Boom Boom Boom

Lee and Charlotte real estate explosion continues

Boom boom is the sound of the exploding market here in SW Florida. The Florida Association of Realtors released February numbers this week and while national home sales were slightly off projections, our market continues to shine.

Lee County prices were up 37% from February 2004, with the median price of a re-sale home $235.2K. Home sale volume in Lee County was up 19% to 890 sales in February.

Charlotte County appears to have rebounded strongly from the devastation of Hurricane Charlie with a 58% increase from February 2004 to 204 new single family building permits. Total Charlotte County permits issues in February was 4,328, up more than 100% over February 2004.

I personally felt the boom boom effects this week while sourcing properties in Lehigh Acres for some of my investor customers. Lehigh property owners are getting multiple offers above asking price within hours of their listing hitting the MLS system. While I am still aggressively pursing investment opportunities in Lehigh, I would caution investors to proceed with caution in a market like this. Natural corrections are bound to occur in a dynamic market like this.

Lee home prices surge again [News-Press]
Hurricane spurs building boom [Sun-Herald]
Florida Home Sales Rise 6 Percent in February [RIS Media]

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