October 2007 Ellis Team SW Florida Current Market Index

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It could just be the time of year as pending sales typically drop anyway, or it could be a sign that the market hasn’t bottomed out yet.  Either way we’re not happy that the CMI Index has risen once again, a telling sign about the upcoming months ahead for this market.

Active listings are holding relatively steady. however, they are still rising.  Pending sales are also holding relatively steady, however, they are still dropping.  Either one wouldn’t be so bad except for the fact that inventory levels are near their highest levels.  This isn’t the best time for either of these events to occur, let alone both simultaneously.

Many agents I talk to, however, are optimistic that this upcoming season will be much better than the past two seasons.  We also look forward to the results of proeprty tax reform in Florida, which could influence affordability for home buyers.

The higher the CMI Index, the more supply we have relative to demand.

October 16, 2007 Active Pending CMI
Single Family 15,438 783 19.72
Condo 8,212 354 23.20
September 15, 2007 Active Pending CMI
Single Family 15,215 809 18.81
Condo 8,141 369 22.06
August 15, 2007 Active Pending CMI
Single Family 14,919 955 15.62
Condo 8,190 417 19.64
July 12, 2007 Active Pending CMI
Single Family 15,095 975 15.48
Condo 8,380 443 18.91
June 14, 2007 Active Pending CMI
Single Family 15,164 1,014 14.95
Condo 8,761 485 18.06
May 17, 2007 Active Pending CMI
Single Family 15,607 1,107 14.10
Condo 9,205 560 16.44
April 15, 2007 Active Pending CMI
Single Family 15,896 1,152 13.80
Condo 9,660 569 16.98

January 23, 2007 Active Pending CMI
Single Family 13,769 1,016 13.55
Condo 9,002 529 17.02

November 27, 2006 Active Pending CMI
Single Family 13,186 1,031 12.79
Condo 8,344 535

15.60

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