|
Fort Myers Geo Areas |
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ACTIVE |
PENDING |
CMI |
|
| 6/20/2003 | 819 | 378 | 2.17 |
| 8/7/2003 | 768 | 337 | 2.28 |
| 10/15/2003 | 825 | 303 | 2.72 |
| 12/14/2004 | 494 | 295 | 1.67 |
| 4/1/2005 | 435 | 428 | 1.02 |
| 7/25/2005 | 398 | 350 | 1.14 |
| 9/29/2005 | 490 | 267 | 1.84 |
| 10/25/2005 | 626 | 200 | 3.13 |
| 1/24/2006 | 1338 | 210 | 6.37 |
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|
Cape Coral Geo Areas |
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ACTIVE |
PENDING |
CMI |
|
| 6/20/2003 | 1575 | 805 | 1.95 |
| 8/7/2003 | 1463 | 733 | 2 |
| 10/15/2003 | 1593 | 651 | 2.45 |
| 12/14/2004 | 886 | 581 | 1.52 |
| 4/1/2005 | 1006 | 894 | 1.13 |
| 7/25/2005 | 1020 | 971 | 1.05 |
| 9/29/2005 | 1653 | 751 | 2.2 |
| 10/25/2005 | 2141 | 605 | 3.64 |
| 1/24/2006 | 3926 | 537 | 7.31 |
As you can see, inventory is rising quickly, and the market has swung from a Hot sellers market to a buyers market. The CMI index in October predicted the market would slow, and as you can see, Active listings have swelled while Pending sales have dropped.
We are seeing about a 5 to 1 ratio of new listings entering the market each day to number of homes that go pending, which has lead to a dramatic increase in inventory. How much will this build-up affect prices? Stay tuned and we’ll post more Mini-updates on what is happening in SW Florida Real Estate.
Note, we selected certain geographic areas inside our MLS system for same sales comparisons. The Fort Myers and Cape Coral Geo areas do not encompass the Entire Lee County market, there are actually many more listings than what is shown here. We do feel, however, this is an accuratae representation of what is happening all over SW FLorida, regardless of which Geo area homes are located in.
To search for homes for sale, feel free to shop at www.LeeCountyonline.com