New real estate numbers out Wednesday show home prices in Southwest Florida continue to fall. The median home price in Naples in July was 461-thousand dollars, six-percent lower than last year. Lee County checked in at 264-thousand, an 8-percent drop and Punta Gorda was 228-thousand, 4-percent less. The median is the price where half the homes sell above that amount and half below. Fort Myers real estate agent Dan Pearce of Century 21/Sunbelt says the market has begun to stabilize because buyers and sellers are being more realistic.
“We’re focusing more on trying to make sure we’re taking listings that are priced correctly and I think that the sellers’ expectations have come more in line with what the market will bare.”
For a seventh straight month, the number of homes sold plunged: Naples down 51-percent, Punta Gorda 37-percent and Fort Myers 32-percent. Pearce says mortgage rates remain low but it’s offset by expensive property insurance.
Home sales continued their steep drop last month. The Florida Association of Realtors released its July housing numbers Wednesday that showed the number of homes sold declined by as much as half. The median price in Naples also dropped, down 6-percent last month to 461-thousand dollars. Lee County declined 8-percent to 264-thousand dollars and Punta Gorda dipped slightly to 228-thousand dollars. Despite the slowdown, real estate agents have noticed a change. Dan Pearce of Century 21/Sunbelt in Estero says business has picked up in the last few weeks.
“We’re getting better response to our advertising, better response to our Internet activity and I think buyers are just beginning to turn back to the market.”
Pearce says a quiet hurricane season, so far, has helped fuel business recently. He says the market appears to have stabilized but he thinks home prices will continue to drop for a little while longer.
Thursday, 24 August 2006 01:00
July Home PricesWritten by WGCU Newsroom