by Mike Colpitts 
Fort Myers home sales jump nearly 50% during the month of March, showing that the housing market is making a strong come back in sales from year ago. Home prices have dropped substantially in the region, making home buyers more comfortable with buying. The increase in home sales includes all of Lee County, which includes Fort Myers
Some 1,892 homes, condos and other residential properties sold, including manufactured homes and single family residences during the past month. Only 1,282 properties sold during the previous month of February.
The jump clearly shows that the Fort Myers region is experiencing a return to stronger home sales, more than many other places as the spring selling season moves into summer. At least part of the reason is lower home prices. The median price for a home declined to $419,403 in March, a drop of about $11,000 from the prior month. Sales in the report gathered from the local Multiple Listing Service include homes sold in Fort Myers, Fort Myers Beach, North Fort Myers and Cape Coral.
Mortgage Rates Show Signs of Stabilization
Mortgage interest rates are also showing signs of stabilization. Freddie Mac released results of its weekly Primary Market Survey that showed the 30-year fixed rate mortgage averaged 6.64% on Thursday.
“Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction,” said Freddie Mac Chief Economist Sam Khater. “This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year.”
However, the average dropped only slightly from 6.65% a week ago. A year ago at this time, the 30 year rate averaged 6.82%. The decline in mortgage rates from a year ago is beginning to be realized by home buyers, who are seeing that rates aren’t about to return to the free money era experienced a few years ago with interest rates hovering around 3.00%.
Fort Myers Home Sales Jump
The home sales jump across Lee County was the largest increase in more than three years, hitting 47.6% over the previous month. The volume of homes being listed for sale is also increasing as home sellers realize they need to lower their prices if they truly want to sell in what has now transformed to a full fledged buyers market.