2011 Year End Facts & Stats from the Florida Gulf Coast MLS

2011 Year End Facts and Stats from the Florida Gulf Coast MLS; Declining Market Values are Officially History!

• 2011 single-family home sales (13,639) have outpaced new listings (13,222) by a margin of 3.15% in the local MLS. Sales out pacing listings ARE typical in a seller’s market; But NOT typical in a buyer’s market.
  Are we still in a buyer’s market? We will know in 2012!

• The median price of a single family home was $89,900 in December of 2010 and $119,951 in December of 2011, a 33.43% increase. In a “normal market”, values increase 5-8%. How many other markets are experiencing this kind of an increase? Not many!

•  The total number of single-family homes and condominiums sold in 2011 (19,642) exceeded the total sold for the years of 2005 (13,517), 2006 (9,762), 2007 (6,116) and 2008 (11,177). But, just fell short of 2009 (20,198) and 2010 (20,232).

•  In December, short sales and lender owned sales represented 49% of total sales and conventional single-family home sales were 51% of total sales. It is hoped this trend continues; pushing the median sales prices higher in 2012.

• The days on market of lender owned homes were a mere 27 days compared to 48 days for conventional home sales and 157 days for short sales. In a “normal market” the days on market, average between 90-100 days.

• Comparing December, 2010 to December, 2011 the number of homes sold as a percentage of the total sold under the $100,000 price point decreased by 13.5%, while at the $100-199,000 price point the number of sales increased by 6.5%. At the $200,000-$499,000 price point the number of sales increased by 6.75% and at the $500,000 and above price point the sales increased by 3%. The market reflects increasing sales of homes in higher price points due to the increasing number of traditional sales. This partially explains our marked increase in the median sales price.

• The monthly supply of single-family inventory remains stable. The current 1.6 supply rate reflects a limited supply of inventory. In a “normal market”, typically you can expect about a 3-month supply.

•  In December, the sales price to list price ratio was 97.5%. This means properties sold just 2.5% below list price. In a normal market the ratio ranges between 93-97%.

This information was obtained from the Realtor® Association of Greater Fort Myers & the Beach, Inc. and Florida Gulf Coast MLS, Inc. it is believed to be accurate but is not warranted.