State of the Market-Mini Update

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State of the Market-Mini Update

Here is a look at Inventory levels from random past dates and today. Active represents Active listings by date, and Pending represents properties that were under contract for sale at the time. CMI represents our Current Market Index, which accurately predicts where the market is heading. See Below for Commentary.

 

Fort Myers Geo Areas
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
dddd

Cape Coral Geo Areas
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

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