Fort Myers Florida Weekly

South Lee County market sees mid-summer dip

Declines reflect regional drop

The Bonita Springs-Estero markets generally declined in July for four of the monthly evaluation areas, below the previous months. The combination of the end of the government stimulus money, middle of the summer sales, negative media about the oil spill and no improvement in the regional employment numbers hit the residential housing market hard. Nationally, the markets still have both very hot markets with a large number of closings, yet other areas are overstocked with homes and condos that have no buyers available.

Single-family homes listed continued to drop to 139 homes coming on the market, under the 152 that became available in June or the 191 in May.

Single-family homes that sold in July plunged to 56. That figure was 34 homes under the total of 90 that sold in May.

Condominiums coming on the market in July also dropped in about the same numbers as single family, with 181 units being offered for the first time. The 181 number was 30 less than in June. There are significant new laws being put on the books in Florida regarding rental rights and the degree that associations can control owners’ options. These new laws are slowing the sales of condominiums until details of the law are known. Large corporate layoffs in the Northeast could quickly fill the condominiums on the market if there were adjustments in the available home loan credit standards.

In the four special price ranges tracked, the data for July for the single-family homes under $200,000 that were sold and closed dropped to 32, a double-digit decline since May and June. This is a clear indicator of the unemployment conditions in the affordable home markets. Condominiums’ in the under $200,000 were about double the home sales leveling out at 71 in the past month.

On the other end of the price scale, in the $1 million or more range no condominiums over $1 million sold in the Bonita Springs/Estero markets for the second month. However, there were three single-family homes over $1 million that sold and closed. This month totals bring the area to 40 homes over $1 million sold and closed in 2010. 

— Data and analysis courtesy Bonita Springs-Estero Association of Realtors, Bonita Springs-Estero MLS data.

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