March 1391 homes sold
905 foreclosures $100 to $725,000
297 non-distress sale $27,000 to $3,000,000
189 short sales $12,000 to $1,350,000
April 1464 homes sold
974 foreclosures $2,000 to $569,990
312 non-distress sale $11,400 to $1,875,000
178 short sales $24,500 to $1,150,000
May 1213 homes sold
710 foreclosures $8,900 to $540,000
327 non $9,650 to $4,912,000
176 short sales $33,000 to $999,000
June 1st 786 active foreclosure listings
The busy home hunting market of March made April ’09 a real estate record breaker with a whopping 1,464 single family homes sold in South West Florida that month. Bank owned homes that had been through the foreclosure process accounted for 974 (66%) of these sales.
The high sales price of a bank owned home was $569,990 for an awesome 2005 built, 3100 sq ft gulf access pool home located in a prime SW Cape Coral neighborhood. The lowest sales price was $2,000 for an auctioned off 1947 built 3300 sq ft dilapidated, relic of a pool home in North Fort Myers. Both homes were absolute steals!
About 2/3 of these foreclosed homes were in the $60,000 to $80,000 range and needing some repairs. Most of these distressed homes were snapped up within a few days, selling above asking price. Multi offers, going for best and highest were the norm.
The home buying frenzy has driven prices up just a bit. The $70,000 pool homes are gone, probably not coming back any time too soon. The home buying frenzy has also put a dent in the inventory of bank owned properties on the market. On June1st, only 786 active foreclosed homes were on the market.
It appears the inventory actually (finally) dwindling? One last wave of foreclosures is expected late summer, the height of our tropical storm season. As the H word keeps the competition away. August and September are traditionally the best time to get a good deal on a SW Florida home.
Barbara Klare
Gulf Coast Realty
239-292-1358
Please visit my website www.cape-coral-foreclosure.com
Email me: bklare@comcast.net
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