Southwest Florida June Market Update
I'd like to start out this months update with a message from Florida Realtors Chief Economist John Tuccillo.
In Lee County, the total number of homes sold, including all property types, totaled 1568. This represents a decrease of 4.3% when compared to June 2012. Of those, single family homes represented a 3.8% decrease versus June 2012.
Distressed single family sales showed a significant decrease year over year. Short sale solds totaled 101 in June 2013 representing a whopping 43.9% decrease! The number of foreclosure sales in June, 124, represented a 35.1% decrease from last year. The traditional non distressed single family home resale increased by 14.5% to total 827 sales this past June. These are all continued signs of returning to a normal healthy market.
The total number of distressed sales in June 2013 made up 21.4% of single family home sales. The remaining 78.6% were traditional sales. Last year distressed sales in June totaled 34%, again showing a significant decrease in the foreclosure and short sale market.
Now this next stat is quite impressive. The median price of existing homes in June increased 32.1% to $185,000! Since January 2013 Lee County’s median price has shot up 30.7% further bolstering the fact that now is the time to buy.
“Not only are first time homebuyers looking to purchase a home, but many current homeowners recognize that they need to act now before affordability and interest rates rise further” said Doreen Falcone, President of the Realtor® Association of Greater Fort Myers and the Beach.
Those homes that are under contract, or “pending”, numbered 1,154 in June. This represents an increase over last year of 17.5%.
Overall the market has continued to improve month after month. The real need in the market place now is more inventory for the total number of buyers. A larger amount of home sellers will take some of the pressure off continued increases in median value.
Well that’s it for this month’s update. If you are ready to take the next step click the contact us button or call 239-671-4046 and we will get you the right home, in the right place, for the right price…that’s the Pinnacle Promise!
Thanks for a great year.
Managing Broker, Pinnacle Property Group
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