The recent economic gyrations do have their upside for real estate buyers, though the economic stormy weather may not be good for sellers of real estate on Pine Island. The upside for buyers is that mortgage rates are at just about their lowest levels in decades (around 4.5% for thirty year fixed), and real estate prices for single family water front homes are down about 5% since this time last year. The median sale price for a single family water front home in the Pine Island communities of St. James City, Bokeelia and Matlacha was $247,000. in 2011, as opposed to $260,000. during the same period in 2010. Land prices have fallen even further, with the median price of a residential lot now at $20,000.
Interestingly though, condominium prices have actually risen about 7% year over year on Pine Island (median price last year was $190,250; median price this year was $205,000) reflecting a decrease in supply. Median price of single family off-water homes was exactly the same year over year, at $118,500.
The current supply of real estate now listed in the MLS is as follows:
111 Single Family Water Front Homes
49 Single Family Off Water Homes
31 Condominiums
56 Manufactured Homes
11 Multi-family (duplexes)
74 Water Front Lots
208 Off Water Lots
12 Commercial Properties
So see the latest sales statistics for Pine Island real estate in more depth, go to my real estate website http://www.pineislandhomesandland.com/ and click on real estate statistics. To search for Pine Island real estate on your own, go to my real estate search website, http://www.pineisland.listingbook.com/ and sign up for your free account. I am Erika Foye, real estate broker for All Island Realty, Inc., an accredited buyers' representative. With more than 500 properties now listed for sale on Pine Island, I can assist buyers in finding the best property at the best price. If you would like to receive my quarterly Pine Island real estate newsletter, please email erikafoye@embarqmail.com.
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