Official SW Florida sales numbers are out for SW Florida and August showed a slight rise in median price over July’s numbers, and a 26.9% rise over last year’s number. As I write this article Congress has still not approved the re-opening of the government or a debt increase, so those are two ominous signs that could definitely impact not only the local Fort Myers/Cape Coral real estate markets, but also the entire US market overall.
Prices Holding Steady Slight Rise in August.
The other piece of good news is that listing inventory rose slightly this past month, and pending sales rose as well. Foreclosures and short sales are way down from a few years ago, and money is creeping into the market as lenders are starting to lend again. Cash is always good, but when 70% of the sales were cash a few years ago, it limits the prices. Now that cash sales are down to 50% we see more money coming into the market fueling growth.
We produced a short video on our YouTube channel that shows all of these graphs and how it’s affecting the market. You can view it from our website www.TopAgent.com and click on Future of Real Estate or visit youtube.com/brettellisfl
A solution to the budget crisis might also help keep interest rates low, although we do expect an interest rate increase by next year no matter what Washington decides.
The SW Florida business climate is as hot as the temperature is outside. Hertz is relocating its world headquarters here and other companies are looking here as well. We really are on the rise and all Realtors I speak with are optimistic about 2014. After suffering 6-7 long years through a real estate mess people around SW Florida are welcoming positive news, and we’ll take it in bunches. Lord knows we fell on hard times and had bad news in bunches in the past, so I don’t think it’s unreasonable to bask in the sunshine of an upward market. We deserve it.
We can probably expect anemic growth until season starts in full force in January. In past years September through December has translated into bouncing along the status quo. Personally, this October and November are shaping up to be very good months for the Ellis Team, so 2013 might be better than past years if that is any indication.
Next week the Greater Fort Myers and the Beaches MLS is scheduled to begin using a new MLS system. This will make gathering statistics easier and less duplication as agents won’t feel the need to enter listing into two MLS’s to gain exposure for their seller. Going forward this provides an opportunity to provide and even more accurate picture of the listing inventory and closed sales.
We’re in for some exciting times in the SW Florida real estate market. We’ve enjoyed bringing you the latest trends and statistics, and going forward we’ll be able to bring you that quicker. We won’t have to wait for official numbers to be released from the board. We’ll all be working from one set of data, and that’s exciting.
If you’d like to search the MLS like a Realtor, go to www.TopAgent.com We have a basic search and a tab for an advanced search so you can enter more criteria. Good luck, and Happy House Hunting! And remember, we’re here to answer your real estate needs should you need an agent. 239-489-4042
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 Good luck and Happy House Hunting!!!
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