Official sales numbers were just released today  and as expected record sales lead to higher prices and lower inventory in SW Florida real estate market.

Record Sales Lead to Higher Prices and Lower Inventory in SW Florida Real Estate Market

 

Single family home sales were 1,315 which were a 26.2% increase over last year’s numbers.  Keep in mind our inventory levels stand at 4,311 now compared to 4,918 last year.  We’re down 12.3% in inventory and sales are up 26.2%.  It’s no wonder there has been upward pressure on prices.

New pending sales were up 6.3% in July in what could be a good sign for August and September closings.  Total pending inventory was down 2.9% but that doesn’t mean much.

Fort Myers Florida homes Cape Coral real estate

Last week we reported unofficial sales price numbers and we said the official numbers were going to be good.  They’re even better than we reported and we’ll feature that in next week’s article.

Our buyer specialists have been very active in this market.  We’ve recently landed several homes for our customers.  In a low inventory market the secret is getting to them fast and finding where the hidden pockets are.

We’ve identified several listings that are mis-categorized in the MLS by the listing agent so they’re not getting the traffic they should.  This generates opportunity if you know where to look.  If you’re a seller you don’t want this but as a buyer you look for opportunities wherever you can find them.

We also look for recent price reductions.  Sometimes sellers are over-priced and when this happens the property will not sell.  A property is freshest to the market when it first comes on.  After about 21 days on the market it gets passed over. This can be unintentional.  Buyers subconsciously feel the home is stale to the market and figures it’s over-priced or something is wrong with it if it doesn’t sell in first month or so.

Some of these listings get forgotten about.  While it is better to price correctly upfront, some sellers have to test the market, or perhaps they’re not as motivated Day 1 as they are later.  For whatever reason the property sits on the market, and when the price is reduced it’s not always noticed.  Buyers looking in that neighborhood see the sign, but they no longer call on it or check up on it after awhile.  They lose interest.

That’s why our MLS search site is so important for buyers.  When a buyer saves a search the system will email any changes in that search result.  If a new property comes on the market, our buyers find out about it.  If an older listing reduces their prices, our buyers know right away.

It’s a great way to stay on top of the market and beat out other buyers to new or changed listings.  In a low inventory market, these tips can produce big results.  Four of our buyers in the last month scored the home they were shopping for using one of these techniques.

Technology is great, but there is no substitute for meeting with a great agent and sitting down and going over your needs.  Buyers are frustrated out there and they’re calling us because they’re tired of losing out on homes.

While we can’t guarantee to get you your first choice in a multiple offer situation, we can put your offer in its best position by using a few inside tips we’ve developed over the years.  Put our team’s experience to work for you.  It could make the difference between owning your first choice or your 5th choice, and not owning one at all.  We’d hate to see you rent another year.  Rents have climbed so high many times it’s more expensive to rent than to own.

Visit our SW Florida MLS search site and our phone is 239-489-4042.  Lets us know how we can help you!

 

Check out our Featured Property of the week.

Riverfront home in SW Florida
Riverfront Home

Click here for Details on this Riverfront Home

Of course, feel free to call us at 239-489-4042  We’ll be glad to help you buy or sell.  Good luck and Happy Selling!

Southwest Florida Real Estate Video Market Update

Perhaps you’ve tried various search sites and gotten confused on how to search the SW Florida MLS.  As a consumer, it’s not always easy navigating search sites and knowing the lingo and field definitions of the MLS which you don’t have access to.

 Search SW Florida MLS

I came across a nifty sitemap on our website that provides shortcuts to some useful searches in the Fort Myers MLS.

