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10/06/2011

Who do you believe? 

Here are the facts about our local market as of September 1, 2011.

  • For the last six months, single-family home sales (7,498) have outpaced new listings (6,244) by a margin of 20% in the local MLS. This is typical of a seller’s market; it is not typical in a buyer’s market.
  • The median price of a single family home was $84,200 in August of 2010 and $97,000 in August of 2011, a 15.2 % increase. In a “normal market”, values increase 5-8%.
  • The number of single-family home sales year to date (10,918) have exceeded the total number of sales for the entire year of 2005 (9,842), 2006 (8,144), 2007 (4,711) and 2008 (9,310). Sales are on pace for a record setting year.
  • In August, conventional single-family home sales dropped to 46.13%, while short sales and lender owned sales increased to 53.87% of total sales. We may expect to see this trend continue as we see more foreclosures and lenders embracing short sales.
  • The days on market of lender owned homes were a mere 21 days compared to 61 days for conventional home sales and 154 days for short sales. In a “normal market” the days on market, average between 90-100 days.
  • Comparing August 2010 to August 2011 the number of homes sold under the $100,000 price point decreased 9%, while at the $100-199,000 price point the number of sales increased 15%, at the $200,000-$499,000 price point the number of sales increased 44%, and at the $500,000 and above price point sales increased by a margin of 36%. We are experiencing a substantial increase in the sale of homes in higher price points.
  • The monthly supply of single-family inventory dropped from 5.0 in August of 2010 to only 1.5 months in August of 2011. In a “normal market”, typically you can expect about a 3-month supply.

Bob Wade, President Real Living Cypress Realty, Inc., Member REALTOR® Association of
Greater Fort Myers and the Beach, Inc., Member Florida Gulf Coast Multiple Listing Service
Inc.

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