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FORT MYERS -- The median price for a single-family home in Fort Myers was $116,950 in December 2011, up from $88,000 a year ago -- a 33% increase.
The reason: foreclosure sales are subsiding. Total homes sold fell from 1,302 units to 864; while conventional sales were essentially flat, foreclosure sales fell off by 50%, according to the Realtor Association of Greater Fort Myers and the Beach Inc.
In December 2010, foreclosure transactions made up 44% of all home sales in the Fort Myers area, the Realtor Association says, with conventional sales representing 38%. In 2011, foreclosures made up just 24% of all sales, with conventional sales increasing to a 51% share. (Short sales represented roughly 20% of the market in both months.)
Marion Briggs, the association's president, says many buyers are interested in conventional sales because they seek a smoother transaction. In addition, she says 62% of buyers in 2011 completed all-cash transactions, which she attributes partially to buyers wanting to circumvent the appraisal and lending processes.
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