Florida Real Estate - July, 2009 Sales Remain Strong

After a sizzling first six months of the year, real estate sales in Southwest Florida remained strong in July. In fact, July marks the thirteenth month in a row sales have climbed in Lee and Collier counties. The Cape Coral and Ft. Myers market area saw total sales soar over 100% on a year over year basis and the Bonita Springs and Naples market area wasn't too shabby either, up 67%.

Overall, Florida's existing home and condominium sales have risen on a year over year basis for eleven straight months. And, for three consecutive months in a row, the statewide median sales price ($147,600 in July) for existing homes rose over the previous month's figure and it also was higher than the statewide median price reported each month since the start of 2009. Not bad for a market that some in the press continue to portray as dead in the water.

Cape Coral and Ft. Myers Real Estate

Cape Coral and Ft.Myers Highlights:

• Single-family home sales were up 104% and totaled 1,570 sales.
• Condos sales were up 101% and totaled 349 units.
• Foreclosures and short sales continue to drag down the median price. The median price of single-family homes was $89,000, down 43% from last year. Condos faired a little better as their median price was down only 37% to $133,500.
• At the end of the July, there were 10,600 active residential properties listed in the Ft. Myers MLS. That's a decrease of over 40% versus this time last year and reflects just 5.1 months worth of supply of inventory.

Bonita Springs and Naples Real Estate

Bonita Springs and Naples Highlights:

• Single-family home sales were up 72% and totaled 348 sales.
• Condos sales were up 62% and totaled 283 units.
• Foreclosures and short sales continue to drag down the median price. The median price of single-family homes was $187,000, down 38% from last year. Condos faired a little better as their median price was down only 35% to $160,000.
• At the end of the July, there were 9,359 active residential properties listed in the Naples-Bonita Springs MLS. That's a decrease of just 12% versus this time last year and reflects over an 18 months worth of supply of inventory.

Condo sales continue to suffer in all market areas though as the new Fannie/Freddie lending guidelines continue to have a major impact, especially with the 30% down payment requirement and the 15% (30% for new construction) maximum units in condo fee default guideline. In addition, many luxury home sellers still have not figured out that they are going to have to reduce their asking price in order to move their properties. There are 550 properties for sale over $1 million listed in the Ft. Myers MLS and 2106 properties listed in the Naples MLS. Both are well over a 100 months worth of supply of inventory at the current sales pace for both homes and condominiums in that price range.

So, if you're thinking about getting a little piece of paradise for yourself and your family, now is the time to do it. Just come on down and join in on all the fun. You can be certain that buying now may just get you the deal of a lifetime.

*Sales Data Statistics from SWFL and NABOR MLS

Gulf Coast Associates, Realtors specializes in upscale Florida real estate. Our sister firm, Metro Mortgage Company is a federally regulated Mortgage Banker specializing in residential Florida home loans including Conventional, Jumbo and FHA/VA mortgages. Call us today at 888-617-3674.

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: