Homes sales brisk, median price shows slight rise

Members of the Realtor Association of Greater Fort Myers and the Beach Inc. sold 1,185 single-family homes in September, a 56.7 percent increase over last September. The area’s year-to-date sales have increased 118.7 percent.

Of these September single family home sales, nearly half (48.7 percent) were bankowned, 20.6 percent were short sales and the remaining “conventional” sales made up 30.6 percent.

Pending home sales are still above last year by 23.2 percent, with 1,779 sales pending in September versus 1,444 last September. The median sales price of all existing homes sold in September rose modestly to $85,500, an increase of 3.9 percent above the prior month. The median price is still 32.3 percent below September 2008, when the median price was $126,250, as foreclosures and short sales continue to put downward pressure on prices.

There are currently 6,809 single-family homes listed in the MLS. This number has decreased by 5,805 homes from September 2008, resulting in an inventory supply of less than four months for single family properties in our area.

“September proved a strong month for sales, particularly in the entry-level, lower-priced homes as many first-time homebuyers have taken advantage of the $8,000 tax credit. But time is running out with that incentive set to expire on Nov. 30,” said Association President Suzanne Sherer. “Our Realtor members strongly support an extension and expansion of the homebuyer tax credit program, broadened to include all buyers, as we believe this will advance market stabilization by enabling move-up buyers to also take advantage of low interest rates and affordable prices, while reducing investors influence on our housing prices.” 