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: 686 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 am the senior REO contract & closing coordinator insuring that our office has smooth transactions throughout with constant communications through ownership and asset managers alike. Daily duties include; direct communication with asset managers from GSE's and various other financial institutions and working hand in hand with our repairs department to cover all necessary maintenance of any items needs to conform to lender, buyer or seller standards for closing.
I have found myself to have profited from working for people who were willing to grow their businesses while sharing ideas and allowing my personal growth as well. People who have listened to ideas even when they seem "a little out there" and not only implemented them but watched their companies advance afterwards.