In August, we saw a continuation of July’s slower but still healthy sales rate. 407 single family homes closed through Realtors. This is close to the 395 which closed last month. This is lower than the average of last year, but higher than what we have experienced over the long term. In 2005 and 2006, we saw sales of 323 and 246 sales per month, so we are still running a healthy sales rate driven by the best prices in years. Inventory remains high as homes continue to flow into the market at the rate of or greater than the sales rate. We are apparently experiencing a post home buyer’s tax credit lull. Our August pendings would indicate September closings may well continue the July – August trend. Eventually, the pool of homes in foreclosure will reduce and as our Lee county and Cape Coral population starts to again grow, we will start to see sales actually reduce our inventory for sale in MLS.
Steve Koffman
Broker/Associate
Century21 Sunbelt Realty, Inc
239-443-2463 Steve@koffman.com
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