Exciting News for Real Estate

It has been an exciting year in Real Estate in the Greater Fort Myers market. Median home prices are up 32% from a year ago! There were 15,025 single family homes sold and 4,617 condo’s sold in 2011. We had 3,431 ACTIVE listings with 1278 PENDING listings – this is equal to ONLY 2.68 months of inventory. The absorption rate went from 5.6 in December 2010 to only 3.9 in December 2011 on single family homes, with a monthly absorption rate of ONLY 0.68 for foreclosure homes.

In December 2010 the sales reflected 1,113 short sale or foreclosures compared to only 442 conventional sales. Good news for the real estate market – in December 2011 sales reflected 394 short sales or foreclosures compared to 439 conventional sales. The average days on market are the lowest they have been in 4 years – only 157 days for conventional properties and only 27 days for foreclosures. This is down from 217 days for conventional properties and 60 days for foreclosures in December 2010.

These statistics are proof of what I have been saying for the past six months – the distressed property inventory is depleting at a rapid pace, prices are going up for the first time in four years and conventional sales are back. All of these signs are excellent for the real estate market and the housing recovery in the Greater Fort Myers area.

The best news is that if you did not get in on the bottom of the market, you can get in now and feel confident and secure that the housing recovery is here. If you would like a copy of the MLS charts and statistics please give me a call.