Home Sales Take Seasonal Jump in March

Home Sales Take Seasonal Jump in March

Home Sales Take Seasonal Jump in March(Fort Myers, FL – April 21, 2014) – Lee County single family home jumped seasonally with 37.1percent more closings taking place in March than in February, 2014. A total of 1,068 single family homes closed in March compared to 779 that closed in February; this is a 7.1 percent decrease when compared to the March 2013, when 1,150 single family homes were sold.

Condo sales also jumped month-to-month with 51.6 percent more closings in March (702) compared to February (463). Condo sales were also up 5.9 percent when compared to March 2013 (663).

The median price of single family homes increased 8.8 percent when compared to March of last year, and the median price of condos increased 15.7 percent. The median price for single family homes remained at $185,000, reflecting no change month-to-month. The median price for condos hit $162,000, a month-to-month increase of 4.5 percent or $7,000 from February.

Each single family home property type saw a median price increase in March. Traditional properties experienced a 12.6 percent jump, while the median price of short sales increased 5.9 percent and foreclosures increased 7.7 percent.

“Buyer demand has resulted in strong sales, higher prices and tight supplies”, said Karen Swanbeck, Association. “Seasonal visitors created strong competition through March and our monthly homebuyer education classes are filling up with local residents preparing to make purchases this spring.”

In March, short sales and foreclosures made up 19.5 percent of single family home sales, while traditional sales made up 80.5 percent. Last year in March, those percentages were 76.8 percent and 23.2 percent, respectively.

Single family homes of all types spent a median 48 days on market before coming under contract in March 2014, and the average home sold for 93.0 percent of its listing price. In March 2013 those numbers were 54 days and 93.6 percent, respectively.

Pending sales – those under contract and awaiting closing – are currently at 1,545. The number of pending sales in March 2014 is 3.0 percent higher than it was in March 2013 (1,500) and 21.7 percent higher than it was in February 2014 (1,270). The number of existing single family homes
available for purchase in March is 1.7 percent above that of March 2013 and sits at 6,210. Inventory dropped by 61 properties from last month.

Current inventory combined with the current pace of sales created a 6.3-month supply of homes in
Lee County for March. There was a 6.3-month supply in March 2013 and a 6.3-month supply last

Here is a link to all of the Monthly Market Indicator Charts :  http://www.fmlsuser.com/market-reports

The numbers reported by the REALTOR® Association of Greater Fort Myers and the Beach
represent all sales by members of Florida Realtors® in Lee County, FL. Statistics released each
month may be revised in the future as new data is released.

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