Sitemap

Search Real Estate For Sale by City

SEARCH CITIES IN SOUTHWEST FLORIDA GULF COAST MLS

Search Real Estate For Sale by County

SEARCH COUNTIES IN SOUTHWEST FLORIDA GULF COAST MLS

Search Real Estate For Sale by Price

Search Luxury Real Estate For Sale by Price

Search Real Estate by Number of Bedrooms

Search Real Estate by Number of Bathrooms

Search Real Estate by Size

Search Featured Real Estate Listings by ID

Let us know what you think.  Are these searches useful?  We can add custom searches and save the links for you.  For instance, we created a custom search for Reflection Lakes in Fort Myers

We did another one for Cape Coral Homes For Sale which displays search results for single family homes in Cape Coral without having to select more criteria.  Some people want more search options and some desire quick and easy search results.  We wish to proved you what you’re looking for.

We welcome your comments.

To view our homes in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Visit our Google+ Business Page

Feel free to view our Virtual Tours .

By Brett Ellis

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

Search SW Florida MLS
Search SW Florida MLS

Perhaps you’ve wondered what your home is worth in today’s market but you didn’t want to go to all the trouble of hiring an appraiser or interviewing real estate agents to find out.  Now there is an easier way to find out what your home is worth online.Find Out What Your Home is Worth Online

Find Out What Your Home is Worth Online

Simply go to www.swfloridahomevalues.com and enter your property address.  The system will analyze your home and you can verify that it has your square footage, bedrooms, bathrooms, and year built correct. If anything is not correct you can make changes.

Once you confirm details it will calculate your home’s value.  Sometimes we find it is low and your home is actually worth more than what the report says.  Others times it’s been high, but in any event we hope it’s a good ball park estimate based upon what’s selling in your neighborhood. Automated Selling Price Analysis SW Florida real estate The system should even update you when more recent home sales hit the market and it’s able to recalculate your price based upon the new sales.  We had a seller who didn’t like the initial price but once some higher priced sales came in they were ready. The system alerted them to those new closed sales.

No online computer system is ever perfect.  This tool is designed for those considering selling to weigh their options to see if the possibility even makes sense.  If you’re struggling to make a decision, or need more information on how the process would work, there is no substitute for having a top professional come out and value your home and talk you through how the process would work.

We know you may want to purchase another property but can’t until you sell your current home.  Many sellers don’t want to move twice so timing is also an issue.  We can present you with some options that might make it easier for you to decide.  Taking advantage of today’s low interest rates might be an advantage for doing this now versus waiting.

Often times sellers will wait for their home to go up in value all the while the next home they want to purchase is also going up in value.  Waiting may be a wash on values, but it could cost you when interest rates increase.

Our new Marketing in High Definition program has been a big hit with sellers.  For more information go to www.HomesInHD.TV  We are now filming homes inside and out using High Definition Video. We also use a drone to film overhead video in High Definition and take amazing aerial photos.  Buyers love the new technology and really study our listings.  Google loves the new format and ranks videos higher than standard virtual tours. We still do standard virtual tours that generate a lot of traffic; we’ve just added the new High Definition Video for even greater visibility and buyers are responding.

Here is an example of a home in Reflection Lakes we produced in High Definition.

Here is a beautiful golf course home in Olde Hickory we produced in High Definition.

Whether you’re ready to list your home today or just get an update on prices, we’re here to help. To get your home listed and marketed in High Definition simply call the Ellis Team at RE/MAX Realty Group 239-489-4042 or email us at Brett@topagent.com or Sande@topagent.com

To search the MLS visit TopAgent.com  To learn more about Hi Def video for your home visit HomesinHD.TV

Visit our Google+ Business Page
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Search For Homes in Reflection Lakes Fort Myers


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Fort Myers Real Estate Agent

SW Florida home sales climbed in March to 1,068 sales for single family homes.  This is down 7.1% from last year but up 37% from February’s home sales figures.  We would say this is good news for the local real estate market as sales are holding up nicely.  We think they could have been higher if there were more listings on the market ready to compete for buyers.

