SW Florida real estate sales in Fort Myers and Cape Coral Florida set new records again in May with single family home sales in Cape Coral and Fort Myers totalling 1,417 sales, eclipsing the May 2005 sales record of 1,309. See SW Florida Real Estate Homes Closed 2005-2009 chart illustrating home sales by month since 2005. Median sales prices for single family homes in Cape Coral and Fort Myers was up 3.51% from April median home prices, up to $88,500. For a complete look at median single family home sale prices in Fort Myers Cape Coral since 2005, see the SW Florida Real Estate Sales Prices 2005-2009 graph.
Prices are still falling in the mid to upper levels of the SW Florida real estate market, while prices seemed to have stabilized in the entry level market. First time home buyers are buying as fast as they can as they compete with investors for the best bargains. Short sales are picking up as banks cut through the red tape of approving short sales, although time frames are still long. Canadians are buying properties in SW Florida due to the favorable exchange rate, and the fact that Florida is on sale.
Fort Myers Cape Coral Real Estate Sales Soared
Condo sales for May in Cape Coral and Fort Myers were up 41% Vs. the State of Florida which was up 21%. Median sales prices for condos in SW Florida were down 35% year over year, as opposed to the statewide average of down 38%. See the Florida Sales Report May 2009 Existing Condos graph.
It looks like the 2nd Qtr is shaping up to be another record setting quarter for home sales. The 1st Qtr home sales in Lee County Florida sure was. We won’t know for another month when June sales are officially released.
Shortly we’ll be releasing the latest Current Market Index for Fort Myers and Cape Coral for June which should explain where our market is headed.