November 2008 real estate numbers for Fort Myers and Cape Coral were released recently and single family home sales in Cape Coral and Fort Myers were up 64% over last year, a trend we’ve seen repeated throughout 2008. Median sales prices for Fort Myers and Cape Coral real estate fell 53% from last year, down from $228,100 to $106,100. Statewide home sales were up only 4%, so again SW Florida real estate has been leading the state in home sales.
Condo sales in Fort Myers and Cape Coral were down 21% from last year, while statewide they were only down 8%. Statewide sales prices for condo were down 30% and condos in Cape Coral and Fort Myers were only down 20%, perhaps a reason why our sales were down. The better the pricing the more sales we are seeing in any particular market segment.
Sales numbers released by the Florida Association of Realtors for April 2008 shows the Fort Myers and Cape Coral real estate markets sales increased dramitically. In fact, sales are up over March numbers as well. SIngle family homes sales in Fort Myers and Cape Coral increased 41% over last year’s numbers, and Condo sales in Fort Myers and Cape Coral increased 57 % over last year’s numbers.
The Ellis Team SW Florida Real Estate Current Market Index is an accurate indicator or future sales, and has been improving steadily since January 2008. In January we began reporting that sales numbers should begin picking up, which has been the case. Pending sales started increasing, followed by rising closed sales. Inventory levels have been falling in 2008 which is a good sign for sellers. We still have a high level of inventory, but it is getting more manageable everyday.
Median home prices have fallen, but that does not mean that all home prices are declining. We have seen solid sales in Cape Coral. Lehigh Acres home sales have fallen behind Cape Coral. We’ll be posting some very interesting numbers within a week or so illustrating those differences. Median home prices have fallen, and that is an indication that more of the home sales have occurred at the bottom half of the spectrum. As the bottom has firmed up, it will eventually translate into firming in the higher price ranges. We are getting more offers today in the $300,000+ range and that is encouraging once again. It all started with that $100,000 range which led the charge.
Many properties in the $100,000 range have multiple offers on them and buyers are scrambling to get these properties. In fact, buyers display desperation when competing against other buyers to get in on these deals. The Fort Myers News Press did a home sales story on the April Fort Myers and Cape Coral numbers. Money Magazine also did a story on national home sales and it talked about how Cape Coral Florida is leading the nation as one of the bright spots.
Stay tuned as we look for more good numbers being reported in when May’s numbers are reported next month.