Fort Myers 9th Nationally for 5 Year Residential Price Drops
Posted by Mark Washburn on Friday, September 9, 2011 at 4:06:57 PM By Mark Washburn / September 9, 2011 Comment
Inman News reports that the Fort Myers market was ranked 9th nationally for the largest drop in housing values over the last 5 years. Our market experienced a 56% loss in value from $289,671 in 2006 to $125,575 in 2001. This significant valuation drop has opened the door for many new buyers to enter the Fort Myers market. The activity levels this summer have been higher than any other summer in recent memory. Buyers who have watched the Fort Myers market for the past couple of years are feeling that this may be the last chance to get a really well-priced home or condo down here before pricing increases. The market in Fort Myers has been heavily influenced by distressed sales including short sales and foreclosures. These distressed transactions are the ballast that continues to drag values across the entire market downward. We are starting to see inventory shortages particularly at the lower end of the market which is causing prices to creep upward. If you have thought about a second home in Southwest Florida, this fall is an outstanding time to take another look.
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