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Business Observer Thursday, Nov. 15, 2012 9 years ago

Home prices surge

The median price of an existing single-family home rose 41% in Fort Myers in October.

FORT MYERS — The median price of an existing single-family home in the Fort Myers area rose 41% to $134,000 in October compared with the same month one year ago.

Fewer foreclosures, increased demand and limited supply are factors driving up prices, according to the Realtor Association of Greater Fort Myers and the Beach.

As prices escalated and inventory shrank, there were fewer sales. The association reports the 854 existing-home sales in October represented a nearly 12% drop from the same month in 2011.

“Our current supply of inventory is 3.8 months, which is unchanged versus October 2011,” says Marion Briggs, president of the association, in a statement. “Limited inventory is escalating competition for available homes and this is reflected in our median price, which increased $10,000 in the last month.”

Existing-home prices are well below the peak of $322,300 reached in December 2005. But prices have been escalating at a steady clip over the last year, a sign of a healing market.

You can read a recent Business Review story here about escalating existing-home prices in Collier and Lee counties.

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