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READ ON THIS PAGE -Read why it's Time to buy -The forbidden zone -Marketwatch July 8, 2010 6 Reasons why it's time to buy. 1. REAL ESTATE CRISIS, it's still out there, Assessed values are still dropping, not as much as 2009 but still. On the other Hand Listing prices increased a little slightly 2. OFF SEASON, it happens every year, as soon as the Snowbirds are gone the market drops until the End of the year. 3. HURRICANE SEASON, more or less every year from June until October. It may effect the Market too Track the Hurricanes here. 4. OIL SPILL, hopefully only a one time event but it hurts the Market a lot. What most people don't know SW FLORIDA called the "Forbidden Zone" hopefully stays save and gets no OIL. Read more below. 5. THE WEAK EURO, usually the Europeans are big buyers here in SW Florida, Now most of them are in waiting position until the EURO comes back. Click here for the current USD EUR rate 6. FIRST TIME HOME BUYER'S CREDIT is gone. That helped the Market a lot, will see if the Washington decides to do it again We recommend, buy now-don't wait  New animated link by the Florida Sate University
THE FORBIDDEN ZONE OR NO OIL ON SW FLORIDA'S BEACHE'S A year-long study shows its possible. click here to see more about "SW Florida forbidden Zone" more in the local media LESS THAN 1% CHANCE FOR OIL ON SW FLORIDA'S BEACHES daily current maps about oil spil location MARKETWATCH June 2010 statistics download July 8, 2010 – The market softened due to the end of the tax credit, the lapse in flood insurance and fears of oil on Florida beaches. In June, 1,341 existing single family homes were sold. Home sales were 18.27 percent below June 2009, when 1,586 homes were sold and down 4.49 percent from the prior month, when 1,404 home sales were recorded. On a positive note, the area’s month-over-month median sales price increased $2,000 to $93,000, which is $10,000 above the median price recorded in June, 2009, when the median was $83,000. "It’s disappointing that sales have been affected by the lapse in the National Flood Insurance Program coupled with fears that the BP oil spill will reach our beaches," said Association President Christie Knight. "However, now that two critical program extensions are in place through September - the home buyer tax credit to buyers who were under contract at the end of April and the reinstatement of the flood insurance program – buyers under contract should be able to complete their purchases shortly, a huge relief to many of us in the industry." Bank-owned homes and short-sale homes made up 62.1 percent of all sales, with bank-owned properties accounting for 41.3 percent, short sales contributing 20.8 percent and conventional sales made up the remaining 37.9 percent of total sales. The area’s pending sales statistic — also an indicator of future sales activity — increased slightly month-over-month (2.9 percent); however, pending sales are down 24.5 percent from last June. A total of 1,510 homes are pending compared to 2,001 in June of 2009. This drop in pending sales increased the inventory supply to 4.6 months; previously it was at 4.4 months in May 2010 and 3.5 months last June. At the half-way point in the year, sales remain on par with 2009, when year-end single family homes sold reached a record-breaking 16,885. There are currently 6,998 single-family homes available for purchase through the MLS. Inventory increased by 546 homes month-to-month and the June 2010 inventory level is 3.3 percent lower than it was in June 2009 (7,239). April 13, 2010, Median Price Rises Above Prior Year for the First Time in 36 Months In March, sales of existing homes within the entire Greater Fort Myers Area were up by 11.2 percent when compared to March of 2009. Members of the REALTOR® Association of Greater Fort Myers and the Beach, Inc. sold 1,474 homes in March 2010, compared with 1,326 in March 2009. For March 2010, single-family pending home sales rose by 22.3 percent month-to-month; however, compared to last year, pending sales are fairly flat with 2,063 pending in March 2010 compared to 2,019 in March of last year. The encouraging news is that the median price of all single-family homes sold in March 2010 rose above prior year levels for the first time in over three years, up 7.2 percent to $90,000 from $83,500 recorded in March 2009. March 2010’s median price is also an increase of 5.9 percent compared to February 2010’s median of $85,000. "The record number of existing home sales in March is indicative of the continued demand for homes in Southwest Florida due to affordability and low interest rates", said Association President, Christie Knight. "Buyers still tying to take advantage of the tax credit before the April 30 deadline need to act now as available inventories are rapidly being depleted and as a result, the median price rose $5,000 in the past 30 days." There are a total of 11,147 properties currently listed in the MLS, a number that is 4,138 (27.1 percent) less than in March of last year. Of these, 6,889 are single-family homes, which is 28.7 percent lower than in March 2009 when 9,666 single-family homes were in inventory. This current pace of sales has resulted in a 3.2 months of inventory, down a third from the prior year when March 2009 recorded 4.8 months of supply. The median price encompasses three types of properties: traditional, short sale and foreclosures. At the end of Quarter 1, the median price for "traditional" properties rose $5,000 from $135,000 to $140,000; for foreclosure properties, the median price dropped $2,900 to $67,000; however, the median price for short sale properties dropped 10.5 percent to $85,000 from $94,950 in the prior quarter. Of the existing home sales in March, "traditional" sales accounted for 38.8 percent of all sales, while foreclosures were 44.4 percent and short sales made up 16.8 percent. March 15, 2010 – Affordability, low interest rates and the looming deadline for the home buyer tax credit combined to boost February sales in the Greater Fort Myers Area. In fact, a total of 1,141 single-family homes were sold in February, 21.9% above last year, and 12.0% above the prior month. The median price of a single-family home in the Greater Fort Myers area was $85,000 in February, down 5.6% from $90,000 a year ago, due to the continued influence of distressed properties on the market. Buyers from around the country and the world continue to be attracted to the area because of the number of bank owned or short sale properties available; in fact, 66.1% of all homes sold in February were either bank owned or short sales: 46.9% were foreclosures, 19.2% were short sales and the remaining 33.9% were traditional properties. There are currently 6,915 single family properties available for sale in our MLS, which is 34% less than last February when over 10,500 properties were available. 1,687 homes went pending in February, which is 3% less than the prior year and 6.2% less than the prior month. Inventory supply (in months) remained steady at 4.1 months, although in Cape Coral and Lehigh the months of inventory is hovering around 3 months. "Our members are continuing to see strong sales as this is our peak season. The timing couldn’t be better for buyers to take advantage of low interest rates and home affordability; however, buyers should act now to cash in on the home buyer tax credit. Homes need to be under contract by April 30 and closed by June 30, to take advantage of up to $8,000 in tax credits for first-time home buyers and $6,500 in tax credits for existing owners", said Association President Christie Knight. "To aid buyers, we are participating in a statewide Open House Weekend, April 10-11 providing a convenient way for buyers to see as many homes as they wish in one weekend." *Sales reported by the REALTOR® Association of Greater Fort Myers and the Beach, Inc. represent all sales by members of the Association, not necessarily those sales strictly in Lee County. Note that statistics released each month may be revised in the future as new data is received.
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