Home sales up, listings down in Fort Myers area

FORT MYERS - April 2009 home sales were up 105.5% year over year, with 1,406 existing single-family homes sold compared to 684 in April 2008, according to the REALTOR Association of Greater Fort Myers and the Beach Inc.

Pending sales improved 60.2% year to year, with 2,368 single-family homes pending versus 1,478 a year ago.

Of significance is the drop in the number of single-family homes listed on the MLS. At the end of April, there were 8,665 active listings of existing single-family residential properties compared to 12,324 a year ago, a decline of 29.7%. The supply of single-family homes shrunk to 3.7 months, which is less than half of what it was a year ago, when the supply was 8.3 months.

The median price continues to be affected due to the abundance of REO properties in the market. In April, REOs represented 65.9% of all single-family homes sold in Lee County, and overall the median price of existing single-family homes was $80,000.

Many of these properties are selling for more than the list price. There appears to be two prevailing reasons for this: one, many of today’s buyers are qualifying for FHA and VA loans, allowing for closing cost assistance; and two, there is more competition for these homes as multiple offers are being submitted on these bank-owned properties.

As of the end of April, the Fort Myers area has exceeded sales for all of 2007.