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Lee-Collier-Charlotte
Business Observer Friday, Jul. 22, 2016 2 years ago

Home sales fall 12% in Fort Myers

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Sales of existing single-family homes and condos in the Fort Myers and Naples areas fell in June.

NAPLES — Sales of existing single-family homes and condos in the Fort Myers and Naples areas fell in June compared with the same month in 2015, Realtors reported.

Sales of existing single-family homes declined 12% in Fort Myers and fell 4% in Naples in June compared with June 2015. Meanwhile, sales of existing condos dropped 14% in Fort Myers and 5% in Naples over the same period, according to data from the Royal Palm Coast Realtor Association and the Naples Area Board of Realtors.

Still, median sale prices of existing homes were mixed as inventory of homes for sale grew. The median price of an existing single-family home in Fort Myers rose 10% to $230,500 and increased 1% in Naples to $400,000 in June compared with June 2015. The median sale price of an existing condo in Fort Myers fell 0.3% to $181,500 and dropped 7% to $243,000 in Naples over the same period.

Real estate experts say year-over-year comparisons are difficult because the inventory of existing homes has risen and builders have constructed speculative homes. Realtors have forecast a slowdown because home sales and median prices increased at double-digit annual percentage rates since the recession.

Experts say sellers should be more realistic in a market that has returned to more normal levels. “It's a matter of staying competitive, and right now the competition is more inventory and new construction,” says Cindy Carroll, with the real estate appraisal and consultancy firm Carroll & Carroll, in a statement from the Naples association. “So if a seller is really motivated to sell, then their asking price has to be realistic as it will determine how quickly the sale will happen.”

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