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Fort Myers-area home sales up
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NAPLES — September’s snapshot of home sales in the Fort Myers area is a picture of climbing sales yet growing inventory.
Single-family homes sales in September climbed 4 percent to 756 from August’s 729.
That’s about three times the number of sales for the same period last year of 275 homes, according to the Realtor Association of Greater Fort Myers and the Beach. “Historically, September is usually a slow month, so it shows that buyer confidence does seem to be rising,” said Suzanne Sherer, the association’s president-elect.
Another boon to sales is the continued downward spiral of housing prices, which Sherer said it’s actually just a return to normalcy compared with the inflated prices of 2004 and 2005.
September’s median sales price slipped another 6 percent from August to $126,250. That’s 42 percent lower than a year ago at $218,000.
The Naples Area Board of Realtors says it will release September housing numbers early next week.
Prices continue to drop as more foreclosures and short sales hit the market dragging down the value of market overall, Sherer said. A short sale is when a home’s value is less than the mortgage debt.
Banks must approve these deficits and often the properties end up in foreclosure and back on the market at a lower price, she said.
Realtors were also encouraged by a 25 percent jump in pending sales as more than 1,400 contracts were signed in September.
A similar trend was reported for the country, Wednesday, according to the National Association of Realtors.
In August, an index that monitors current signed contracts rose 7.4 percent from July and 8.8 percent more than a year ago.
But as borrowers have struggled to receive loans, those pending sales may not translate to sealed deals.
“It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street,” said NAR’s chief economist Lawrence Yun. “But we’re hopeful most of the increase will translate into closed existing-home sales.”
But while sales climbed in Lee County and surrounding areas, that slice of pie of listed homes shrank. Six percent of listed homes sold in September compared with 7 percent in August.
And the ratio of homes sold compared with new homes listed, which indicates to Realtors if the market is reaching a balance, fell to 33 percent compared with 39 percent in August.
The drop came as the number of newly listed homes spiked 27 percent to 2,277 in September from 1,850 the month before.
Sherer said sellers are positioning themselves for season.
The total number of homes on the market, 12,614, was the highest it’s been since November when there were more than 13,400 listed.
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stupid spin headline
#1 Posted by thedudesview on October 8, 2008 at 6:01 p.m. (Suggest removal)
That's why your called the dud.
#2 Posted by 676 on October 8, 2008 at 6:23 p.m. (Suggest removal)
676,
Weren't you the same guy that championed that home prices would only go down 10 percent? Care to elaborate there dud.
#3 Posted by Sanity on October 8, 2008 at 7:07 p.m. (Suggest removal)
I think the statistics are accurate. Sale activity is needed to get sales numbers up, inventory down, home prices up. This will ease the housing "recession". This will be the bottom of the market for sure. What is happening in the current sales transactions, is that the foreclosures are selling at short prices.(This is sale from the foreclosure holding banks at deep discount from what they own them for!!) Check daily Collier Co. real estate transactions. At least 45% are sales from Mortgate holders & banks. Actualy there are some really fire sale prices accepted.
I am not a realtor. I am a snowbird that has 2 properties in the area. I am not a "flipper of property, realtor, or investor. I am just concerned about the fall in market prices. I'd like to see my property values come back to reality. I purchased them before the "crash". I'm not greedy. Bought before the "Bubble" I did not sell in the high market.
Thanks for looking st this post. Robert
#4 Posted by bsoeder on October 8, 2008 at 8:42 p.m. (Suggest removal)
Interesting comment #4. How about adding mortgage brokers instead of realtors. The real estate "depression" is happening to people who payed too much for real estate over the last 3-4 years and got loans they could not afford. I built my house in 1996 and it is worth at least 200% more now. It's funny,I didn't hear anyone complaining about realtors when the market was going up 20% a year. Sounds like you're a Yobama fan
#5 Posted by wiggins on October 8, 2008 at 8:54 p.m. (Suggest removal)
Where are people getting loans to buy these houses ? are these all cash deals ?
Another statistic lacking the real truth .
Can't wait for Balarina and when his Naples stats are reported. Am I the only who thinks these numbers are pumped up ?
#6 Posted by Johnywalker on October 8, 2008 at 9:17 p.m. (Suggest removal)
A lot of sales lately are cash. And some are mortgages. You can get a mortgage if you shop. You must have a very high credit score however to get approval.
#7 Posted by bsoeder on October 8, 2008 at 9:40 p.m. (Suggest removal)
If the Florida Real Estate market was as easy to make money in that you whiners wish, then i could get any 6th grader to spin profits in this market. The only way for the 10 - 20% of us to make money is on the mistakes that you 80% make.
You amateur investors need to put your money under the mattress, if you have any left.
As Cramer says, sell, sell, sell.
AS I say, you all sell, sell, sell at the lows of the market so I can buy, buy, buy!
#8 Posted by cornandbeans on October 8, 2008 at 9:53 p.m. (Suggest removal)
bsoeder: You sound like a mis-informed snowbird. The slight uptick in sales means nothing compared with the incredible wave of people still walking away from their homes. Lee County recently said they were hiring extra legal aid to handle foreclosures because the figures were too vast to process on ordinary levels. That equates to many many more homes dumped onto the market in coming years, and the bottom is not anywhere in sight. Can you say something that makes sense please? Foreclosures are selling but at a snails pace. Most are tied up in legal issues, its obvious you have no idea whats going on out there. Dont get too excited too soon.
#9 Posted by simpleliving on October 8, 2008 at 11:19 p.m. (Suggest removal)
cornandbeans,
You tell that to the people who lost their retirement in this stock market.
The Dow was overvalued anyway and needed purging.
#10 Posted by Sanity on October 9, 2008 at 8 a.m. (Suggest removal)
#5 - I agree with your comment
#11 Posted by thedudesview on October 9, 2008 at 8 a.m. (Suggest removal)
The faster home prices reach realistic, affordable levels, the quicker we will recover from this mess.
Sellers, your home is not a lottery ticket, its not worth 1.1 million.
#12 Posted by Sanity on October 9, 2008 at 8:03 a.m. (Suggest removal)
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