Cape Coral real estate sales prices Fort Myers real estate

In speaking with several real estate agents and new home communities it seems that buyers this year watched the huge price increases we’ve seen over the past few years and many decided it was time to consider new construction.  For many years new construction was priced out of the market because existing homes were far less expensive.  Existing homes were undervalued and new home construction basically had to sit on the sidelines or risk building at a loss.

SW Florida Home Sales and New Construction

With the recent run-up in prices builders can compete again.  This will be news for many sellers in SW Florida as they’re not used to competing with new construction in many years, but those days are back.  Our market was undervalued and had to rise. Now that it has, competitive forces come into play and will temper large price increases going forward.  We may be back to a normal market where we’ll be watching indicators that may affect our market like supply and demand, along with inflation, the economy, interest rates, consumer confidence, insurance rates, and others.

All these forces affect the local and national market.  Because we’re no longer undervalued by a wide margin, and because free money is leaving the scene, and flood insurance rates may rise, the market now must react to natural market forces.  We were insulated the past 5 years.

This market wasn’t a lot of fun on the way down, although it was fun on the way up, but now we’re getting close to market equilibrium.  There is still much room for market growth, but it may need to be sustainable growth based on reasonable market factors.  Most agents would agree it’s actually kind of healthy to get back to a stable growing market.

Even in a stable growing market there will be pockets of sub markets that will thrive and some may struggle. Some areas of town will be hotter than others.  Some subdivisions are still fighting off remnants of short sales and foreclosures, or the association is making up deficiencies left by members that didn’t pay.

Some price ranges have less supply and more demand, and vice versa.  You cannot price your home by how the overall market is doing, just as we can’t price SW Florida based upon how the National market is doing.

If you’re considering selling, it pays to consult an agent who understands the market and what is really taking place.  You don’t need an agent that simply reads the headlines and prices your home based upon where they heard the market is heading.  By the time you read about it in the papers or see it on TV, chances are the market has already shifted.  The market rarely stays in one place for long.

Listing inventory is rising again.  In the next few weeks we’ll be introducing a new system that will really shake things up in the SW Florida real estate market.  We’re not ready to release details just yet, but if you’re considering selling your home, now might be a good time to call the Ellis Team at RE/MAX Realty Group 239-489-4042 or stop by our office at 7910 Summerlin Lakes Dr Fort Myers, FL 33907

We’ll make sure you understand the market forces so you can make a good pricing decision, and you’re going to love the new program coming soon!

Good luck and Happy House Hunting!
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Search For Homes in Reflection Lakes Fort Myers


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It’s season again and it’s not uncommon for listings to rise during season which is usually a good thing except for those sellers that decide to “Test” the market.  There’s an old saying that goes “If your home is over the market it isn’t really on the market.”

Perception Vs Reality in the SW Florida Real Estate Market

Perception Vs Reality in the SW Florida Real Estate Market

Sellers overprice homes in all kinds of markets; good, bad, and sideways.  Overpricing is nothing new, but it seems to be gathering steam these days as sellers read headlines that the market is improving and prices are on the rise.

It is true, the market has continued to heal itself, and prices have been rising for many homes.  Some price points have a shortage of homes on the market while some price points have as much as 3 year supply.

The other day I noticed the following post on Facebook from a Bonita Springs agent who I’m friends with “Well, I see we’re back to listing properties based on list prices, not sales prices again.”  Several local SW Florida agents chimed in and agreed.

Personally I’ve been on dozens of listing appointments in the past several months.  Some we’ve taken and many we have not.  Some sellers are interviewing as many as 8 agents trying to get an agent that will agree with their price.

I’ve gone back and tracked several of the listings where we recommended a true market price and the seller chose to list with another agent at a much higher than market price.  Some have even listed just slightly higher than market and they all have one thing in common.  Their homes are still on the market.  They have not sold, and they will not sell because they are over-priced.

