As a resident of Moody River, I keep my finger on the pulse of the market. Moody River Estates is a great community located 2 miles from historic downtown Fort Myers and offers all the resort amenities and a great location for a great value. Inventory continues to fluctuate and prices continue to slowly increase. If you are looking to buy or sell in Moody River Estate is North Fort Myers, contact NextHome Advisors – The Jakus Realty Team, the local neighborhood experts to help you.
We currently have 7 months of inventory for Townhouses and Condos in Moody River Estates and 6 1/2 months of inventory for single family homes. Although sales in Moody River Estates have been soft in 2016, with the last few new construction homes and lots being sold, we should se some increase in sales in 2017. Inventory overall in Lee County Florida is on the rise and although prices are up slightly they have slowed down considerably.
Condos and Carriage Homes
Single Family Homes
Everyone’s favorite question is “How is the Market?” – and the answer I provide is it depends where you are looking to buy or having to sell. In Lee County Florida, specifically Fort Myers and Fort Myers Beach, we are going to take a look at Single Family home sales for 2016 versus active inventory and pending sales. The 3 zip codes we are going to examine are 33919 (McGregor near the river south of Colonial Blvd., 33908 (considered true South Fort Myers) and 33931 (Fort Myers Beach). All three of these areas are very desirable and offer excellent amenities to both vacationers as well as full time residents. With a great hospital system, close proximity to the beach and several great gated communities buyers and sellers alike love everything the area has to offer.
The first chart is 33908, and if you look at the top July 2016 was a buyers market. There were 216 single family homes for sale, 30 sold and 29 were pending. In March 2016 there were 260 with 25 sold and only 47 pending sales, so where did the inventory go? Well, this was the highest zip code we examined for expired listings meaning that the sale contract expired and the home is no longer on the market. However, this zip code has the most inventory available of the 3 zip codes we looked at.
Good news for those selling in 33919 because July was a sellers market for this particular zip code. As you can see from the graph immediately below, there were 109 single family homes for sale and 34 were sold and 38 went pending. This has been a very strong area for sellers so far and will continue throughout the remainder of 2016. In this market you will find that the sold price to list price is averaging 94% for 2016. Sellers are getting closer to their ask price than the other three zip codes represented in this update.
Lastly we have Fort Myers Beach, which there were 89 single family homes for sale and 10 were sold and 10 went pending. July was a buyers market on Fort Myers Beach and as you examine the below graph, actives, sold and pending were down compared to June.
Make sure you use a REALTOR that is aware of what the market is doing and that is hyper-local about the activity. Being able to examine what is going on will ensure you get the best price for your home if you are selling or the best price if you are buying. Do not leave any money on the table in this strong real estate market.
Fort Myers Florida Real Estate continues to be a strong market for both buyers and sellers depending on where you actually live. I took a look at single family homes in zip code 33919 since that is where our main office is located (see first graph below). As you can see, for the first time this year there is less than 3 months supply of inventory.
It is much different in the adjacent zip code of 33908 for Single Family Homes in Fort Myers Florida. Here we see a rise in inventory, with over 7 months of inventory in July 2016. As a buyer, you should know that pricing is a game of supply and demand. Additionally the price per square foot in 33908 is $ 174 per square foot vs. $ 164 per square foot in the 33919 zip code. The activity in 33908 for sold units and pending sales is significantly lower than 33919 as well.
The key thing when making a purchase in Lee County is to work a REALTOR who is demonstrates knowledge of the area, the market and can negotiate the best buy for you. If you are looking at selling, the same is true. Pricing a property to sell with very little movement in certain areas is absolutely the key.
If you look at the “crash” of 2007 and 2008, the available inventory was 36 months based on sales. Today, our inventory is less than 3.5 months and as you can see from the chart, median home prices in Fort Myers near $ 300,000 for a single family home.
June 2016 (Quarterly) is a Neutral market*
Months of Inventory based on Closed Sales in June 2016 (Quarterly): 4.2
• Down 26.5% compared to the last quarter
• Up 31.2% compared to the last year
The foreclosure and REO market is drying up with only 89 total single family homes for sale in June that are foreclosures.
This last chart shows sold properties, pending sales and current inventory in Fort Myers Florida.
For all of your real estate needs or to search all of the most current listings available for sale, please visit us at www.SearchRealEstateFortMyers.com.
As the median home prices continue to climb in Cape Coral Florida, we continue to see less than 4 months of inventory available for single family homes.
June 2016 Average Sold Price per Square Footage is Neutral Based on 6 month trend – Appreciating/Depreciating/Neutral
Average Sold Price per Square Footage in June 2016: $147
• Up 8.9% compared to the last month
• Up 16.7% compared to the last year