2012 First Quarter Stats
Fl Gulf Coast First Quarter 2012 Stats
First Quarter 2012 Facts and Stats from the Florida Gulf Coast MLS: BAD NEWS; GOOD NEWS
Single-family home listings (3,457) outpaced homes sold (3129) by a margin of 9.49%. However, in March sales exceeded new listings by a margin of 6.32%. Sales exceeding listings is a trend that is expected to last for several months as the market appears to mirror last year’s market. Sales out pacing listings is typical in a seller’s market; But NOT typical in a buyer’s market.
The median price of a single family home was $96,950 in March of 2011 and $129,900 in March 2012, a 33.6% increase. In a “normal market” values increase 5-8%. How many other markets are experiencing this kind of an increase? Not many!
In March 2011 short sales and lender owned sales represented 55% of total sales and conventional single-family home sales were 45% of total sales. March 2012 short sales and lender owned sales represented 37% of total sales and conventional single-family home sales increased to 63% of total sales. This trend, in part, is pushing the median sales price higher in 2012.
The days on market of lender owned homes were a mere 29 days compared to 68 days for conventional home sales and 153 days for short sales. In a “normal market” the days on market, average between 90-100 days.
Comparing March, 2011 to March 2012 the number of homes sold as a percentage of the total sold under the $100,000 price point decreased by 23.41%, while at the $100-199,000 price point the number of sales increased by 16%. At the $200,000-$499,000 price point the number of sales increased by 30% and at the $500,000 and above price point sales increased by 102%. The market reflects increasing sales of homes in higher price points due to the increasing number of traditional sales. This too partially explains our marked increase in the median sales price.
The monthly absorption rate of single-family inventory continues to trend downward. The current 3.7 supply rate reflects a decreasing supply of inventory. The overall supply of inventory is one third of what it was just a couple of years ago.
In March, the sales price to list price ratio was 95.5%. This means properties sold just 4.5% below list price. In a normal market the ratio ranges between 93-96%.
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.