Home sales continue on record pace

Members of the Realtor Association of Greater Fort Myers and the Beach sold over 63 percent more single-family homes in October than the same period last year but nearly 70 percent of the sales were either foreclosures or short sales. Only about 30 percent of all sales in October were traditional sales — 48 percent were bank-owned properties and about 21 percent were short sales, according to the association.

Statewide, sales of existing singlefamily homes rose 33 percent in third quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors. A total of 44,345 existing homes sold statewide in the third quarter; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Many first-time homebuyers were trying to beat the Nov. 30 deadline to qualify for income tax credits. However, Congress extended the federal homebuyer tax credit — which gives first-time homebuyers a credit of up to $8,000 — to April 30.

During October, 1,371 existing singlefamily homes were sold by Realtors in Fort Myers and the Beach, bringing the total for the year to 14,056. That’s more than 60 percent higher than all of 2008 and more than 42 percent above the boom year of 2005, the association said.

Pending sales are 8.3 percent above last year with 1,643 single-family home sales pending; however, the number of active properties has dropped to 6,706 homes available for purchase through the MLS.

The median price of all existing homes sold in October increased by only $100 from the prior month to $85,600 and is down more than 28 percent over the October 2008 median of $119,900.

“We are very pleased that Congress has extended the tax credit to April 30, 2010, and that it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence,” said Association President Suzanne Sherer. “We expect that homes sales will continue to be strong during season as the influence of distressed properties continues to put downward pressure on home prices, while the expansion and extension of the tax credit will enable more local residents to purchase a new home.”

Overall pending home sales in Collier County increased about 100 percent in October compared to October 2008 in each price category under $2 million, according to a report released by the Naples Area Board of Realtors, which tracks home listings and sales within Collier County (excluding Marco Island).

Properties in the under $300,000 market have led the way in sales for the past few months. However, the market recovery is now working its way up to the higher-priced properties, according to the report.

Pending sales in the $300,000 to $500,000 price segment have increased 150 percent from 48 contracts in October 2008 to 120 contracts in October 2009. 