Home sales in the SW Florida real estate market set an all-time record in April 2009 with 1,468 single family home sales, eclipsing the mark set in March of 1,464. Sales are literally off the charts as affordability is in the market. In fact, median home sale prices in the Fort Myers Cape Coral area fell by 3.39% last month down to $85,500, down from $88,500 in March. For a comparison of monthly home sales in SW Florida from 2005-2009 see the latest Fort Myers Cape Coral home sales chart.
Median prices in SW Florida are down 57% from last year, down from $200,300 to $85,500 Median single family home sale prices have fallen every month this year except for February when they went up 2.74% See our SW Florida Real Estate Month Over Month Prices chart. To illustrate just where median home sales prices are today Vs. where they have been every year since 2005, visit our SW Florida Real Estate Sale Prices 2005-2009 chart.
Condo sales in the Fort Myers and Cape Coral area were up 7% over last year, and probably would have been much higher if FNMA hadn’t changed financing rules making it increasingly difficult to finance most condominium associations throughout SW Florida. It used to be we worried about whether or not the buyer was qualified for a mortgage, and this past year we learned it was much more difficult to get a condo association approved than it is to get the buyer approved. Banks have over-reacted and will cause further problems in the condo market going forward, which may actually increase delinquencies as existing owners will not be able to refinance or sell to anyone other than a cash buyer.
Condo median prices in Cape Coral and Fort Myers fell 33% from $195,500 last year to $131,800 this year.
Statewide single family home sales were up 18% and median home sale prices were down 31%, and condo sales were up 21% and median condo prices were down 40%. As you can see, Fort Myers and Cape Coral are leading the state, as our home sales are up 81% over last year compared to the statewide average of 18%. SW Florida condo median prices were down 33% compared to the state average of 40%