Tag Archives: Fort Myers real estate

Fort Myers Real Estate Video Feature Update

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We thought we’d try something new, so we just filmed a short video explaining what is happening in the local Fort Myers real estate market.   If viewers like it, we could do something like this weekly.  The video is not anything special and certainly not broadcast quality.  It was done on the fly with a small digital camera as more of a test to see how it would turn out, and if viewers would like it.  We don’t like the sound quality although it is certainly legible.  Upon further review we did find it is much better when you select watch in high quality.  This video is presented by The Ellis Team, RE/MAX Realty Group in Fort Myers Florida

Send us your thoughts on the idea in a comment, either on this blog or directly in the video and we’ll make changes as necessary.  If nothing else it was a fun idea with potential.

Click here to search the entire Southwest Florida MLS.

Home Buying Frenzy – Official July SW Florida Real Estate Housing Sales Numbers Released Including Fort Myers and Cape Coral

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July 2008 SW Florida real estate sales numbers were released today by the Florida Association of Realtors which includes data for Fort Myers and Cape Coral real estate.  The latest data shows a home buying frenzy as single family home sales in Fort Myers and Cape Coral were up 80% over last year’s numbers.  From the SW Florida Real Estate Homes Closed 2005-2008 chart, you can see home sales surpassed both 2006 and 2007 levels for the month of July.  Last July there were 426 single family home sales and this July there 768 home sales.  Condo sales in SW Florida increased 35% from 129 last year to 174 this year.

Median single family home sale prices in Fort Myers and Cape Coral dropped 37% from $246,100 last year to $154,900 this year.  Median sale prices dropped 10% in July from June 2008 levels, and have dropped about 27% in the last two months alone.  See SW Florida Real Estate Month Over Month Prices chart.  Our SW Florida Real Estate Sale Prices 2005-2008 chart illustrates sales price trends for the last 4 years.

Be careful not to judge the overall market by the median price, as foreclosures are skewing the data downward in the lower price end of the market.  While it is possible that multiple market segments are dropping to some degree, we really don’t see all market segments dropping to the degree the median price is.  Home buyers are jumping in with both feet as they have found affordability back in the market.

We believe home sales, while at a frenzied pace right now, would actually be stronger if financing wasn’t such an issue for homebuyers.  Lenders have certainly tightened the screws, and to some extent have caused the market to decline due to tougher underwriting standards.  We are not arguing as to whether the banks are right or wrong, as each lender has their own specific situation to deal with and less money to lend, but it is a fact that sales are being curtailed due to tighter lending policies.

Nationally pending home sales numbers have been stronger, which hopefully will be a good sign for the future as well.  We’ll keep reporting what we’re seeing in the local SW Florida real estate market, so tay tuned.  Be sure to check our Fort Myers real estate website for updates on the market as well.  You might also like our Housing Statistics webpage.

Click here to Search the Entire SW Florida real estate MLS.  You can also view Ellis Team Virtual Tours of our listed properties.  Feel free to visit our Bank Owned Bargains webpage for SW Florida bank foreclosures, and don’t forget our weekly radio show entitled “The Future of Real Estate” which you can listen to online.

Brett was recently interviewed on TV regarding what caused the local SW Florida foreclosure crisis.  Click here to watch that interview.

 

Ellis Team SW Florida Real Estate Current Market Index August 2008

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The August SW Florida Real Estate Current Market Index is out for Fort Myers, Cape Coral and Lee County real estate, and as you can tell, it’s been fairly level but weakening slightly, which should lead to strong sales numbers going forward, but not quite as strong as we saw in the summer months.

Ellis Team SW Florida Real Estate Current Market Index August 2008 Fort Myers Cape Coral real estate

The official index climbs slighty to 7.88, up from 7.51 the month prior.  The Index consists of Fort Myers and Cape Coral combined.  The overall Lee County index stands at 10.04 for single family homes and 19.27 for condos this month.  Fort Myers single family homes index is 12.89 and Cape Coral is 6.62, so Cape Coral is definitely the hottest part of the county for sales compared to inventory levels.  Lehigh Acres numbers are reflected in the Lee County numbers.  The graph depicts Fort Myers and Cape Coral  real estate single family home sales index numbers.

We’re predicting sales to remain good, but cool off slightly.  Financing is having an impact on current pending sales, and new sales will be tougher after October 1 when down payment assitance goes away.

Fortunately we do have some homes listed that are foreclosures and the credit union is willing to finance with only 2% down, and will offer low rates to buyers with less than perfect credit, so this is a very good program for buyers who may get squeezed out of qualifying or who cannot come up with the minimum down payment due to the new financing rules.

Ellis Team Featured in Miami Herald Business Article

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Miami Herald featured Brett Ellis of the Ellis Team re: Blogs and what they can do for your business, as well as the time it takes to be successfull in the Blogging world.

It takes comittment, and if you do it, results will come as customers appreciate timely news about SW FLorida real estate.  Not only do we post timely news, we also post articles helpful to consumers regarding buying and selling real estate in SW Florida.

We focus on Fort Myers, Cape Coral, and all of Lee County but our tips and insight work virtually anywhere.

New Construction Could be Halted Due to Water Crisis

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Rain, rain, we need more rain.  That’s the message South Florida Water Management District is putting out, and they’re asking people to conserve water now.

Wells are running dry in certain parts of the county, and tighter restrictions may follow soon to get us through until rainy season here in SW Florida.  This could affect SW Florida real estate because one option on the table is to halt home cosntruction.

Year round restrictions may be looked at one day as well, but right now it’s crisis time and we need to get past this hurdle.  SW Florida has been much drier than normal, and rainy season doesn’t start until June 1.