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Home Sales & Stats for the Month of May - Fort Myers

June 10, 2009

By REALTOR ® Association of Greater Fort Myers and the Beach, Inc.

May homes sales were up over 101% year to year with 1,451 existing single-family homes sold, compared to 719 in May ’08.  Pending sales were 38.5% above the prior year, with 1,980 single-family homes pending versus 1,429 a year ago; however, versus the prior month pending sales dropped 16.4%, which is the result of seasonality.

The supply of single-family homes stayed the same versus the prior month at 3.8 months, which is significantly lower than May ’07, when the inventory supply was 8.1 months. This reduction of inventory is evident by the drop in the number of single family homes listed in the MLS.  At the end of May, there were 7,477 active listings of existing single-family residential properties compared to 11,634  a year ago (a decline of 35.7%) and the active listings were down 13.7% versus the prior month.

While bank-owned properties continue to impact our median price, it has remained relatively stable in the second quarter, hovering around $80,000. Year to date 66% of all single family homes sold listed in the MLS were bank-owned; of these 64% were cash deals. This would indicate that the banks are looking to expedite the sales of these properties by giving preference to cash offers in multiple bid situations.

“This situation is causing many potential buyers, who live and work in our community, to become frustrated as it is getting harder to get the home they want” said Suzanne Sherer, Association President. “To reduce neighborhood blight and stabilize housing in our community, our workforce needs to be able to purchase these bank owned properties, not investors.  Hopefully, we can work with Lee County to utilize Neighborhood Stabilization Program funds to help our workforce attain homeownership.”  

The public is encouraged to visit www.FloridaGulfcoastHomesLive.com, the Association’s website for searching our comprehensive database of available properties in Southwest Florida by geographic location, price range or both.

The REALTOR® Association of Greater Fort Myers and the Beach, Inc. is a member-based organization founded 85 years ago. As a Community of REALTOR® Excellence (CORE), we are dedicated to serving current and future property owners as we believe that home ownership is the essence of a great community.

 

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13131 University Drive
Fort Myers, Florida 33907
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Sanibel, FL 33957
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