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Lee County housing sales UP!
By
Nick Spinetto, WINK News
Story Created:
Jul 7, 2008 at 5:37 PM EST
Story Updated:
Jul 7, 2008 at 6:17 PM EST
LEE COUNTY, Fla. - Encouraging news out of Southwest Florida: part of our economy may be turning around.
"Anytime a home sells it spurns on the economy," said Suzanne Sherer, President-Elect of the Realtor Association of Greater Fort Myers and the Beach, Inc.
Local single family home sales are at the highest level they've been in almost two years.
Real Estate agents in Lee County say home sales in the area have been going up over the past 6 months. But the most recent numbers show a promising sign: the worst may be behind us.
"It shows Lee County is affordable again," Sherer says.
Here's how it shapes up:
In June 2008 home sales were up 53.2% percent from the same time last year.
Last month more than seven hundred homes were sold.
In June 2007, 468 were snatched up.
Experts say the sudden surge in sales is fueled by home prices dropping.
"It may not be what sellers want to hear. We've gotten starry-eyed with all these prices, which are market couldn't bear for a long term," Sherer said.
Last month, the average price of a Lee County home was $158,000.
In June 2007, it was more than $239,000.
Sherer says home prices now are more realistic.
"If you go back to the normal appreciation of our market, we're right back in line with where we should have been all along," Sherer said.
Though homeowners may owe more than what they're selling it for, it boils down to simple supply and demand.
Real Estate Agent Brett Ellis says it's a necessary evil for everyone to eventually come out on top.
"I think the market has to come down in price so we can even out and I think that's what's happening. That's what's healthy for the market and ultimately that's what's going to heal this market," Ellis said.
Real estate experts say this is just the beginning.
According to Sherer, home sales in neighboring counties are also showing signs of improvement.
Though other cities around the state are still having problems.
The good news is, real estate agents expect a domino effect.
With home sales rising here, they anticipate 2009 to be even better and if demand catches up with supply, that could stabilize prices in this market and other places.