Welcome to September. I can’t believe we’re 2/3 through 2008 already. This year seemed to FLY by. It has proved to be a very historical year so far for real estate here in SW Florida.
With unprecedented foreclosures and short sales in Lee County, the values definitely continued to decline. Sales went up over the year however.
I’d like to share with you statistics I pulled up today. From January – August residential sales (not including multi-family or land) in Lee County by the year.
2009: 13,505 *
2005: 10,896 *
* 2005 was our peak year for values & volumes prior to 2009 which clearly shows nearly 125% more sales than in 2005! I also calculated the median sales price to compare these 2 historical years. In 2005 the median sales price was $248,000. In 2009; just $85,000. While this fact is troublesome for some sellers it presents an amazing opportunity for buyers.
Is this a turning point for the SW Florida real estate market? It sure looks like it. The prices are lower than they’ve been in years creating a fantastic opportunity for buyers. There is also the $8,000 tax credit for first time home buyers through the end of November.
Sellers must be priced right and positioned well in the market. Properties priced well will move. Sellers who may be upside down in their mortgage have options as well. From loan modifications to short sales & beyond. Our office successfully closes several short sales each month.
It is going to be some time before the prices begin to go back up but with the amount of sales taking place at least we can see the light again.
If you have any questions about real estate please give us a call. We’re here and ready to assist.
Florida Future Realty, Inc is a full service brokerage servicing all areas of SW Florida – buyers & sellers alike.
We look forward to hearing from you!
Yours in Success,
Florida Future Realty, Inc.