Last week I had the pleasure of presenting the residential market outlook to the CCIM (Certified Commercial Investment Member) Real Estate Outlook Conference. This conference is comprised of the Top commercial specialists in Charlotte, Lee, and Collier Counties along with community leaders like Mayor Randy Henderson of Fort Myers, Jim Nathan president of Lee Memorial Health System, a VP from Hertz, and Wilson Bradshaw president of FGCU among others.
The commercial market lags the residential market. Residential went down before commercial did and therefore came out sooner. CCIM experts were happy to report commercial is again on the rebound. 2013 was a very good year for residential which bodes well for commercial going forward.
Home Sale Prices Rising Nationwide
Nationwide housing prices rebounded in December quite nicely over the previous year. Detroit saw the largest increase in the RE/MAX national housing report followed by Las Vegas. Fort Myers came in with a 24% median price increase in December, and for the year Lee County saw a 28.31% gain over 2012 numbers.
In December there were reports nationwide of a slowdown in home sales but many states have reported this may have been a weather related issue as treacherous weather has wreaked havoc on airlines, schools, and businesses up North this year.
The North’s bad weather could be SW Florida’s good fortune as we have seen in years past bad weather up North leading to more home sales down here. In fact, yesterday I heard Carnival cruise lines announced they sold more cruises in January than any other month in history. With blizzard conditions this week and forecast conditions again next week, this might be the last year for some suffering through this weather.
Lee County is working on bringing more companies to SW Florida, and with record breaking bad weather, maybe we’ll attract entire companies rather than just disgruntled homeowners looking to make a change. This would be huge as we’d be adding jobs to the area to go along with increased residents.
While the SW Florida real estate market may not see 28% price gains this year, 2014 looks to be on track to be another great year. If another company or two like Hertz or Gartner decides to relocate here it could turn into a fantastic year.
We’ll be keeping our eye on several wild cards which could affect our market. Weather up North is one of them, along with the national housing market, interest rates, the overall economy, consumer confidence, business hiring and unemployment, and company relocations.
Realistic sellers have an excellent chance to sell their home right now. We have seen some over-pricing occurring in this market and we’re watching these listings sit on the market. A Seller’s market is an excellent time to sell but not a license to over-price. Over-priced homes do not sell. Believe it or not, back in 2005 and 2006 many sellers failed to sell because they were greedy and missed an opportunity. Oh my, would they love to have those days back!
If you have a home to sell, call us at 239-489-4042. We can help. If you’re a buyer, it pays to work with someone who knows the market. To search the MLS go to www.TopAgent.com
Good luck and Happy Selling/Buying!
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida Good luck and Happy House Hunting!!!