Fort Myers in southwest Florida has been able to overcome the crisis that affected the real estate market throughout the country. Compared to other cities, Fort Myers can truly consider itself quite fortunate unlike other cities where markets have suffered and continue to suffer massive setbacks. The real estate market in Fort Myers continues to show signs of momentum and have for the most part been able to withstand the unpredictable factors of the housing sector. However, it is still early for the city to claim a full recovery and some recent data shows a slight decrease in home values.
The residential real estate market in Fort Myers is just starting to stabilize. As the prices for listed properties have slightly increased, there is still an actual decrease in the sale prices of property. In Fort Myers, the average price per square foot averages somewhere around $99 to $135. But the reports for the recent months show contrasting data for the residential real estate markets. The median price of a family home in Fort Myers is around $184,000. This is down 3% from the month May but was up from $179,000 from January of this year.
On the commercial real estate sector, properties in Fort Myers have seen slight to little activity this year. The properties listed are on the market at least 99 days or more. The prices for these properties are also reduced with an average of 300 reductions listed per month but the average square foot is still priced at $107 while industrial spaces remain at $55. These two prices are a clear indication of the continued decrease of prices for commercial real estate property in Fort Myers.
The rent for commercial property has remained unchanged but there’s an increase of 1% for industrial properties. For industrial properties, the average price for a square foot is $11.83 for commercial properties and $5.49 for industrial real estates.
As a conclusion, the overall current condition of the real estate market in Fort Myers is not as bad as other cities in the country. Residential properties dominate commercial properties. Although there is downward trend in the prices of these two commercial properties, there is still a considerable demand for these properties. As prices start to normalize for these properties, real estate agents and buyers are seeing the slow decrease in the number of foreclosed properties on the market as numbers of foreclosures dwindle as buyers confidence increase in the market.