As we approach the 3rd quarter of 2010, the 5 year long housing debacle shows signs of reversing direction. From the perspective of the Boeglin Team, the Southwest Florida housing market is currently in a holding pattern:
- Median home prices have stabilized, and have actually increased slightly in Lee County compared to a year ago;
- Not coincidentally, foreclosure filings in May were less than half the filings of a year ago;
- Buyer confidence in long term housing health (12 months or more) is on the rise; but
- Short term concerns such as nagging economic uncertainty and the BP oil spill remain a drag on the Florida housing market.
My son and I recently completed a week-long 350+ mile bicycle trip from Bonita Springs, Florida to the Gainesville area. We had a ground-level view of economic activity along the way. Many of the towns we biked through appear to be thriving. Towns like Punta Gorda, Arcadia, Wauchula, Lakeland, Dunellon, Cedar Key and Bronson showed signs of economic recovery.
Observing Central and Northern Florida was also a reminder of the “specialness” of Southwest Florida. The Naples/Bonita Springs/Estero area is clearly “as good as it gets” anywhere in the world. From the designated bike paths, to the beautiful golf course communities, to the retail and restaurant facilities, to the proximity of pristine beaches, it all adds up to a Five Star area to call home. It is no wonder that home buyers are interested in our area.