Tag Archives: Pending home sales SW Florida

Ellis Team SW Florida Real Estate July 2008 Current Market Index Levels off

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The Ellis Team SW Florida real estate Current Market Index leveled off in July to a 7.51 mark, up slightly from the 7.23 numbers in June.  The lower the index the better it is for sellers, and the higher the index the better it is for buyers.  We witnessed 5 straight months of decline before this leveling off.

 

SW Florida Current Market Index July 2008 Ellis Team RE/MAX

Single family listings in Lee County Florida rose slightly from 15,634 to 15,668, while pending sales dipped slightly from 1,697 to 1,574.  Both factors contributed to the slight uptick in the CMI index.  This could be somewhat seasonal.  We’ve also noticed a surge in investors swooping in to buy distressed bank foreclosures in recent weeks, which could be a positive sign.  Investors tend to be less emotional and more analytical about the numbers, and their comfort level with today’s prices speaks volumes.  It is important to note that these pending sales have been translating into significant increases in closing volume of 2007 levels.  Home sales in Lee County were up 43% in June over last year’s numbers, following up on a big increase in May as well.  Prices are down and volume is up.

The CMI index in Fort Myers actually improved, while Cape Coral softened just a bit.  Listing inventory of single family homes declined in Fort Myers from 2,528 to 2,489, while inventory in Cape Coral rose from 5,092 to 5,104.  Pending sales dipped slightly in the Cape while they held steady in Fort Myers

Ellis Team SW Florida Real Estate June 2008 Current Market Index Improves For a Fifth Straight Month

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The Ellis Team SW Florida real estate Current Market Index improved for the 5th straight month.  The index moved down to 7.23 for the Fort Myers, Cape Coral area.  For the entire Lee County Florida area the Current Market Index fell to 9.21, down from 9.57 the previous month.

Ellis Team SW Florida Real Estate Current Market Index

Single family listings in Lee County rose to 15,634, up from 15,340 the month prior, but Pending sales increased to 1,697, up from 1,603 in May.  We’ve already predicted May sales numbers should be about 57-60% higher over last year, while average prices should be down about 25% from last year.  We used the mean average and the official numbers use the median average, so there could be some slight variations when numbers are released.

We look at closed sale data in addition to using the Current Market Index to get a direction of where the market is headed.  This index has been so successful in its accuracy that the National Association of Realtors have adopted a similiar but more simple formula to predict the future market called the Pending Home Sales Index.

Next week we’ll report official numbers for May, but suffice it to say that not only will May numbers look stellar but June numbers should also look stellar once the month is completed.