Pending sales up in Greater Fort Myers

The REALTOR Association of Greater Fort Myers and the Beach, Inc. reports that a total of 319 new and resale houses and condos are pending in the MLS as of March 1. That is an 86 percent increase since the end of December, 2007. 226 Single family homes are pending, reflecting an 85 percent swing during the last 10 weeks. Most encouraging are the absorption (supply in months) rates as the current home supply is less that it was a year ago, and down 45 percent since the end of December. The current absorption rate for all residential properties is just over 12 months, while single family homes are just under that figure at 11.8 months.

Last month's median sales price was 22 percent lower than a year ago at $190,000. This provides an excellent opportunity for buyers as the pending sales figures for the last 10 weeks indicates. Many buyers are re-entering the market and taking advantage of a choice of homes, while interest rates are still low.

The REALTOR Association of Greater Fort Myers and the Beach, Inc. is a member based organization of more than 4,500 members founded 84 years ago.