Lee home sales on pace to eclipse sales in 2006 and 2007 But median price continues to shrink

Median home prices for sales in Lee County .. SOURCE: REALTOR ASSOCIATION OF GREATER FORT MYERS AND THE BEACH, INC. Last month, 730 existing single-family homes sold in Lee County — an increase of 139 percent over last year, said a report by the Realtor Association of Greater Fort Myers and the Beach, Inc., which tracks home sales in Lee County. The value of homes, however, continued to decline as the median price in November for an existing single-family home was just $105,000.

In Lee County, there were 12,106 single-family homes for sale in November, for an estimated 7.6-month supply. These numbers include short sale and bank-owned properties that are listed in the Multiple Listing Service. Pending sales remained steady month-tomonth with 1,591 properties pending, which is 128 percent ahead of last year at this time.

"With a month remaining in the year, we are nearly at par with total sales achieved in 2004. The decline in inventory levels indicates that buyers are active as pending sales continue to increase," said Association President Ron Carpenter. "We anticipate that this trend will continue as short sale and bank-owned properties continue to influence the median price and are keeping prices attractive to local buyers. Sales volumes of existing single-family homes are expected to increase by 85 percent vs. 2007 and surpass 2006 levels by 7 percent."

In Naples, overall pending sales, which is a key indicator of buyer activity, continues to increase as the average days on the market decreases, according to a report released by the Naples Area Board of Realtors, which tracks home listings and sales within Collier County (excluding Marco Island).

The average days on the market decreased 20 percent from 211 in November 2007 to 169 in November 2008.

"The significant decrease in the average days on the market for properties under $300,000 indicates that choice properties are being sold at a swift pace, which is a key change," said Mike Hughes, vice president of Downing-Frye Realty.

"The decrease can be attributed to developer incentives, sellers realistically pricing properties, and foreclosures," said Phil Wood, managing broker of John R. Wood Realtors.

The Naples Area Board of Realtors also reported:

• 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 54 percent, with 473 in November 2008 compared to 308 in November 2007.

• Overall pending home sales for properties less than $300,000 saw a 198 percent increase, with 340 in November 2008 compared to 114 in November 2007.

• Single-family pending home sales increased 87 percent overall, with 288 in November 2008 compared to 154 in November 2007; pending sales of single-family properties of less than $300,000 were 208 in November 2008 compared to 45 in November 2007, a 362 percent increase.

• Overall condo pending sales increased 20 percent, with 185 in November 2008 vs. 154 in November 2007; and pending condo sales under $300,000 increased 91 percent with 132 in November 2008 compared to 69 in November 2007.