|
August 12, 2009- Home Sales & Stats for the Month of July - Fort Myers August 12, 2009
Source: The REALTOR® Association of Greater Fort Myers and the Beach, Inc.
Affordability, low interest rates and first-time homebuyer tax credits combined to boost July sales in the Greater Fort Myers Area. In fact, a total of 1,446 single-family homes were sold in July, 94% above last year.
The average price of a single-family home in the Greater Fort Myers area was $82,139 in July, down from $145,000 a year ago, due to the continued influence of bank owned and short sale properties on the market. Speculators from around the country have been attracted to the area because of the foreclosure crisis; in fact, the area has become so attractive to speculators that current inventory supplies in Cape Coral and Lehigh Acres have dropped to below three months.
Active listings for single-family homes in the MLS dropped 41 percent since last July, with only 6,692 properties currently active. Of these active properties, only 9 percent are foreclosures. Since the end of November, Federal agencies have had a moratorium on foreclosures and many banks have voluntarily complied with this policy in conjunction with the Home for Homeowners Program and the Helping Families Save Their Home Act that helps some borrowers with subprime or underwater mortgages refinance their loans. However, not everyone will receive help under the plan and it is expected that another wave of foreclosures will hit our market once banks holding these properties release them.
“Fannie Mae’s First Look Initiative, introduced this week, may help first-time and owner/occupant buyers, and anyone using NSP funds, absorb the inventory of foreclosed properties. During the first 15 days a property is listed for sale, only offers from owner/occupants, public entities or their designated partners will be considered from Fannie Mae”, said Association President Suzanne Sherer. “The First Look Initiative is a step in the right direction but it would be even better if the banks would work through short sales with homeowners and not let properties fall into foreclosure; this action alone would help to stabilize our market almost immediately.”
|
