February 2008 Market Activity

In February, there were fifteen total residential sales in Bokeelia, St. James, City, and Matlacha, which consisted of two condos, four manufactured homes, and nine single family home sales. From these fifteen sales, eight were waterfront and seven off-water. Sale prices ranged from $65,000 for an off-water manufactured home to $1,100,000 for a three story waterfront home on Martin Cove in Bokeelia.

Also in February, we had seven vacant land sales - two waterfront lots, five off-water lots, and one industrial lot in the Pine Island Industrial Center. The prices of these lots ranged from $5,000 for a lot with no road access to $200,000 for a canal front lot in Bokeelia.

Compared to January, the residential sales were up by four - from eleven in January to fifteen in February; however, the vacant land sales went from eight in January to seven in February. As of this date, we still have a huge inventory in both residential and land listings with 392 residential properties and 406 vacant land parcels now on the market. And these stats do not include all the "for sale by owner" properties that have signs in the yards and private sales that have taken place!

Currently, we have almost a three-year supply of homes and a six-year supply of vacant land on the market. Unless sellers price their properties right, they will not sell. Buyers are smart and they do their homework! It is still a strong buyers market!