Oh, sellers can justify about anything.  Perhaps the Germans or the Canadians will come and fall in love with it and buy it.  We do extensive marketing to foreign buyers but one thing I can tell you is they research the market and don’t want to overpay either.  Imagine if you were traveling to another country, or even another state.  You’d research the market before you felt comfortable buying wouldn’t you?  Germans, Canadians, and Snow Birds from here in the States do the same thing.  Nobody wants to overpay.  They don’t care how much you need for the property, only what it’s worth.

Pricing your home correctly is only part of the battle.  So much more goes into effectively selling and successfully closing the sale.  Many owners and agents can get the contract, but closing it is another story.  This is where the real expertise comes in.  Notwithstanding this fact, overpricing the home negates the experience it takes to close a sale because you rarely even get that chance.

And if you are lucky enough to over-price and find a buyer, the appraisal will trip you up when the property doesn’t appraise.  Even many cash buyers are putting in contingencies that property must appraise.

A lot of sellers like to overprice in season then get serious when many of the high end buyers go home.  Why would you want to do that?  Again, if you’re over the market you’re not really on the market.  Why not have your home on the market when the most higher end buyers are here?

Sure, many of these seasonal buyers come back and visit in the summer, but some buy on impulse while they’re enjoying the weather and good times here as well.  Especially when they see how bad the weather is up North.

Sellers don’t like when buyers have erroneous perceptions about the market.  Buyers don’t get what they want when that happens and the seller just sells to a buyer with correct perceptions.  The same is true for sellers.  If you have erroneous perceptions, buyers will pass you by and work with a seller that perceives the market correctly.

Agents don’t control prices, the market does.  I don’t care if prices go up $10,000 or $20,000.  I can’t.  It’s my job to research and interpret the market for our clients so they can be successful.  I can’t make the market anything it’s not.  If I could, I’d start with my own property.

If you’re thinking of selling, give us a call and we’ll work with you to get the best price.  You might find other agents who will list it higher, but ask yourself this question, “Am I looking to sell my property or just list it and waste my time?”

All those other listings we walked away from are still on the market.  Our listings are selling. Things that make you go hmmm.  Call us at 239-489-4042 or stop by our office at 7910 Summerlin Lakes Dr Fort Myers, FL 33907

 

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In the past few months we’ve been on several listing appointments and sellers usually ask how their price range stacks up against the market. Current listings by price range really only tells half the story, so this article will attempt to cover the other half.

Inventory by Price Range

Real estate listing Inventory Fort Myers Cape Coral

As you can tell by the published graph, the $100,000-$149,999 currently has the most listings followed by the $400,000-$599,999 range.  By looking solely at the graph one might think there is a backlog of homes on the market in the $100-150k range.  This just simply isn’t true.

Would it surprise you to learn that in that same $100-149,999 range there were 2,670 single family home sales in Lee County last year?  That works out to a 3.61 month supply of homes on the market.  Conversely, the $400k-$599,999 range had 869 sales last year.  This works out to an 11.72 month supply of homes on the market.  Even though the $100k range has the most homes on the market, it is a much healthier market because there are more than enough buyers in that range to absorb the inventory.

Inventory by Price Range

We created a custom graph using the exact same price points to illustrate how each price range is doing.  In essence, the lower the price range, the more range of buyers there are for a home and the most demand.  The market is best able to absorb the existing inventory from the lowest price range on up to the highest.

If you’re a seller with a million dollar plus home, you have about a 3 year supply of homes on the market that is competition for your home.  This is assuming no other homes come on the market.  If your home is in the $400,000-$600,000 price range, you have about a 1 year supply of homes on the market as competition.

It’s easy to see by the graph how your home rates by price range.  This is important knowledge.  If you would like to sell a home in 4 months time or less all you have to do is look at what price range you’re in and see what the competition is.  If you’re in the $600,000+ range which has a 15.96 month supply of homes on the market and you wish to sell in 4 months or less, it pays to be realistic and price your home more aggressively against the competition.

