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