Irma Wreaks Havoc on Home Sales
(Fort Myers, FL – October 20, 2017) – Hurricane Irma damaged homes and properties across Southwest Florida. The storm also did major damage on home sales in Lee County in September, which is to be expected. Closed Sales and New Pending Sales took huge hits, and it took much longer for listings to go to contract.
Closed Sales for Single Family Homes dropped more than 30% compared to last September. There were 699 Closed Sales, compared to 1,005 last year. There was a drop of 15.5% in Closed Condo Sales, going from 425 to 359.
New Pending Sales saw the most significant drops. Single Family Homes dropped almost 48%, while Condos dropped more than 40%. Median Time to Contract rocketed from 55 days to 71 days, an increase of 29.1%.
Looking at Single Family Home sales broken down by city, every city listed saw a drop in the number of sales, except for Estero, which stayed even, compared to September 2016. When broken down by price point, Closed Single Family Home Sales dropped as well, except for $400,000-$599,999, which saw an increase of 8.4% year-over-year.
A few categories did not see much impact from the hurricane. Active listings only dropped 4.3% for Single Family Homes, and 2.3% for Condos. Median Sale Price increased 13.3% for Single Family, and stayed the same for Condos.
Hurricane Irmas impact could be felt across the entire state of Florida. According to Florida Realtors®, Single Family sales statewide were down 20.4% compared to September 2016.
“The impact from Hurricane Irma was wide-ranging across Florida, though the devastation and damage was certainly greater in some areas, such as the Keys and in Naples,” said 2017 Florida Realtors President Maria Wells. “It’s not surprising that Hurricane Irma had a negative impact on existing home and condominium sales across most local markets in September – but that’s a normal occurrence after a hurricane.”
Source: Royal Palm Coast Realtor Association
|Below are highlight properties for Homes for Sale Fort Myers FL + Homes for Sale Naples FL & Sold Report for October 2017. See more at the full report:|
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|Information valid as of October 23, 2017. Please contact us for the most current information and status of these properties.|