Many home sellers mistakenly believe they can set the price and buyers have to pay it.  It’s true, the seller does set the price, but the market determines the value.  Buyers are not only shopping your home but many others like yours in your price range.

If you have a home to sell it pays to know how much you should sell it for.  We compare your home against like kind comparables that have closed recently.  We also show you how your home stacks up against other current homes for sale.  You never want to under price your home because if you do you just give away your equity to the buyer.  You also don’t want to overprice your home either because if you do you’ll help sell your competition and insure your home stays on the market longer, and history proves that homes that linger on the market sell for less than homes that were priced correctly upfront.

If you have a house to sell, call us at 239-489-4042.  We’ll guide you through the home selling process and cut through all the clutter.  Good luck and happy home selling!

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

Twas the week after Christmas, and all through the land, The phones were all silent, and open houses were bland,

But that all changed now that Christmas has passed, for buyers are looking, these listings  won’t last.

The weather up North is really not nice, they’re driving around in heavy snow and slick ice.

It wouldn’t be so bad, if the snow would just melt, the winter season is long, and that wind is just Hell. 

Snowbirds keep calling, new listings better come quick.  I don’t know why they’re driving slowly, our roads are not slick. 

Perhaps they’re driving the neighborhood with a magnifying glass and map, when all they have to do is use our website or search our phone app. 

It’s easy to remember, and works on the go, simply go to TopAgent.com, and search like a pro 

So please dear sellers, pick up that phone, always call the Ellis team, we’ll get your home sold. 

May 2014 be Merry and all your wishes come true, and if we can be of assistance, let the Ellis Team help you

 

Twas the Week After Christmas

Phone calls typically don’t pick up until about Jan 15 or so as seasonal visitors get settled into their rentals.  We do however have an influx of people visiting the week after Christmas and they may be here only about a week or so.  When they see how nice SW Florida is, they quite often inquire about real estate.  If you go to the beach around new years I guarantee you will see a lot of shirts from Wisconsin, Iowa, and OhioState.  That’s because Florida has several bowl games and many of these fans come down to Ft Myers Beach for sun and fun before the game.

This year Wisconsin plays South Carolina in the Capital One Bowl in Orlando Jan 1.  Iowa also plays Jan 1 against LSU in Tampa. Ohio State plays Jan 3rd against Clemson in the Orange Bowl in Miami.

We get visitors from all over and many from Germany and Europe over the Holidays.  Once the New Year’s rush is over many of our visitors tend to rent monthly.  It’s amazing how many calls we receive the day before they leave, and sometimes on the way to the airport asking to see a house.  I guess they really hate to leave, and who can blame them?  We moved here from the Midwest, and most people living here came from somewhere else.

As you can see from the graph prices over the past few years have risen in season and we expect that trend to continue this year.  It’s already happening.  We hope 2014 is a great year for you, and if you have questions, don’t hesitate to call us. 239-489-4042 or visit Topagent.com

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

Listing inventory is riding low as it usually does this time of year.  If it seems lower this year, you may be right.  I spoke with a Realtor this week who usually carries 30 listings and they’re down to 6.

Fort Myers Cape Coral real estate inventory Riding Low
Single Family Home Inventory

 

As you can see by the graph, official numbers from Florida Realtors bear this out.  We’re still waiting for the June numbers to come out.  May’s numbers showed a decrease from 2012 inventory levels by 372 homes.

Last year inventory levels reached their lows in July but we’ve already surpassed those numbers with May numbers, so we’ll be watching June and July numbers when they come out.

Ellis Team at RE/MAX buyer specialists were busy this past weekend, and showings seem to have picked up a dramatically in the past week too.  Showings on our listings increased.  I checked with our listing coordinator and he said this past week was very busy and the week before wasn’t.  Of course, the week before was July 4th week so people tend to concentrate on outdoors and fun that week anyway.

