Follow The Ellis Team on Twitter, so you can keep up to date on Fort Myers and Cape Coral real estate news and information, including information on the entire Southwest Florida real estate market. Our latest post on Twitter includes our Cape Coral real estate video update. Check our our Ellis team SW Florida Top Agents page on Twitter.
This week’s SW Florida real estate video update presented by The Ellis Team at RE/MAX Realty Group focuses on cape Coral Florida. Cape Coral is leading sales transactions in Lee County due to the number of foreclosures and short sales bringing affordability back into the SW Florida real estate market.
Cape Coral Real Estate Video Update
Check out the entire SW Florida real estate State of the Market Report
SW Florida Real Estate Home Sales Statistics
Fort Myers and Cape Coral saw a 128% increase in home sales over last year as reported by the Florida Associatiopn of Realtors. Statewide sales were up 24%, but locally they were up much greater becuase affrodability is back in the SW Florida real estate market what is not priced into all Florida markets. Median sale price is Fort Myers and Cape Coral dropped to $141,400 from $231,600 last year.
Condo sales in Cape Coral and Fort Myers saw a 50% rise in condo sales over last year, while the median price dropped 17% to $185,000.
Home sale prices declined for the 4th straight month in Fort Myers and Cape Coral real estate. See our month over month prices graph. You can also view a monthly price summary by year for Fort Myers and Cape Coral real estate. We’ve also included a home sales by month for the past several years for Fort Myers and Cape Coral.
We’ve created some videos for you to learn about the SW Florida real estate market better. Some of these videos were newscasts done on TV, while others were simply us on a video camera talking about the market in our office. We’ll be adding more videos like the newscast we did for NBC Nightly News with Brian Williams a few weeks ago, so stay tuned.
Thank you for reading our SW Florida Real Estate Home Sales Statistics update this week. We look forward to bringing you further SW Florida Real Estate Home Sales Statistics.
Busy Week in the News For The Ellis Team at RE/MAX Realty Group in Fort Myers Florida
NBC News featured SW Florida’s real estate market and the Ellis Team at RE/MAX in a story which concentrated on housing affordability. Lower prices are attracting buyers back into the market, and home sales statistics bear this out. Home sales have been up dramatically over last year each month this year. NBC News decided to come to the epicenter of where the housing crisis turned bad, and noticed there may be a turn around in the works, which could be a positive sign for other parts of the country in the coming years. Click here to watch The Flip Side of Foreclosures: Affordable Homes MSNBC also has a Blog article up about this story Mortgages Are Out There . And So Are Bargains which also features the Ellis Team in the Blog.
The NBC Today Show visited Fort Myers on September 23 and reported on foreclosures in the SW Florida real estate market, particularly on Lehigh Acres and Cape Coral Florida. NBC came to The Ellis Team for answers. Click here to watch Florida’s Foreclosure Hot Zone.
Last night Brett Ellis was also on the ABC News about home sales increasing while prices have been declining. Click here to watch this story.
This past week Brett Ellis was featured on WINK News regarding Governor Sarah Palin’s speech in Fort Myers, and Mike Ellis was seen live on WINK News as a local business leader and his reaction to the presidential debate. We’ll try to get video uploaded on these two stories later on.
The O’Reilly Factor called and asked Brett Ellis to be on The O’Reilly Factor this past Tuesday. Unfortunately the taping time with Bill O’Reilly conflicted with Brett’s son’s baseball game that night, so we had to pass on that interview.
Ellis Team to Appear on NBC Nightly News with Brian Williams Regarding Fort Myers Housing Affordability
Brett Ellis of The Ellis Team at RE/MAX Realty Group will appear this week on NBC Nightly News with Brian Williams. The focus will be on buyer affordability in the Fort Myers and Cape Coral housing market, and how buyers have begun purchasing in 2008 as affordability has come back to the market. Home sales in July were up 80% over last year, and up 32% in August over last year.
This should be a positive story about the SW Florida real estate market. The show will air Wednesday October 8, 2008 at 6:30 PM ET
To search for your home, click here to search the entire MLS.
NBC Today Show Interviews Ellis Team in Fort Myers
The Ellis Team was featured on the NBC Today Show regarding the presidential election. Florida has been identified as a battleground state, and the housing market will play a vital role in how people select the next president. The Fort Myers, Cape Coral, and Lehigh Acres area have been identified as the epicenter of what happened in Florida, and NBC wanted to come here and report on what is happening today.
Click here to watch the viddeo. The good news is that home sales were up 80% over July 2007 numbers and up 41% over August 2007 numbers, so even though prices are lower, buyers are back in the market scooping up properties because they are affordable.
Foreclosures have been highest in Cape Coral and Lehigh Acres where speculators built many homes in hopes of flipping to other investors or end users, but the speculators overbuilt for the current demand. Fort Myers has been hit with some foreclosures, but nothing like the Cape Coral and Lehigh Acres area. For detailed statistics on the SW Florida housing market, visit our housing statistics page.
NBC News called and asked if the Ellis Team could appear on the Today Show Tuesday September 23. The show will feature Brett Ellis talking about the SW Florida real estate market. NBC noted that Lee County Florida, particularly Cape Coral and Lehigh Acres has led the nation in foreclosures and is ground zero for the hosuing crisis. Florida is a battleground state for this year’s presidential election. The Today Show was in Pennsylvania on Monday and will be live from Tampa and Fort Myers on Tuesday, specifically from Lehigh Acres.
