Sales up in Southwest Florida's existing home market

Sales of existing homes in the Greater Fort Myers area were up 154.6 percent in January, with a total of 830 properties sold versus 326 during January 2008, according to a report from the Realtor Association of Greater Fort Myers and the Beach, Inc. Short sales and bank owned properties continue to influence market prices, as the median price dropped to $89,000, which is below 2003 levels.

The Naples Area Board of Realtors reported the highest number of pending sales since 2005.

Overall pending sales, a key indicator of buyer activity, increased 85 percent yearto date in January in Collier County.

"I've seen that the number of showings in January have exceeded the number of showings for every month since 2004. The activity is encouraging," said Brenda Fioretti, managing broker of Prudential Florida Realty.

Sales of existing single-family homes in Florida rose 13 percent in the fourth quarter compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors. A total of 30,163 existing homes sold statewide in the fourth quarter; during the same period the year before, 26,635 existing homes sold statewide. It marks the second consecutive quarter that Florida has reported higher existing home sales.

There were 10,801 single-family homes for sale in the Greater Fort Myers area during the January and sales activity remains steady with 2,562 properties pending, an increase of 400 percent as compared to the same period last year

"Last year we predicted that sales of existing single family homes for the year would surpass 2003, 2004, 2006 and 2007 levels. We are extremely pleased that in fact, the sales pace was much greater than anticipated and we look for 2009 to surpass the record sales set in 2005," said Association President Suzanne Sherer. "We believe that sales volume will continue to grow as lenders have priced properties aggressively to move them and now that inventory levels are under five months, we are seeing properties receive multiple offers."

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 85 percent, with 706 pending in January 2009 compared to 382 in January 2008.

Overall pending home sales for properties less than $300,000 saw a 208 percent increase, with 508 pending in January 2009 compared to 165 in January 2008.