Forclosures Decline, Home Sales Up!

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The median price of an existing single-family home in Lee County was $200,000 in June — an 8.1 percent increase from $185,000 in June 2013.

Also, sales of existing homes in Lee County in June spiked up from the same period last year, according to numbers released Tuesday by the Realtor Association of Greater Fort Myers and the Beach. However, the number of sales and the size of inventory decreased slightly from May.

Steve Koffman, broker and associate for Century 21 Sunbelt Realty in Cape Coral, said only the median price is up.

“If you look at waterfront properties, those prices are looking pretty flat,” Koffman said.

In May, the median price for a house was $195,000.

In June, there were 1,213 single-family sales, up 15.3 percent from last years’ 1,052 sales. Despite the increase, single-family home sales are down 6.2 percent from May 2014’s 1,293 sales.

“Buyers, in general, are declining,” Koffman said.

Short sales and foreclosures made up 20.1 percent of single-family home sales in June, while traditional sales made up 79.9 percent. Short sales and foreclosuresmade up 22.3 percent of sales in May 2014.

“Foreclosures and short sales are declining,” he said. “Those were remnants of people affected by the real estate crash.”

In Collier County, the median price for a house rose to $392,000 from $322,000 in June 2013.

 

The existing homes market is starting to level off from the real estate crash eight years ago.

The inventory of single-family homes for sale in June was 5,229, up 5.5 percent from June 2013. June’s inventory was down 311 from May 2014.

Increased prices gives people a chance to put their homes up for sale and then become buyers.

 

Foreclosure rates in Cape Coral-Fort Myers decreased for the month of May over the same period last year.

Information compiled by CoreLogic reveals that the rate of Cape Coral-Fort Myers area foreclosures among outstanding mortgage loans was 4.02 percent for May, a decrease of 3.11 percent in May 2013 when the rate was 7.13 percent. Foreclosure activity in Cape Coral-Fort Myers was higher than the national foreclosure rate, which was 1.73 percent in May.

Also, the mortgage delinquency rate in Cape Coral-Fort Myers decreased. In May, 7.27 percent of mortgage loans were 90 days or more delinquent compared to 11.25 percent for the same period last year, representing a decrease of 3.98 percent.

Source: CoreLogic

Highlights from reports

  • Highlights from the June 2014 existing homes reports:
  • In Lee, the median price of condos increased 5.6 percent in June to $171,000 from the $162,000 it was in June 2013.
  • The percentage of sellers getting the original listing price was 92.8. This is a 1.1 percent decrease from the 93.8 percent it was in June 2013.
  • The median days home was on the market in June was 53. This is a 7 percent decrease from June 2013, which was 57 days.
  • In Collier, closed sales on houses jumped to 419 from 408 in June 2013. Sales at $2 million or more declined to 16 from 22 in June 2013.

Sources: Realtor Association of Greater Fort Myers and The Beach; Naples Area Board of Realtors

Foreclosures Stay Low in Lee County

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Lee County continued its streak of pre-recession-level foreclosure numbers in May while residential home permits for the month showed continuing strength. Lenders filed a mere 188 foreclosure lawsuits in May, according to statistics released Monday by the Southwest Florida Real Estate Investment Association. May’s number came on the heels of April’s 195 foreclosures, the lowest since mid-2006. That returned the county to a time before the avalanche of defaults that followed the implosion of home prices at the end of 2005. Complete numbers for home permits issued throughout the county weren’t available Monday but early indications were for a strong home construction market. Builders in unincorporated Lee County pulled 88 permits in May, up from 68 in April and 80 in May 2013. In Cape Coral, 56 permits were pulled. That was up from 54 in April and 42 in May 2014. “Welcome to the new normal,” said Jeff Tumbarello, director of the investment association and owner/broker of Steelbridge Realty in North Fort Myers. “We’re pretty much just a normal market again and with twice the national cash percentage, that’s a beautiful thing.”

Tim Rose, president of Fort Myers-based Arthur Rutenberg Homes, said May’s numbers reflect the number of new residences sold about two months earlier, when sales were solid but “relatively quiet.” However, he said, “The second quarter picked up quite a bit” both in Southwest Florida and around the state. The late season came as a surprise, Rose said. “It’s unusual. Nobody has been able to put their finger on it. Has the weather affected people being able to get down here?” Tumbarello said he expects the continuing drought in foreclosures to keep the market for existing homes tight without the constant flow of homes being taken back by lenders and re-sold. Also, he said, there should be upward pressure on prices because buyers won’t be able to buy cheap from banks forced to sell large numbers of houses they’ve taken back. “Now they’ve got to buy the home from the guy who’s owned it for who knows how many years and isn’t concerned with blowing it out like the bank,” Tumbarello said. Besides Cape Coral and Lee County, numbers were released by Sanibel (three permits) and Fort Myers Beach (one permit). Numbers from Fort Myers and Bonita Springs weren’t available Monday.