South Lee home sales slide


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The combination of the end of the government stimulus money, middle of the summer sales, the Gulf of Mexico oil leak and no improvement in the regional employment numbers hit the residential housing market hard, said Bill Barnes, the chief executive officer of the Bonita Springs-Estero Association of Realtors (BEAR).

Nationally the markets still have both very hot with a large number of closings yet other areas are overstocked with homes and condos with no buyers available.

The following statistical reports are complied from the Bonita Springs-Estero MLS data.
Single family homes listed continued to drop to 139 homes coming on the market under the 152 which came on the market in June or the 191 which came on the market in May.
• Single family homes that sold in July plunged to 56 — 34 homes under the total of 90 which sold in May.
• Condominiums coming on the market in July also dropped with 181 units being offered for the first time. The 181 number was 30 less than in June and also 30 less than in May.
One reason for the slow condo sales are new laws being put on the books in Florida Condominium Law, regarding rental rights and the degree the associations can control the owners options.
In the four special price ranges BEAR tracks, the data for July for the single family homes under $200,000 that were sold and closed dropped to 32 which was a double digit decline since May and June. This is a clear indicator of the unemployment conditions in the affordable homes markets.
Condominiums’ in the under $200,000 were about double the home sales leveling out at 71 in the past month.
On the other end of the price range in the $1 million or more range no condos more than $1 million sold in the Bonita Springs-Estero Markets for the second month.
Single-family homes priced at $1 million or above fared better. In the Bonita Springs-Estero market, three single family homes sold.
For the year, 40 homes priced at $1 million or more have sold.
In July, a $4.1 million home on Hickory Boulevard on Bonita Beach lead the sales.
The next two were sales of $2 million in Bonita Bay and one for $1.3 million in Quail West.
Courtesy of the Fort Myers NewsPress.
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