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.
The Ellis Team at RE/MAX Realty Group in Fort Myers has long supported baseball in Lee County, and this year baseball has paid back. Jason Ellis, Brett’s son played for the Junior Twins in South Fort Myers and the Junior Twins took home the County Championship this past week, which is a tremendous achievement.
South Fort Myers Little League County Champions
Paul Hobby managed the team and did an excellent job as he is a great role model with the kids. The coaches all put in extra duty this year to get the kids ready for a winning season, and the kids worked hard too. Brett Ellis and Matt Scott coached the team along with Paul.
South Fort Myers Junior Twins: The team won the Lee County Championship over the South Fort Myers Red Sox 13-3 on Friday. Of the 23 Junior Little League teams in Lee County, the South Fort Myers Little League had all four of its squads in the county semifinals. The Twins captured a 9-8 semifinal victory over the SFM Cardinals. The SFM Red Sox outfought the SFM Mariners for a 4-2 victory in the semifinals. Zach Belcher was the winning pitcher for the SFM Twins in the championship game, pitching five innings.
This week’s SW Florida real estate video update presented by The Ellis Team at RE/MAX Realty Group focuses on SE Fort Myers Florida. SE Fort Myers consists of zip codes 33912, 33913, 33966, and 33967 and covers Gateway, Fort Myers South around the Daniel’s Parkway Corridor over to US 41 down tthrough San Carlos Park.
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.
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.
NBC-2 did a report Monday night about how out of state buyers are snatching up bargains in SW Florida. Buyers have been coming in from all over looking for bargains, some of them foreclosures, in the Fort Myers, Cape Coral, and Lehigh Acres area.
The Ellis Team lists a lot of bank owned foreclosures and we are seeing buyers snatch up these properties in hours. Many of these properties receive multiple offers in just a few days, so it’s important for buyers to know the rules the lender is requiring and to follow them.
Buyers quite often ignore the rules and are disappointed when their offer is not accepted. Working with an agent who knows the requirements of the offer will increase your chances of acquiring the property, although it cannot guarantee it when multiple offers are invloved.
We will be adding shortly a way to search for foreclosures on our website. To search the entire SW Florida real estate MLS, including Fort Myers, Lehigh Acres, and Cape Coral, visit www.Leecountyonline.com
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.
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
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.
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.