Fort Myers experiences largest home price gain (real estate market, homes)

[prairie360]

The Fort Myers real estate market experienced the largest gain in housing prices in the nation, at 5.1% according to Zillow.com:

The Year in Money 2011: Biggest home value increases - Money Magazine on CNNMoney

[hiknapster]

http:////www.city-data.com/foru...-post1379.html

http:////www.city-data.com/foru...s-highest.html

http:////www.city-data.com/foru...rs-5-list.html

http:////www.city-data.com/foru...l#post20412831

[st468]

Originally Posted by prairie360

The Fort Myers real estate market experienced the largest gain in housing prices in the nation, at 5.1% according to Zillow.com:

The Year in Money 2011: Biggest home value increases - Money Magazine on CNNMoney

Excellent news!

[prairie360]

Yes I agree. Kinda puts to rest the argument in the "Are housing prices going up or down" thread.

[vacoder]

Unfortunately the article doesn't explain how it comes up with the numbers other than it got them from Zillow. If you look at home values on Zillow for Ft. Myers the average home value is 117K not 125K and the change of year to date is only 1K which is not a 5 percent increase.

[Billythepokerkid]

Originally Posted by vacoder

Unfortunately the article doesn't explain how it comes up with the numbers other than it got them from Zillow. If you look at home values on Zillow for Ft. Myers the average home value is 117K not 125K and the change of year to date is only 1K which is not a 5 percent increase.

You said "average home value", this is not the average selling price of homes. Just because I have a home valued at $120k doesn't mean it won't sell for more or even less than that assessed value. What it means is that the average selling price for homes in the area has increased by 5%, but it doesn't necessarily mean the average home value increases by the same amount and as you pointed out, it hasn't. With that said, I am not to sure about your numbers.

[vacoder]

Originally Posted by Billythepokerkid

You said "average home value", this is not the average selling price of homes. Just because I have a home valued at $120k doesn't mean it won't sell for more or even less than that assessed value. What it means is that the average selling price for homes in the area has increased by 5%, but it doesn't necessarily mean the average home value increases by the same amount and as you pointed out, it hasn't. With that said, I am not to sure about your numbers.

I understand the difference between assesed value and sold values. The only index zillow uses that has the term "home value" is what I cited. But go to zillow and look up the stats for avg list value and avg selling value and they both are under 117k. Yet the articke said the avg home value for Ft. Myers is 124.5k. Hence, why I said I have no idea where they came up with the numbers.

[Billythepokerkid]

Originally Posted by vacoder

I understand the difference between assesed value and sold values. The only index zillow uses that has the term "home value" is what I cited. But go to zillow and look up the stats for avg list value and avg selling value and they both are under 117k. Yet the articke said the avg home value for Ft. Myers is 124.5k. Hence, why I said I have no idea where they came up with the numbers.

I looked on Zillow, the average price of homes sold in October in the Ft. Myers Metro area was $127,400. They are probably using projected numbers through the end of the year, actual numbers won't be published until Jan. So there's essentially no way to prove it until then.

[RUGoofy38]

I have heard that the data on Zillow and Trulia is consistently poor.

[prairie360]

I think the general point is that the housing market, at least in the Fort Myers area, is improving. I would guess that's probably true in the surrounding areas as well (Before I get flamed, yes I would not include Leigh Acres in that statement).