What a difference a month makes.  A little over a month ago we were reporting rising inventory and median price increases of .8%.  Since then, inventory fell by almost 100 homes and Southwest Florida median home prices rose 8.2% in July from last year.  They rose 2% from June numbers alone.  The average price increase in July was 15.8% over last year and was about steady from the previous month.  One of the reasons we use the median price is it’s more stable and is not subject to wild fluctuations like the average is.

Southwest Florida Median Home Prices Rose 8.2% in July

In any event, both indicators are healthy gains.  All we see or hear in the media is how the water crisis is taking a toll on business and real estate sales.  Perhaps it is affecting waterfront real estate sales, however statistically we can’t say it’s hurting the overall market.  You must be careful not to buy into negative news.

At the Ellis Team, we’re all for reporting the news accurately.  It usually tells a story, but not always the story you think.  We like to look at the numbers and see if there is a cause and effect.  Sometimes there is, and sometimes there isn’t.  What is a problem for some becomes an opportunity for others, and we’re not just talking about the water crisis.

If you let outside influences affect your outlook, it can become your reality.  If you’re a real estate agent and you believe the market is down, you’ll sell as if the market is down.  When you believe the market is good, you’ll sell that way too.  You’ve heard the sayings, “Anything the mind can conceive, it will achieve”, and “Perception is reality”. This is 100% true.

We’re not saying agents should pump themselves up by saying the market is something it isn’t!  The sooner you identify and tackle reality the sooner you are on your way solving an issue. We are saying that agents and the public should seek first to understand before making broad assumptions.

If you were a military planner, you wouldn’t attack New Zealand because Syria was acting up.  You’d look at the whole situation and determine if force was even necessary to begin with, and if so, where.  The same is true in real estate.  Salt water waterfront may be affected while fresh water and non-waterfront might be on fire.

I haven’t gone in and done an in-depth analysis of salt water sales, so I can’t even tell you if it’s being harmed nor by how much.  I’ve seen agents on TV telling us how bad it’s affected their sales.  While I don’t doubt that, you must ask the question.  Is that their perception making their reality come true, or is it fact?  It could very well be fact, and perhaps one of these days we’ll research that and report to you what we find.

If you’re a buyer, or seller, it pays to know which segments of the market are hot, and which are not.  It affects how soon you must place your offer when you find a nice home, and how close to asking price you should offer.  The Ellis Team are experts at counseling buyers and sellers.  Sande and Brett each have over 30 years’ experience, and we have a team of agents we meet with every week and discuss market conditions.

Last week one of our agents identified a hot buy alert on a property in Cape Coral.  One of our other agents on the team sold it.  When you have a small army who knows the market and works in it every day, it helps all your clients.

If you’re looking to purchase, call us at 239-489-4042 or check out www.LeeCountyOnline.com  It has some of the area’s best buys, and it’s updated instantly.  If you’re thinking of selling, check out www.SWFLhomevalues.com, or call Sande or Brett Ellis 239-489-4042 Ext 4.

We’ll be happy to give you great advice we give all our clients.  The value isn’t in the agent showing you homes, it’s in the knowledge behind the research.  The Ellis Team has the knowledge and the research.

Ellis Team Weekend Open Houses

The Future of Real Estate Southwest Florida Market Update August 2018

The Southwest Florida real estate inventory supply increases in the 4th qtr.  All price ranges except two increased with the most pronounced increases occurring in the $400,000 and up range.

Southwest Florida real estate inventory supply increases in 4th Qtr

In December, the $400k-600k range shot up almost 2 months from 9.34 months in September to 11.15 months currently.  The $600k-$1 Million shot up from 12.57 months to 14.69 currently.  That’s over a 2 month jump.  The biggest jump occurred in the $1 Million+ range where there was a 17.03 month supply back in September.  Today that number stands at 21.04 months.  That’s almost a 4 month jump in supply just since September.

Southwest Florida Real Estate Inventory Supply Increases

It pays to know where your home stands in the supply chain.  It tells you how aggressive you must be when selling your home.  The overall market stands at 5.65 months which is a healthy number.  People read headlines and hear there is a 5.65 month supply, so homes must be selling fast.  They figure with homes selling so fast it’s probably easy to stick a sign in the yard and sell it.

Even at the lower price ranges there are still many homes that do not sell, because they are over-priced.  If they were priced correctly and properly marketed, they would sell.  The demand is there, at the correct price.

As we go higher in price the demand is still there, it’s just that the supply is even greater.  Recently more homes are coming to the market than are selling, hence why we have increasing supply.  We can’t look at the overall market and assume all homes are selling the exact same.  Just as we can’t assume that all cities in Florida are behaving the exact same.  Real estate is local, and it is segmented.

Certain cities or neighborhoods sell better than others.  This can be due to economic factors, or perhaps location.  The closer to beaches, or top schools can affect values.

