Real Estate Market Conditions in August

September 30, 2008

Source: Fort Myers News-Press & Florida Association of Realtors

The Florida Association of Realtors released official home and condo sales numbers for the month of August. The existing home sales shot up in August, as the median sale prices were down 41% for single family homes in the Fort Myers and Cape Coral area from last year and were down 5.16% from July’s numbers.

Median home sale prices in Fort Myers and Cape Coral have fallen 30.84% in three short months, from a median price of $212,400 in May to a median price of $146,900 in August. Home sales were up 31% over last year with 684 sales this year vs. 520 last year, but home sales were down 11% from July 2008 numbers.

Condo sales also showed improvement in Lee, despite a statewide drop. The numbers of sales increased from 128 to 168 , while the median price dropped to $193,800 from $252,900. The numbers are down from July when there were 174 condo sales and the median price was $210,400.

It’s also important to note that foreclosures are driving the median home sales price down more so in the areas with higher concentration of foreclosures, like Lehigh Acres and Cape Coral. Fort Myers has not see the concentrated number of foreclosures like the previous two areas, and home prices have not suffered as much in many areas in Fort Myers because of that.

Despite economic uncertainty, a number of Florida Realtors are noticing  an upswing in housing activity and signs that investors think the market has reached bottom in many areas.

Industry analysts hope that the federal government’s financial rescue plan will boost the housing market and help restore confidence. Most people are strongly against this idea, and yet the government is probably going to have to get involved in some capacity whether we like it or not to protect a domino effect of financial institutions from crumbling under their past poor decisions.

The latest housing outlook from the National Association of Realtors predicts that existing home sales nationwide will improve in the coming months, though the speed and timing of a recovery depends on local market conditions. Inventory of available homes still remains high and will require time to fully absorb. The National Association of Realtors expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.

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