Several of our listings have been receiving previews and showing for some of the Hertz relocation employees.  A few weeks ago I was quoted in a News Press article and while the article never said who had the Hertz account people inferred that the Ellis Team did so we’ve been flooded with people calling and emailing asking us to show their rental or home to Hertz employees.

We don’t have the Hertz account.  I had people argue with me and tell me we did because they thought they read it in paper.  These people weren’t looking to list their rental or home for sale, they just want employees to know about it.

The fact is, no matter who has the Hertz account those employees will know about it if the property is listed.  I assure you many of our listings have had interest from Hertz agents.

Every year I go on listing appointments and some sellers will say we’d like to sell to the Germans, or the Canadians or whoever else they perceive are buying this year.  It’s almost as if they want top dollar and they think the Germans will overpay for US homes because they don’t know better.

I assure you, nobody likes to overpay for a home no matter where they come from.  We work with many International customers and they all do their homework.  Hertz employees are no different.

And really, does it matter where the buyer is from or who they work for when they’re buying your house?  Money is money and most sellers we meet with want top dollar.  There’s nothing wrong with that.  We believe everyone should receive what the market is willing to pay.

When we list your home your home is exposed to buyers locally and internationally.  We use traditional print marketing as well as advanced online techniques that gets your home noticed.  Your buyer could be from Hertz or Intel, from Florida or Switzerland.

With inventory levels at lows this year it may be a good time to start thinking about selling.  Interest rates are rising, so if you’ll be getting a mortgage on your next home it could really cost you to wait.  See our last few articles at Blog.TopAgent.com to read about how rising rates are costing home buyers.

The market is rarely constant.  It is always changing.  If you’re interested in making a move, call us to find out where you stand in today’s market. 239-489-4042. Our office address is 7910 Summerlin Lakes Dr Fort Myers, FL 33907

Good luck, and Happy Selling/Buying!!!!!

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Official real estate sales numbers were recently released by Florida Realtors and as expected, median and average prices for single family homes rose again in April.

SW Florida Real Estate Market Continues Its Upward Trend
Median Sale Prices 2012-Present

The median sale price rose 29.8% over last year from $140,199 to $182,000 this year.  The average sale price rose 23.1% from $237,281 last April to $292,201 this year.  Prices have definitely risen this season; however they typically do this time of year.  We are comparing numbers of last year at same time, so it’s a legitimate 30% increase over last year.

SW Florida Real Estate Market Continues Its Upward Trend

April 2013 prices are up over March numbers which is also typical.  April’s $182,000 was up over March’s $168,000.  Going forward we’ll have to watch as last year prices hit their plateau before steadying out the rest of the year.

 

Home prices by price category in SW Florida
SW Florida Home sales by price category April 2013

When analyzing by price range again we see a drop in closed sales below $100,000 simply because there isn’t much inventory there as home prices have graduated higher.  Those some entry level or investment homes are just higher in price again this year.  Finding sub $100k priced homes is difficult at best.

When prices are rising people automatically assume it’s across the board and they can add 30% to last year’s home value regardless of what price range their home is in.  This simply is not true, although we have seen increased sales in almost every category.  The over $1 Million category continues to struggle.  The SW Florida real estate market is on the rise, but the overall economy may be holding back super premium prices combined with excess inventory in the $ 1Million+ category.

We’re really seeing excellent sales in the $200,000-$400,000 range.  That’s the sweet spot right now in Southwest Florida.  This may change in time, but right now that’s it.  With companies like Hertz moving to Estero and another company I’m hearing rumors about, this sweet spot could do very well for years to come.

Eventually the over $400,000 range will pick up more as well.  It’s doing OK, but if you remember back to the hay days, it seemed any new home in South Fort Myers was $400,000 and up.  Now you can get a pretty nice home for $400k.

The financial markets were spooked last week Fed reports that some Fed governors support raising interest rates by ending the government bond buying spree if we see continued economic development.  This would essentially raise rates.  While this will happen one day, I doubt there’s enough support to do it now.  This will eventually cut into buyer’s buying power when that happens.

