Buyers Market
Lee County third in nation for home price increases
Give the Ft. Myers/Cape Coral area a bronze medal for achieving third place for home price increases. Median home prices in the area shot up 42.5% from $194.8 in Q3 2004 to $277.6 in Q3 2005.
These price increases have been a key factor in the transformation of the market from that of a sellers market to one where buyers are increasingly gaining control. In some senses this is a healthy change , although it does appear to be a bitter pill for some in the industry that had grown accustomed to property flying off the shelf in a matter of days after hitting the market.
Give the Ft. Myers/Cape Coral area a bronze medal for achieving third place for home price increases. Median home prices in the area shot up 42.5% from $194.8 in Q3 2004 to $277.6 in Q3 2005.
These price increases have been a key factor in the transformation of the market from that of a sellers market to one where buyers are increasingly gaining control. In some senses this is a healthy change , although it does appear to be a bitter pill for some in the industry that had grown accustomed to property flying off the shelf in a matter of days after hitting the market.
A transition from a seller's to a buyer's market is underway, and agentsHome sales shifting into buyer's market [USA Today]
say they are spending more time trying to get clients to understand the market
has changed. They note homes are sitting on the market longer and price gains
are slowing as higher interest rates make buyers balk at exorbitant
prices.
Many sellers don't want to hear that their windfall might not be as big
as they expected. To drive that point home to clients, real estate agents are
arming themselves with real-time "market intelligence" — measures such as days
on the market, price per square foot, the gap between sale price and asking
price — that objectively captures the current state of the market.
posted by Mark Washburn on 11/18/2005
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