Single family home sales in Fort Myers and Cape Coral MSA were up 192% in March 2009 over March 2008. The Fort Myers and Cape Coral MSA encompasses Lee County Florida. Home sales totalled 1,464 this year as compared to 501 last year. Statewide sales were up 30% and median prices were down 30% from last year. Fort Myers and Cape Coral is definitley leading the state in transaction increases. Miami was next in line with a 101% increase in sales transactions. For a complete chart of transactions by city and median prices, check out Florida Sales Report March 2009 Existing Single Family Homes. We’ve included a chart that shows home sales from 2005-2009 in SW Florida.
As you can see from our SW Florida Real Estate Sale Prices 2005-2009, sales prices are nothing like what they were in years past. Prices declined 9.23% last month alone largely due to increased numbers of foreclosures selling in the lower price ranges, as you can see from our Month Over Month Sales Prices Chart.
Condo prices in Fort Myers and Cape Coral were down 36% from last year to a median price of $126,200, down from $196,400 last year. Sales were up 53% this year as buyers reacted to the tremendous bargains in the market. Many buyers have sensed the market has or is close to bottom and they better act soon. See Condo Florida Sales Report.
Buyers have also responded to the $8,000 tax credit that essentially gives first time home buyers, or anyone who has not owned a home that was their primary residence in the last 3 years, a tax credit of 10% of sale price up to a limit of $8,000 Essentially the government is making the down payment for buyers, and buyers who put less than 10% down pocket the difference. There are some income requirements. See First-Time Home Buyer Tax Credit-What You Need to Know or watch our video explaining the First Time Home Buyer Tax Credit.
NBC Nightly News recently did a report “Is Now the Time To Buy a Home” which can be fouond directly on our webpage. there are some particularly good deal deals in Fort Myers real estate right now as pointed out in the NBC Report.