Are We There Yet ?

Last Summer I penned an article with my observations on where the Real Estate market was in Fort Myers and on Sanibel & Captiva Islands.  I thought it would be interesting to see where we are almost a year later.  Lets take a look at the market from several viewpoints:

PRICING:  It does look like both the South Fort Myers and Island pricing for condos and homes has stabilized.  In fact, a recent article in the Fort Myers News Press stated that prices have actually risen about 17% April, 2010 to April, 2011.  Even though there are fewer Short Sales and Foreclosures on the market this year, our area is leading the nation in the recovery of the housing market.

INVENTORY:  One sure way to help stabilize and potentially increase pricing is to have less product, (fewer properties) for sale.  Our inventory is lower than it has been in several years.  This is due partially to the time of year as summer is our "Off Season", but even as our high season was ending the same held true.  Another factor to consider is that it is still cheaper to buy an existing home than build.

FUTURE OUTLOOK:  Based on both stabilized pricing and current inventory the future here in Southwest Florida looks optimistic.  In fact, a recent survey concluded that this area should lead the country in the Real Estate recovery.

There is pent up demand for second or retirement home that will need to be met for those looking for a wonderful climate, no state income tax and great property values.  If you haven't been here for a few years you should come and take another look.  This off season is the perfect time for people considering a home or condo purchase here in paradise.

Author: John Petel, Realtor John R Wood Island Real Estate