Ft. Myers, FL - Lack of Supply Adds to Urgency, Keeping Snow Birds Around Longer than Usual

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Ft. Myers, FL – Lack of Supply Adds to Urgency, Keeping Snow Birds Around Longer than Usual

Source: Credit Suisse; Census Bureau (1,806 single-family permits in 2012, 65th largest market in the country) Comments from Real

Our Take:

• Buyer traffic improved relative to seasonal expectations in May, as our index increased to 58 from 54 (above agents’ expectations). Agents seemed encouraged that traffic levels remained healthy despite what is normally a slower period as second-home buyers return home, crediting the tight supply for creating increased buyer urgency.

• Home prices increased again in May, as our home price index came in at 75 vs. 79 in April (well above a neutral 50).

• Home listings continued to decline, and it is also taking less time to sell a home – positive leading indicators for pricing.

 

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