Lee County is getting ready to change how children are selected for schools starting in 2018.  This may put an end to the zoned system and busing system as we know it.  Children will go to schools closer to where they live, and this could affect values.

Segments also affect the market.  Sometimes the low end is red-hot, and other times the mid to upper markets make a comeback.  Generally speaking, the lower the price the greater the demand as more people can afford lower prices.  Not everyone can afford high-end real estate.  Just because Southwest Florida Real Estate Inventory Supply Increases in some price ranges doesn’t mean it increases for all ranges.  In fact, a few decreased.

Right now we have an affordable housing crunch in Southwest Florida. Rents are high, and so are median sales prices relative to what the average working person can afford.  It makes it difficult to find housing close to where you work.   We saw this back in the housing boom too.  This doesn’t mean our market is over-inflated.  It just means there is a cap to how much more and how fast it can rise until incomes pick up.

The big price gains may be over, unless the economy comes roaring back.  Our US economy has essentially had free money for the past 8 years and it’s done nothing except help the stock market.  If jobs and economic activity return like it’s believed they will post-election, our real estate market  could be in for more good times.  If nothing changes, we could be in for flat to modest gains.

We think 2017 is going to be a year of change.  Home sales may pick up even though rates will continue to rise.  Proper pricing and aggressive marketing will become even more important, and the people who act quickest will save the most money when rates rise.

You can search the MLS for Free at www.LeeCountyOnline.com.  Our database has all the homes, and it’s updated every 5 minutes directly from the MLS.  It will even notify you of new homes or price changes if you save your search.  You can always call us at 239-489-4042 and we’ll be happy to discuss your buying or selling options.

 

Good luck and Happy House Hunting!

December 2016 Ellis Team Seller’s Club Report

 

Congrats to our Ready For a Yeti contest winner!

Stay tuned for your chance to win a Yeti cooler

Ellis Team Featured Listings

Ellis Team Assisted For Sale By Owner Listings

San Carlos Park Pool Home $269,500

Gateway 5 Bedroom Pool Home on Lake

While selling real estate is a complicated process with lots of details, selling blue skies and sunshine is easy, especially to our Northern friends who have been buried by another brutal winter.

Top Rated SW Florida High Schools

One question that we get asked a lot by people relocating to SW Florida is what are the schools like?  People are deeply concerned about the quality of education their children will receive, and about their resale value.  Up North, the school district may be the largest determinant of their neighborhood’s value.

Top Rated SW Florida High Schools

People are happy to learn that SW Florida does very well in the state of Florida.  In fact, a new study came out from Niche that ranks the top public high schools in Florida.  Niche also ranks colleges, private schools, and elementary and middle schools.

Many people know that Fort Myers High School has consistently ranked in Newsweek’s Top 100 High Schools in America and that in 2008 Fort Myers High School awarded the most I.B (International Baccalaureate) diplomas in North America and was #8 in 2011.

What many may not realize is Fort Myers High School isn’t the only top high school in SW Florida.  In fact, there are 5 top rated SW Florida high schools on the Niche Top 100 in Florida list.

17. Fort Myers High School

29. Naples High School

57. Gulf Coast High School

62. North Fort Myers High School

97. Barron Collier High School

We’ll concentrate on the two Lee County Schools for just a moment.  North Fort Myers High School ranked A- in academics and A in student culture and diversity.  They ranked B+ in teachers, extracurriculars and activities, and sports and fitness.

Fort Myers ranked A in academics, student culture and diversity, extracurriculars and activities, and sports and fitness.  They ranked A- in teachers grade.

Naples ranked A in academics, student culture and diversity, and sports and fitness while ranking B in teachers and health and safety.

Cypress Lake Middle School has long been ranked as one of the top middle schools in the state however this year they didn’t rank in the top 100 according to Niche.  Three Naples middle schools ranked in the top 100, #60 Pine Ridge Middle School, #71 North Naples Middle School, and #96 Gulfview Middle School.

Pelican Marsh Elementary scored highest in Lee and Collier County at #73 in state and Osceola came in at #78 Seagate Elementary came in at #88

Good schools are a staple of a healthy community and a talented and educated work force.  SW Florida has excellent schools all the way up to graduate and post graduate at Florida Gulf Coast University as well as degrees from Florida Southwestern State College.

We have a complete list of high schools on our website with links to each school.

It is impossible for SW Florida to grow into a culturally vibrant community without solid education, and we can all be proud of the education offered here in our area.

A link to the complete Niche Florida rankings can be found:

Best Public High Schools in Florida

Best Public Elementary Schools in Florida

Best Public Middle Schools in Florida

You can also search for your dream home at Topagent.com  We have lots of homes close to schools and universities so have fun searching.

 

 

 

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By Brett Ellis

RE/MAX Realty Group – Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042