to 6.89 for the Fort Myers and Cape Coral real estate market which is the lowest we’ve seen in years since December of 2005.
Cape Coral’s inventory declined slightly while pending sales increased again, and the CMI Index number for Cape Coral is down to 5.40 Fort Myers rose slightly to 14.56. Lee County numbers overall fee to 8.64 from 9.16 in October. Most of these numbers bode well for future sales activity as this index accurately predicts future closed sales and overall market health.
Condo sales in SW Florida are another story with the CMI Index currently at 22.64, up from 21.86 in October. With season approaching we’ll see if those numbers improve in the 1st Qtr of 2009.