Homes selling at record pace as banks unload inventory

Realtors have sold more homes in the first eight months of 2009 then in all of 2005, the height of the real estate boom.

In 2005, a total of 9,842 homes were sold. Through August, 11,178 single-family homes have been sold. August figures show a nearly 81 percent increase over August 2008.

However, of the August sales, nearly 55 percent of the homes were bank-owned, 18.6 percent were short sales and the remaining "conventional" sales made up 27 percent.

In addition to an increase in homes sold in the greater Fort Myers area, there are 51.5 percent more pending home sales (1,752) than in August of last year (1,157).

The median sales price of all existing homes sold in August remained relatively unchanged at $82,300. That same median price is a decrease of 39 percent compared to August 2008's median of $134,900 as foreclosures continue to bring down the median price.

There are currently 6,777 single-family homes listed in the MLS. This number has decreased by 4,320 homes from August 2008, which has resulted in an inventory supply just shy of four months (3.9) for single-family properties in Lee County. Increased sales activity has led inventory months-of-supply to decline by 27.8 percent since the beginning of the year, when inventory supply was 8.8 months.

"We believe that the brisk pace of home sales will continue through the fall as only 11 weeks remain for firsttime homebuyers to make a purchase and take advantage of the up to $8,000 in tax credits that are available," said Suzanne Sherer, association president. "Buyers should be pre-approved, realistic in making their best offer first as inventories are low due to affordability, low mortgage rates and competition from investors in this market."