The Florida Association of Realtors released real estate sales numbers for Florida today, and the Fort Myers – Cape Coral single family home sales slid 39% from 694 last year to 426 this year. This was in line with what we expected based upon 2007 sales trends. See SW Florida Real Estate Homes Closed 2005-2007 graph.
Median sale prices of single family homes were down 7% from $264,600 last year to $246,100 this year. This was in line with what we were thinking based upon our SW Florida Real Estate Sale Prices 2005-2007 graph and closed sales data obtained through the MLS. Median sale prices have been down 3 straight months, and has trended down 4 out of the 7 months so far in 2007. See SW Florida Real Estate Month Over Month Prices graph. Median sale prices are down 13.1% in three short months.
Prices are down significantly from the highs of the market in 2005, and coupled with recent market price adjustments and the volatile credit availability supply, we think now is the time for buyers to jump in and purchase.
The home buying climate is as favorable as it has been in a long while with excellent supply selelction, lower demand, and prices making affordability an option again for many first time home buyers. What may hurt home buyers in the future is limited financing options. We are seeing credit programs dry up by the day, which means many buyers who qualify to get financing today won’t in the future. The sooner they get locked in the better.