April home sales up 32 percent from last year

The Realtor Association of Greater Fort Myers and the Beach, Inc. reports that a total of 684 existing single family houses were sold in April.

That's a 32 percent increase in the number of single family houses sold compared to last April. In addition, 1176 single family homes are pending, reflecting a 47.2 percent upswing since April, 2007. Most encouraging are the absorption (supply in months) rates as the current absorption rate for single family homes is 9.9 months, well below December, 2007 when there was nearly 23 months of inventory up for sale.

"We're seeing a gradual improvement in the market and are optimistic that with the current interest rates and affordable inventories in the market there is a window of opportunity for many residents who had been unable to afford a home in recent years," said Ron Carpenter, President of the Realtor Association of Greater Fort Myers and the Beach, Inc.

The median sales price is $180,000, up 21 percent from 2003 levels, but down from year ago by 16 percent. Moderately priced inventories are moving as buyers are taking advantage of the lower interest rates and the affordable property values in the market. Based on the 4-month trend, it is anticipated that existing single family home sales will out-pace 2007 sales by 30 percent.

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.