For the first time in more than two and a half years, the housing market in South-west Florida is making positive news. Housing prices are still  declining but home sales have jumped almost 50% in Fort Myers, according to a new report on FortMyersAgent.com.  There’s also a huge surplus of homes and condos to choose from in this mixed residential and resort real estate market.

The decline in housing prices is dramatically changing the market. Home sales jumped 47% during the month of March. However, the condominium market in South Florida is still undergoing a major crash, which provides consumers with one of the best markets in years to make a condo purchase.

However, there are a series of issues potential condo buyers need to be aware of if they are considering purchasing a condo. Real estate agent Mike Colpitts is a Certified Resort Specialist and can bring customers fully up to date on the issues involved in the changing condo market.

The number of single family home sales in the South-west Florida market, which includes Fort Myers, Fort Myers Beach, Cape Coral and North Fort Myers declined substantially in the last two years following an increase in mortgage rates and a slow down that also resulted from Hurricane Ian. Record low mortgage rates ushered in higher home and condo prices during the pandemic as new residents flocked to the area from Northern states, many of whom are able to work from home.

Mortgage interest rates fell to historic lows during the COVID pandemic, falling below 3% in 2020 due to emergency actions by the Federal Reserve. As inflation surged in 2022, the Fed raised their cost of borrowing, pushing mortgage rates to their highest level in 20 years. These days mortgage rates have begun to stabilize, and consumers are beginning to realize the change.

As the spring homebuying season moves into summer, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. The decline in borrowing rates increases homebuyers purchasing power and should provide a strong incentive to make home and condo purchases. Fort Myers is a growing community and a destination for resort buyers, who purchase condos and homes as vacation destinations along its scenic waterfronts.

FortMyersAgent.com provides real estate news and information on the Fort Myers, Fort Myers Beach, Cape Coral and Naples markets, and publishes the Fort Myers Agent newsletter monthly to keep readers informed.