Homes sales still climbing in Lee County

SOURCE: REALTOR ASSOCIATION OF GREATER FORT MYERS & THE BEACH, INC. The robust pace of existing singlefamily home sales continued in February with 936 homes sold, an increase of more than 100 percent compared to February 2008 and more than 12 percent higher than the previous month, according to a report by the Realtor Association of Greater Fort Myers and The Beach. Pending sales continue to outpace last year by 67 percent, with 1,740 pending sales in February compared to 1,039 in February 2008.

The number of single-family homes listed on the MLS is decreasing (at the end of February, there were 10,501 active listings of existing single-family residential properties compared to 12,281 a year ago, a decline of 14 percent).

The market continues to work through its inventory of bank-owned and shortsale properties, which is affecting the median price. So far, in 2009, about 66 percent of the homes sold were bankowned properties, with a median price of $73,000; 14 percent were short sales with a median price of $130,000; and 19 percent were traditional properties with a median price of $196,000.

"With listing inventory down and pending sales continuing to climb, we are seeing some positive signs that our market wants to recover," said Association President Suzanne Sherer. "However, another vital part of our recovery is for banks to recognize that they need to work with the Realtor community, and their borrowers, to facilitate a short sale as these numbers clearly indicate that when a property goes into foreclosure, everyone loses."

The Realtor Association of Greater Fort Myers and the Beach Inc. is a member-based organization founded 84 years ago.