New real estate numbers are out for Southwest Florida and they show a continued slowdown. Another month and another steep drop in the number of homes sold. Home prices in August remained basically flat or a bit lower over the same period last year. But home sales keep plummeting: 45-percent fewer sales in Naples, 29-percent in Lee County and 30-percent in Charlotte. Florida Association of Realtors spokeswoman Marla Martin says that’s just a return to real estate normalcy.
“Historically, you know going back three or four years, what you’re seeing is not really what’s happening in terms of sales. It’s just a reaction to what was probably the best year yet. Last year, the peak year.”
The median home price in Naples last month dipped to 469-thousand dollars. Fort Myers/Cape Coral was 264-thousand. Punta Gorda checked-in at 210-thousand and Sarasota 310-thousand. The median is the price where half the homes sell above that amount and half below.
Southwest Florida’s formally red-hot housing market continues to show signs of a slow-down. New sales numbers for August released today (yesterday) show home prices remaining flat or a little lower. But the biggest statistic is a steep decline in the number of homes sold. About one-third less in Lee and Charlotte Counties...and almost a 50-percent drop in Naples. Florida Association of Realtors spokeswoman Marla Martin says this is the slowdown economists had predicted and it’s no cause for concern.
“Sales pace is slowing down. It’s becoming a more normal market which is hard for people to remember because we’ve had five years of a very fast pace of sales. And that means that buyers and sellers are more into balance.”
Martin says buyers now have more time to examine prospective homes without fear of them selling so quickly. She also notes prices continue to come down and sellers are offering extra incentives for a quick sale.
Tuesday, 26 September 2006 01:00
Real Estate NumbersWritten by WGCU Newsroom