Despite Hurricane Irma, thirty-eight (38) single family homes were sold in Estero in September, up 9% from September 2016. For the third quarter, sales were almost level with 2016, while year-to-date sales are up 5%. The four hundred seventy-six (476) homes sold so far this year represents the best annual start since 2010, when the ECCL first started tracking monthly sales.
At September 30, there were 369 listings of currently active, unsold homes (i.e., “inventory”). This is about a 7-month supply, which is unchanged from the last three months and near the level reported throughout the second half of last year. Pending sales totaled 63 homes, which is down from higher levels in recent months, arguably due to the impact of the hurricane.
Distressed sales in September, along with distressed sales in inventory at the end of the month, remained near the 1% to 2% level, the lowest levels since 2012.
Continued thanks to Joe Pavich, Sr. of Realty World in Estero for supplying us monthly sales and inventory figures.
Notes: 1) “Distressed sales” include short-sales and sales of bank owned property in which the bank receives less than their loan amount. 2) Figures include homes in Estero (excluding homes in the Estero portion of Pelican Landing, which are not separately shown in the MLS). Also not included are figures for multi-family homes. Source: Multiple Listing Service (“MLS”).