The Ellis Team May 2009 SW Florida Real Estate Current Market Index shows relative stability. We switched the way we compile the data for this report, and it looks like the index held steady at 3.99, up slightly from 3.72 the month prior. All signs point to big sales ini April once they are released. We are tracking over 1,400 single family home sales in April, which far exceeds sales from last year.
In the coming days we will be releasing a Fort Myers-Cape Coral inventory chart which will show available inventory in just those areas, as well as pending sales activity. Lee County overall single family inventory stands at 12,579 which is up slightly from last months number of 12,356. Again, we switched data compilation sources and we now feel we’ll pick up a few extra listings by making the change, so it’s possible inventory didn’t really increase at all.
First time home buyers hoping to take advantage of the $8,000 tax credit are competing with investors trying to scoop up bank foreclosure bargains. Pending sales currently are running high, and might even be higher if we weren’t running out of foreclosure inventory. The lack of foreclosure inventory may lead to reduced sales going forward if foreclosures do not pick back up again soon. Some think the banks will be taking possession of more foreclosures soon as they work through the process, but less are being filed each month.