Sanibel Real Estate Blog: Florida’s existing home sales rise in April

Hot off the press: according to the Florida Association of Realtors, sales of existing homes rose by 27% in April. That means that sales activity has now increased in the year-to- year comparision for 20 months.There was another positive sign in April: The statewide existing home median price was $140,000, 1% higher than the statewide median in April 2009. That was 26,781 homes sold in the state compared to 13,244 in April 2009. That’s alot of homes!

Let’s compare the Florida numbers to the first look at Lee County numbers. The  median price in Lee rose to $101,500 in April, while lower than statewide numbers, it is up from $90,400 in April 2009. 1473 single family homes were sold in April up from 1468 in April 2009.

Nationwide reported sales were up in April, except some parts of the West. There was a 21%  jump in the  Northeast and 9.9% rise in Midwest. Sales rose 8.6% in the South.  A recent CNN Money article reported the nationwide median home price was $173,100, up 4% from a year ago.

Most would agree the federal government provided a big boost by offering the tax credit which ended April 30th. Those homes have to close by June so we may still see an increase in the closed sales in May. The boost in median price in Lee County likely has more to do with investors competing for the low-end sales price home.  We should also look at mortgages, while they are  harder to get, they are at an all-time low–giving  more bang for the buck– possibly pushing buyers into a higher sales price bracket.

With regard to Sanibel real estate:  we continue to see buyers get great deals and mostly paying cash. As of May 20, there were 131 closed sales reported in the Sanibel MLS, as compared to 89 closed sales at this time in May, 2009. Sanibel is very unique combination of beautiful geography, relaxing lifestyle and limited inventory (condos can be only be four levels high- no high rises here!). Check out our website: www.chuckandrews.com for all of your area real estate needs.

One Response to “Sanibel Real Estate Blog: Florida’s existing home sales rise in April”

  1. Well done Sanibel!!

    Dan Statlander
    http://www.statelandbrown.com
    (Real estate experts in Boca Raton Florida)

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