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FORT MYERS -- The median price for Fort Myers residential properties sold in November is $103,900 -- up 25% over the year, according to the REALTOR Association of Greater Fort Myers and the Beach, Inc.
In November 2010, the median sale price was $83,400.
For the month, 963 properties were sold, down slightly from last year (972 closings). Year to date, Fort Myers residential closings are down 5% from the same time in 2010, with 14,082 properties sold this year.
But while sales have slowed, November marks the fourth time this year that the median sale price for residential properties came in at $100,000 or higher. Between 2009 and 2010, the median price never reached that mark, and only ever exceeded $90,000 just three times.
The price increases are being caused by a decrease in foreclosure sales as a percent of all area closings. In November, less than half of all sales in the area involved distressed properties; in January, the ratio was at 66.5%, the REALTOR Association says.
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