Also scheduled to appear on the show is one of the Presidential candidates, Florida Governor Charlie Crist, Tampa Bay Star Ronde Barber, and the show will unveil a new NBC News poll focusing on Florida issues.
The Florida segment from Fort Myers should occur in the 7:00-7:30 time slot ET. Brett Ellis is an agent with The Ellis Team at RE/MAX Realty Group in Fort Myers Florida.
The latest Fort Myers Cape Coral SW Florida real estate Current Market Index has been released today and the overall Fort Myers Cape Coral housing index numbers fell to 7.75, from 7.88 the month prior. Cape Coral again led the way as Cape’s index fell to 6.38 while Fort Myers stands at 13.76. The lower the number the more favorable it is for sellers, and the higher the number the more favorable for buyers.
Current Market Index for Fort Myers Cape Coral Area
Lee County listing inventory for single family homes remained steady at 15,530 up a mere 7 homes from last month, and pending sales increased to 1,617, up from 1,546 in August. The overall Lee County Florida Current Market Index is at 9.60 in September, down from 10.04 in August. The September condo index stands at 20.21, up from 19.27 in August.
These numbers tell us the overall market is basically holding steady to slightly improving since August, and should bode well for closings in future months. It also tells us that so far the market has been absorbing the influx of foreclosures and selling them as they are not adding to inventory supply. This is another positive sign as the local SW Florida real estate market would be in trouble if the foreclosure activity added to inventory supplies. The large number of foreclosures is however keeping the supply where it is and preventing it from declining.
Foreclosures, short sales, and entry level homes are dominating the Southwest Florida real estate market with most of the sales coming from Cape Coral. When we look at the Percent of April’s closings under $200,000 chart, we can clearly see that closings under $200,000 dominate the Cape Coral, Lehigh Acres, and Lee County real estate markets in general. If you are priced above $200,000 in Lehigh Acres, you’ve got a slim chance of selling as that is not where the buyers are at in Lehigh. Over 95% of Lehigh’s closings was at $200,000 or less.
We need not look any further than the Months Supply of Inventory Priced Less Than $200,000 chart. As you can see, Lehigh Acres has over a 2 year supply of homes on the market right now, while Cape Coral and Lee County overall are less than 1 year.
Another interesting chart is the Percent of Homes Listed as Short Sales graph.
Over 52% of homes listed in Lehigh Acres are short sales compared to 38.70 Percent for Lee County overall. If we examine the shear number of short sales listed in Lee County priced less than $200,000 we can gain a little perspective. Cape Coral has approximately half of the short sales listed in the entire county, and over half of the sales. This tells us that when affordability meets opportunity, buyers jump off the fence and purchase.
Lastly, let’s look at the Percent of Homes on the Market is SW Florida Priced Less Than $200,000. So it looks like Cape Coral is where the action is right now, and Cape Coral is probably closer to recovery than Lehigh Acres is, but you can see how fast a market can turn once transactions start occurring in a market segment.
We are also seeing the market being driven by the low end, but also a bleed-up effect which translates to more sales and more offers now in the $300,000-$500,000 range as well. We expect May to be another good month for sales numbers once they’re posted at the end of the month.
Entry level homes are driving the demand for single family homes in Lehigh Acres and Cape Coral Florida real estate. Several lending institutuions asked us to do some analysis on the foreclosure market here in SW Florida, and by far Cape Coral leads the way in the county for transactions. In fact, it can be said that Cape Coral is the hottest market in Lee County. Lehigh Acres is much more soft. We’ve uncovered some interesting facts exploring this data.
Here is a graph of all SW Florida real estate homes on the market. This data was pulled from the Greater Fort Myers and the Beaches MLS. As you can tell, Cape Coral has the most listings on the market, and Lehigh Acres is home to some of the most affordable homes in Lee County. As you can see from the April 2008 closings graph, 371 of Lee County’s 677 transactions were in Cape Coral. This means that over half of SW Florida’s closings occured in Cape Coral Florida. Another startling graph is the SW Florida real estate months supply of inventory graph for homes under $200,000. As you can tell, Lee County is down to 9.69 months of supply and Cape Coral is even better at only 7.74 months of supply for homes priced under $200,000.
What this is telling us is that buyers are definitely off the fence and buying now, and most of these buyers are end users. It’s also telling us that they prefer to buy in Cape Coral over Lehigh Acres. In the Boom market, Lehigh did very well because Cape Coral was priced about $85,000 higher for the same house. The difference was in the land prices. Now that price differential has come down to about $15,000, and buyers are saying to themselves, for only $15,000 difference they’ll choose Cape Coral. For $85,000 difference Lehigh Acres looked affordable and attractive.
This also tells us that either prices will go up in Cape Coral, or prices must come down further in Lehigh Acres, or a combination of both until we hit equilibrium.
Feel free to check our SW Florida real estate housing statistics webpage for lots of other charts and graphs.
This article is the first in a series utilizing this new data, so check back often for more updates to the entry level home pricing market in SW Florida, or subscribe to receive e-mail updates to this Blog.