Fort Myers Beach Mid-Year 2024 Market Report
Fort Myers Beach has been in recovery and rebuilding mode since Hurricane Ian hit with devastating effect in September 2022, as is still evident when driving through FMB.
“Every street on the island has a house that’s either been erected or is being erected, with many more permits in place to go to build,” said Mayor Allers.
This amount of growth reflects itself in (assessed) property values. They’ve increased nearly 50%, which is much higher than the county average of a 5.86% increase.
“We were obviously excited to see that number, it gets us closer back to where we were before the storm,” said Allers. “We’re still not all the way there yet, but it’s a testament to our aggressive (attitude) in getting people in their houses with their permits and getting businesses back open.”
The chart below shows the median price of the properties that have sold, bearing in mind that these range from fully renovated properties to those being sold “as is.”
The median Price per Sq.Ft.(PSF) has decreased since Ian, reflecting the mix of renovated and as is sales.
DTO – Days To Offer – the number of days a property is listed before an accepted offer is received – has increased.
Sale Price to List Price (SP/LP)
In many parts of the country sales are still taking place at or above List Price. In FMB, however, the SP/LP ratio breached 100% for just one month- October 2022. Prior to the post-COVID boom, it was mostly in the 94-96% range, to which level it has returned.
Please contact me for a market report that includes properties in your area which were recently listed or sold.
Andrew.Oliver@Compass.com