Existing home sales hits five-year high

Sales of existing single-family homes in March were the highest recorded for a single month in the past five years, according to a report by the Realtor Association of Greater Fort Myers and the Beach, Inc.

In March, there were 1,326 existing single-family homes sold in Lee County, compared to 577 in March 2008, an increase of 130 percent. Pending sales are also up 84.2 percent year to year, with 2,019 single-family homes pending versus 1,096 a year ago.

The number of single-family homes listed on the MLS continued to decrease. At the end of March there were 9,666 active listings for existing single-family residential properties compared to 11,372 a year ago, a decline of 12.3 percent.

However, the median price is still contracting due to the influence of bankowned and short sale properties. During the first quarter of 2009, foreclosures represented 67 percent of the single-family properties sold at a median price of $70,857; short-sale properties represented 14 percent of total sales with a median price of $119,908 and traditional properties represented 19 percent of total sales with a median price of $190,000.

"No one can argue that bank-owned properties are affecting our median price; however, buyers need to realize that our market is extremely competitive and very fast paced", said Suzanne Sherer, president of the Realtor Association of Greater Fort Myers and the Beach, Inc. "Today's buyers should have their financing lined up and make their best offer, as most properties are receiving multiple offers and the competition may very well be a cash buyer."

In Collier County, overall home sales for properties under $300,000 saw a 113 percent increase, with 964 sales in the first quarter of 2009 compared to 452 in the first quarter of 2008, according to the latest report from the Naples Area Board of Realtors, which tracks home listings and sales within Collier County, excluding Marco Island. Single-family homes sales under $300,000 increased 242 percent.

The overall median closed price decreased 36 percent to $237,000 for the 12 months ending March 2009 from $370,000 for the 12 month months ending March 2008.

Statistics for March 2009 also showed large increases in sales. According to NABOR, over the last 12 months, home sales increased 30 percent, and the inventory in the under $300,000 single-family home market has a current 14 month supply, down from 45.6 months of inventory in March 2008. Source: floridaweekly.com

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