Homes sales up; median price down slightly in Lee County

COURTESY REALTOR ASSOCIATION OF GREATER FORT MYERS & THE BEACH, INC. Sales of resale homes in the Greater Fort Myers area rose again in August for the eighth consecutive month. A total of 729 properties sold — up 79 percent from the prior year. However, the value of homes dropped again in August as the median price of an existing single-family home sold for $134,900.

There were 11,097 single-family homes for sale in August in the area, for an estimated 9.6 month supply of inventory. These numbers include short sale and bank-owned properties that are listed in the MLS. More than 1,150 sales are pending, which is on par with the prior month and ahead of the prior year by 86 percent.

"As homes have returned to levels of affordability, buyers are coming off the sidelines and thus we continue to see sales increase in the area," said Ron Carpenter, association president. "Sales are projected to be up by more than 70 percent year-to-year and equal to the number sold in 2006. Until the inventory of bank-owned and short-sale properties move through the market, we can anticipate that resale prices will stay at the current levels."

Down in Collier County, the results are similar, with buying on the increase; however, the median home price increased 5 percent in the over $300,000 market in August 2008, compared to August 2007, the Naples Area Board of Realtors reported.

"There is increased sales activity in the under $300,000 category; while all other price segments are stabilizing and trending up," said John Steinwand, President of Naples Realty Services.

Tom Bringardner, president of Premier Properties, agreed.

"The market continues to look positive as all geographic areas show a 13 percent increase in overall pending sales," he said.

Overall, pending home sales in the greater Naples area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, increased 92 percent, with 527 in August 2008, compared to 274 in August 2007.

NABOR also reported that overall pending home sales for properties less than $300,000 saw a 275 percent increase with 356 in August 2008, compared to 95 in August 2007.

Brenda Fioretti, managing broker of Prudential Florida Realty, said that lower priced home sales accounted for 50 percent of all pending transactions. "The year-to-date sales for properties less than $300,000 have increased 75 percent for August 2008 compared to the same period last year."