We’ve been talking about price increases and low inventory for months, so this week we thought we’d revisit some data and provide an update on inventory supply in SW Florida.

Update on Inventory Supply in SW Florida January 2015

Back in January we analyzed the supply of inventory and compared it to May of 2014.  Since January there have been some changes.  All price ranges of inventory supply fell except one.

The $600,000 to 1 Million range actually increased from a 14.12 month supply back in January to a 16.64 month supply today.

Update on Inventory Supply in SW Florida July 2015

The overall market stands at 4.52 months compared to 5.5 months back in January.  Anything less than 6 months is considered a seller’s market and the overall market certainly qualifies for that.  In fact, anything up to about $400,000 is a sellers market and up to about $600,000 is a neutral market.  Once you start getting up over $600,000 there’s more competition for the buyers as there are less buyers and more inventory available.

For instance, back in January there were 579 homes on the market priced between $600k-$1 Million.  Today there are 807.  That’s a 39.38% jump in inventory. Thankfully we had 90 more sales in the past year in that price range which helped offset the large jump in inventory or the months supply would have been larger.  It would have jumped to 19.68 months were it not for the increased sales.

Otherwise listing inventory pretty much dropped across the board. In the $100,000-$150,000 price range listings dropped from 721 to 457 while sales actually increased in that price range.  Hence why you see only 1.87 months supply of inventory.

Even the $1 Million+ price range saw a shrink in inventory and an increase in sales.  It’s no secret that prices have been rising in SW Florida and now you can see in clear detail the reason why.

If you’re a seller it pays to know the inventory levels.  If you have a home in the $400,000+ range you may need some extra advertising to stand out from the crowd, and you want to make sure your price is in line as buyers have more choices.  You don’t want to price yours and help sell your neighbors home.

If you’re a buyer this is useful information as well.  It’s easy to focus on your search and see other homes, but when you get a bird’s eye view of the market you can better decide how strong to make your offer and how quickly you may need to step up.  In some price ranges you’re not really in competition with the seller.  You’re in competition with all the other buyers looking for the most desirable homes in your price range.  The real question is, if you don’t get your first choice home, how happy are you going to be with your 2nd, 3rd, or 4th choice, assuming there even are other choices?  In some neighborhoods you’re lucky to find 1 or 2 homes on the market.

It’s very frustrating missing out on Hot properties.  One way to stay on top of the market is to search the MLS at www.LeeCountyOnline.com Not only can you search the MLS for exactly what you want, the system will also email you when matches reduce their price or when new homes enter the market that match your criteria.  This helps buyers beat out other buyers to Hot new listings.

If you’re a seller, we’ll sit down with you and analyze where your home stands in the market, the best pricing strategy for your home, and how we would market it to make it stand out from the crowd.  We can even help you sell your home and help you search for another one. Give us a call at 239-489-4042


Good luck and Happy House Hunting!


Beware of Property Scams in SW Florida. 2 weeks ago our office began receiving phone calls from confused customers calling in on one of our listings.  The problem is they were under the assumption the property was for rent when it is actually listed for sale.


Beware of Property Scams in SW Florida
Beware of Property Scams in SW Florida

Upon further investigation we found a Trulia listings advertising the property for rent.  Our listing is also on Trulia for sale.  Rental customers were interested in renting but were confused with it being for sale, so many called us.

We assured each one of them it was not for rent.  They were being told the family had a change of heart and decided to rent it.  We called the family to verify and they said it is not for rent and knew nothing about it.  We had the ad taken off Trulia after a phone call to them.

A few days later we received more calls.  One person mentioned that seller was expecting a money gram for $1,000 deposit and $800 1st month’s rent and then seller would send the keys.  No lease mentioned, just keys would be Fed Ex’d when money arrived.

The prospective tenant questioned him about the For Sale sign in the yard.  She was told that he was very unhappy with the team selling the home.  He said the real estate company let someone move into the home and they trashed the place, so as soon as she sent the money he would take the For Sale Signs down. Luckily for her she called our office before she lost the money.

We reached out to the Lee County Sheriff’s office who is investigating.  We spoke with several detectives and they say this is a growing epidemic here in SW Florida.  They’ve seen many complaints from ads on Craig’s List and all over the Internet.  It’s a real shame because these scam artists are virtually assuring that you must go through a reputable company to rent anything.

How is a buyer or renter to know if they’re actually dealing with the owner?  Detectives tell us quite often the scam artists opens up phone numbers in the US using a service like Magic Jack, but really many are from overseas like Egypt.

According to the sheriff’s office scam artists in Lehigh Acres are selling properties they don’t own to unsuspecting buyers who think they’re getting a good deal.  If the deal seems too be good to be true and there are not licensed professionals involved in the deal, you might want to investigate the deal further.

If you see a home listed for sale and for rent with different owners or companies, it bears asking further questions.  Never give out personal information or fill out detailed application forms until you’re sure who you’re dealing with.

In the above case the scam artists are looking for money, but we could see unscrupulous people using your private data from a rental application for identity fraud to obtain credit in your name.

Use MLS search sites like Topagent.com to search the MLS.  Using sites like VRBO, Craig’s List or Ebay is risky if you’re not dealing with the legitimate owner.  If you have concerns or feel you’ve been a victim of a property scam, contact the local Sheriff’s Department and they will assist you.  More importantly, take the steps beforehand to protect yourself so you don’t end up a victim.

Good luck and Happy House Hunting!


Tune in to The Future of Real Estate


Good luck and Happy House Hunting!


Search the SW Florida MLS for Free

[idx-platinum-widget id =”4929-37510″]

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Check out our New Fort Myers Downtown River District Blog

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907