The March 2009 Ellis Team SW Florida real estate Current Market Index covering Fort Myers, Cape Coral, Bonita Springs, Estero, Ft Myers Beach, Sanibel and Captiva Islands, and Lehigh Acres Florida improved again as sales activity has really taken off in the past 6 months. The Index now stands at 4.41 for Cape Coral and Fort Myers, and stands at 5.07 for the entire Lee County Florida.
Inventory levels countywide hade dropped to just slightly over 13,000 while pending sales have shot up to 2,567, and increase of 22.53% since last month. The market is absorbing new inventory. This 2009 season has been as good as predicted. remember, the Current Market Index is a forward looking indicator, and home sales have been bearing that out each and every month as we’ve been reporting.
Cape Coral again leads the way. The CMI numbers for Cape Coral are 3.45, the best in SW Florida. Condo numbers were down to 10.90, down from 13.08 in February, another positive sign. We do see some serious trouble on the horizon for the condo market in SW Florida we’ll be reporting on later.