Each year we announce the official SW Florida real estate year end prices which are basically an average for the year of the median sales prices for residential homes in Lee County Florida. It isn’t the December year end sales figure as sales in any given month can be seasonal and can vary from month to month depending on what closes in any given month.
Official numbers haven’t been released yet so we calculated the weighted average median price each month and performed the calculation. I would expect our number to closely resemble the official number if/when it is released. Sometimes the Board goes back and revises numbers in the past and we didn’t do that. We also noticed that the monthly official sales total 12,060 sales while the January 2014 release shows there were 12,144 closed sales for the year, so perhaps they’re revising past numbers again.
In future years we’ll just track sales directly from MLS as we’re now on one system. Back in 2008 we described the year end chart as something like a shark’s fin. It still looks that way but at least we’re coming out of the downturn nicely. You can see we clearly have a ways to go before reaching the highs back in 2005, but 2013 sure looks a lot better than the low in 2009.
In fact, we’re 86.09% better than we were at the lows in 2009. Each week we provide data and graphs on the inventory levels, monthly price gains, market absorption, and much more, and only once per year do we get to break it down like this.
In a rising market it sure is a lot more fun to look at this graph. Back in 2007 and 2008 people were wondering when the market was going to bottom, and in 2009 we had our answer. We saw it on a monthly basis and it’s very easy to see looking at in on a yearly basis.
Many sellers are calling us and pleasantly surprised that they’re now able to sell their home due to the price increases. Unfortunately there are some sellers that refinanced or bought at the top of the market and didn’t put much money down and they’re still upside down and can’t sell yet. Each passing month adds more potential sellers who can afford to sell if they wish to.
Each year prices have gone up combined with their mortgage going down which has allowed more to become free from their home. So many felt trapped in their home while they were upside down, so they just waited for the market to respond.
If you’re a seller, the time might be right for you to sell now. Inventory is still low and we have buyers actively looking for the right home to come on the market. Interest rates are still low so moving to your next home is affordable now. It may not be as affordable in the future. Plus, the future home you hope to buy when your home sells may be going up in value too.
Keep in mind this is a market snapshot. Not all homes in all prices appreciate or depreciate at the same rate. It’s important to speak to a professional who can help you with your situation. Of course, if you’d just like to snoop around on the MLS you can at www.TopAgent.com. If you’re considering selling, please give us a call at 239-489-4042. We’re easy to talk to and we never pressure you. We’re here to present you with your options and let you choose what’s best for you.
Good luck and Happy House Selling!
If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida Good luck and Happy House Hunting!!!
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