Nationally home prices were up 10.2%.  SW Florida is absolutely leading the nation right now.  We did so back in the run-up.  The difference today is its sustainable and we’re still at or near replacement costs.  Back in the upswing in 2005 we were so far over replacement cost.  We were artificially too low in price for the last 7 years and the market has been correcting the past 3-4 years now.  Look for continued strength as we have positive economic news locally.  Keep your eye on national economic news and interest rates and we’ll let you know if we hear more details about landing another big company.  It really makes no sense to report on that unless and until it happens.  As you might have read, the Hertz deal almost didn’t happen, so we never believe anything until the ink is on the paper.

To find out what your home is worth online visit www.SWFLHomeValues.com  To search the MLS, visit www.LeeCountyOnline.com

Good luck and happy house hunting.

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We’ve been reporting price gains throughout 2012 and new sales numbers for January 2013 by the Florida Association of Realtors bears this out. We’re changing once again how we report numbers and going back to the Florida Assoc of Realtors data for a simple reason.

As of today we still have data from the Cape Coral and Fort Myers MLS. Sometime down the road Cape Coral is going to pull out of a technology venture so the MLS’s will be separate. While it’s not a big loss, it will affect less than 10% of the sales data. I like to report apples vs. apples and when the change occurs later this year, it will be apples Vs apples with a bite or two taken out.

New Sales Numbers Show Price Jump in 2013

New Sales Numbers Show Price Jump in 2013
Florida Realtors January 2013 Sales Data

So let’s focus on what we have. Pending sales are up about 24% over last year which could lead to some nice closed sales figures when we’re all done. Average price is up over 6% while median price is up over 24%. This tells me there is breadth to this market and the rise is widespread.

Days on the market are down 5 days. Essentially, if something is on the market, available to be shown, and priced correctly, it will sell. The Avg percent of list price/sold price is up as well. The higher priced homes skew this number lower.

Florida Realtors sales data January 2013 SW Florida real estate
Days on market by Price Range January 2013 SW Florida real estate sales data

Not all homes sell at the same rate. Let’s look at Avg days on market by price range. As you can see, the lower the price generally results in lower the days on the market. This can be for a few reasons.

First off, there are more buyers at the lower prices. 1st time home buyers, lateral buyers, baby boomers, and investors compete at the lower end. There are only so many luxury buyers out there.

Additionally, even though an investor may be able to afford higher priced homes, they tend to look at return on investment. The lower priced homes return a cash flow not seen in some higher priced homes. There is a limit to what some homes can rent for. Taxes, HOA fees, mandatory club fees, etc all eat into an investors return which caps what they’ll pay for certain properties. This leaves many higher priced homes to end users which limits the market and the buyer pool.

Some higher priced homes rent well. Some have limitations as to how many times per year they can rent.

The bottom line is our market is recovering price wise. We still receive calls from sellers who want too much for their home. Of course, we still receive calls from buyers wanting a home close to the beach, with a pool, under $100,000 too. In any market there will always be people who want to sell for more than the market will pay and those that seek to underpay. The market seeks its own level, and the key to successfully navigating the market is understanding where it’s at.

Our market is kind of like the ocean. Tides come and go, and sand bars move with each passing storm. A wise captain has a depth chart and depth finder, because charts are mere guides to the waters as tides rise and fall and sands shift.

Our real estate market is subject to ebbs and flows like the tides, and an occasional storm which shifts the bottom. The key is to not run aground and get from point A to point B. If you’re finding it difficult to tell where the bottom is or where the tides are heading, please give us a call. We have the latest depth finder and our captains are the best in the business.

Our depth finder is the MLS and our captains are our agents who read charts everyday and will help you interpret the market. Our market is constantly moving so it pays to work with people who understand the changes. If we can help, call us at 230-489-4042

Good luck and Happy House Hunting!

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