Hurricane Irma definitely made her mark on SW Florida, and in many different aspects. One of them, being my passion, was real estate. Although, her persistence to make her way down the SW Florida coastline did not impact rising sales prices, it did impact the numbers of closed sales & new listings hitting the market.
Let's look at the numbers:
-Single family median sales price was UP 13.3% to $255k from $225k in September 2016.
-Condo/Townhome sales remained flat with a median sales price of $180k
-Closed sales were down by 30.4% over September 2016 (attributed to delayed closings from storm)
-Single family new listings were down by 46.8%, which can be attributed to many homeowners spending the month of September cleaning up debris and repairing their homes from hurricane damage. This also brought down our month's of supply of inventory by 4.3%.
What does this mean for the SW Florida real estate market? It depends on who you ask. In my professional opinion and experience, it's two fold. On the one hand, we may see a boost in home sales as local business owners experience a boom in business and have more buying power to funnel back into our community. Think about it, from roofing contractors to landscape companies to general contractors to dock & seawall companies to screening companies and beyond, there is a lot of capital funneling into our local market right now as homeowners strive to get their homes and lives back to "normal". This boom in business, while overwhelming to many, could create deeper pockets of the business owners. On the other hand, we may see an influx in short sales and foreclosures from property owners that were unfortunately impacted by the storm and cannot afford to repair their homes, or are leaving them sitting abandoned until they can be repaired. There are many different reasons for this, a couple of which may be lack of insurance, improperly insured policies, or overwhelming financial burdens. In the end, whether a thriving business owner or a homeowner finding themselves dealing with a new way of life, SW Florida is dealing with a situation that will only make us stronger as individuals and as a community! #SWFLStrong #FloridaStrong #LiveLoveRecoverParadise #CommunityOutreach
Author:Stacey Bohannon Phone: 239-464-2157 Dated: October 21st 2017 Views: 681 About Stacey: I am a Fort Myers native, and absolutely LOVE to call SW Florida my home. I am a wife to an amazing...
I saw the potential in Real Estate Florida Market and decided to get my license. I have been in Real Estate since 2006. As a professional Real Estate Agent my goal is to give you my 110 percent and find you that perfect home or investment property stress free as possible. With my extensive knowledge of the area and the Real Estate business, I am confident that I can exceed your expectations as a Real Estate Agent. I am fluent in Spanish and I enjoy working with people. When I’m not doing real estate you will find me spending time with my family. My Motto is to always treat my clients as I would want to be treated, with honesty and respect.