Fort Myers Area Home and Condo Prices Rise

Sales for existing homes and condominiums in Lee County dipped year-over-year in June, but median sales prices for both have seen a boost.

According to a report released today by Florida Realtors, the median sales price for a home sold with the help of a Realtor was $117,100 up 21 percent from the $96,600 it was set at for the same month a year ago. It’s also up month over month. In May the median homes sales price was $114,900.

The median sales price for condos also peaked at $149,100 in June up 13 percent from $131,400 –– the median sales price for the same month a year ago.

Nationwide, fewer people bought previously occupied homes in June, putting this year on pace to be the worst for sales since the housing bust.

Home sales fell 0.8 percent last month to a seasonally adjusted annual rate of 4.77 million homes, the National Association of Realtors said today.

That’s far below the 6 million homes per year that economists say represents a healthy housing market.

June’s decrease was the third straight monthly decline in sales. Through the first six months of this year, the sales pace is behind last year’s 4.91 million homes sold — the weakest sales in 13 years. Sales have fallen in four of the past five years.

The Realtors’ group said a record number of people who signed contracts canceled deals last month. And first-time buyers fell to a smaller share of the market.

–– The Associated Press contributed to this report -Search Fort Myers Real Estate

Drop in Fort Myers Area Real Estate Prices less than expected

The news that property value in unincorporated Lee County, Bonita Springs and Cape Coral dropped less than expected is a small gleam of light in an otherwise bleak landscape, officials said Friday.

The total taxable value of Lee County property fell almost 3.5 percent to $53.6 billion, according to final numbers released Friday by Property Appraiser Ken Wilkinson.
The estimate 30 days earlier was a bigger drop of 5.3 percent, to $52.5 billion in value.
The almost 2 percent improvement over estimates means an additional $1 million in revenue to the county.

The cities of Fort Myers, Cape Coral, Bonita Springs, Sanibel and the Town of Fort Myers Beach all saw improvements.

“That’s certainly encouraging news,” said Lee County Commissioner Ray Judah, in terms of the county, school board, municipalities and fire districts’ abilities to meet the core level of services for the community.

“It still doesn’t take away from the fact that there’s going to be some deep budget cuts,” Judah said, referring to the $17.5 million reduction in operational expenses proposed for the 2011-12 county budget.
“We’re continuing to evaluate where additional cuts can be made, but in terms of the revenue side, it’s not as dramatic a hit as we had anticipated with the (estimated) over 5 percent reduction in tax base,” Judah said.

Commission Chairman Frank Mann was surprised that the drop in value was almost 2 percent less than estimated.

“Normally the difference between his tentative and final roll are barely 1 percent in my recollection in previous years,” Mann said, referring to Wilkinson’s estimates. “This is a fairly dramatic difference.”

Even though the county will have about $1 million more in revenue, it still has a $40 million deficit, Mann said.

“All this means to me is that the revenue picture is still very bleak, but not quite as bleak as we thought a month ago,” Mann said.

The picture is still far better than the past two years, when property in the county dropped 14 percent and 22.7 percent in value, respectively.  Courtesy of Fort Myers News-Press