In addition to being able to search the entire MLS in SW Florida for properties, we’ve added detailed property displays on out Topagent.com website.

We think consumers will like this detailed feature as it shows all available photos on the properties in one easy format.  It may take a minute to load as it is a large file, and we think consumers will appreciate it.

We get asked this all the time, Is it time to buy or sell in SW Florida.  We believe it’s time to buy.  It is not a good time to sell unless your circusmtances dictate a need to sell.  We’ll elaborate.

Over the weekend we were featured on MSNBC about the national housing market.  We told their real estate expert, John Bendall, Fort Myers was a good place to buy.  Prices have retreated and there are some great buys now.

We recently sold a lakefront pool home in Hawk’s Preserve for about $265,000 with the seller paying closing costs.  Our buyer was elated as this same home 2 years ago was selling for well into the mid $400’s.  This buyer has approximately $200,000 more buying power.  They’re able to get a 2,400 sq ft of living area home, with a pool, and a gorgeous lake view for their family of four.  They could not have done this even a year ago.

Affordablity is back in our market says this real estate website by Rainier Nanquil.  In addition to shelter, the home is now once again a long-term investment, a financial asset.  Homes have always been an asset, but not necessarily a good one when investors were paying Top Dollar and the bottom fell out.  Our market was not healthy when short-term investors came in and bought up much of the market with the intent of flipping to someone else at a higher price.  We saw much fraud in the process, and the end-user was hurt because they couldn’t afford to buy at the inflated prices.

Fast forward to 2007.  Much pain has occurred, and many investors have either sold, rented their home, or faced foreclosure.  We have several segments that have rebounded nicely, and we can say with confidence that some sectors bottomed awhile back.

Just because some homes bottomed, and in fact median prices have been on the rise 5 out of the last 6 months, we can’t say that the entire market is healthy just yet.  We still have large degrees of inventory of condos on the market, and many subdivisions are still vacant and primarily investor owned.  These will take time to balance with today’s market.  Make no mistake, our market is healing itself right now, and the sectors that still need healing will continue to do so.  With healing comes pain.  Many have felt the pain and dealt with the situation, others still must come to that realization.

Regardless, it is much better to be a buyer in this market than a seller.  It’s also wise to work with a Full-Time Realtor experienced in the ups and downs of the SW Florida real estate market.  Good buys are out there, and you can do well.  There are still some over-proced properties on the market, and you don’t want to purchase one of those.  Always get with a qualified and professional full-time agent to guide you through the buying process.

We’ve always said, you make money in real estate on the “Buy”, not the “Sell”.  Make sure you buy right.  Believe it or not, the best priced properties are selling, and many have multiple offers.  Those are the ones you want to jump on, and you may even pay full price because it’s a good deal.  The over-priced properties you must offer less, and in fact you might be wiser to just pass on until the seller gets realistic.

The SW Florida real estate market again shows some positive signs, as median single family home prices in Fort Myers / Cape Coral area increased 5.67% in April over March.  March posted 4.65% increase, which means median prices have increased about 10% since February 2007.  Median prices are definitely on the rise, as illustrated by our SW Florida Real Estate Month Over Month Graph.

Sellers should be careful not to over react to this positive news, as it is only one indicator.  The entire breath and scope of the market isn’t moving upward, simply the median price.  We knew the median  price would be the first to stabilize.  Median price is simply a measure of half the homes selling for more than a certain number and half selling for less than a certain number.  Many homes are selling, but only the best priced homes are selling, and homes priced above the market will sit on the market.  Median price is just one indicator.

Another indicator is how many homes are selling.  Home sales fell from March levels, which is typically the case until the market heats back up again in the summer.  Our SW Florida Real Estate Homes Closed Graph illustrates this point. Single family home sales were down 37% from last years levels, and down almost 10% from March 2007 levels.

As you can see from our SW Florida Real Estate Sale Prices 2005-2007 graph, sale prices have caught last years levels.  This is important, because the media will now start reporting prices are edging higher.  The more accurate indication is month over month changes which have been rising 5 out of the last 6 months, but that was lost in the reporting because sale prices were down against last year, which seems to be the media industry standard.  Now that we’ve broke out of that mold, which we predicted would happen sometime mid-year 2007, the media will start reporting prices are up, even though they’ve been going up for months.

The overall direction of the market is encouraging, but all the stars are not in alignment yet.  What we’d like to see is inventory levels  decreasing more than it is, sales increasing over last years levels, and prices stabilizing across all market segments.  This hasn’t happened yet, but it will in time.  The market is cleansing itself.  We expect a gradual improvement in numbers throughout the balance of 2007 overall, even though some segments will continue to struggle into next year.  Particularly hard hit will be new subdivisions where investors still make-up a majority of the homeowners.  We need end users to stabilize this market, and that is occurring as pricing has come down significantly.

Condo sale prices were down 24% in the Greater Fort Myers Cape Coral area from $322,500 last April 2006 to $244,100 April 2007, and the number of sales were down 14%, from 259 last April 2006 to 223 April 2007. Condo sales were actually up slightly from March levels, 223 in April 2007 Vs. 221 in March, and prices were down from $250,800 in March 2007 to $244,100, a 2.67% decrease.

Statewide, single family home sales were down 26% and median prices were down 3%, so Fort Myers and Cape Coral did better than the state average in price and worse in sales. Statewide, condo sales were down 19% and median condo sale prices were up 3%, Fort Myers Cape Coral did better than the average for numbers of sales and worse than average in median sales prices.

You can see how Fort Myers and Cape Coral single family home sales did this year Vs. last year and compared to the entore state.  Also view Condo sales in Fort Myers and Cape Coral report.