Loading
FORT MYERS — The median price of existing single-family homes in Lee County rose 33% to $137,000 in November compared with the same month one year ago, according to data from Realtors.
The price surge continues as cheap foreclosures and short sales slow. Traditional sales made up nearly 68% of all sales in November, according to the Realtor Association of Greater Fort Myers and the Beach.
The surge in prices emboldened sellers as Realtors reported a 17% increase in the number of homes for sale in November compared with the previous month. Despite this, the inventory of homes for sale still remained a low 3.8 months in November, the same as November 2011.
While prices rose, sales fell. Realtors in Lee County reported the number of sales dropped to 821 in November, a 16% decline from the same month in 2011.
“Buying remains competitive in Lee County due to our limited inventory and tight lending standards,” says Marion Briggs, the president of the association, in a statement. “We anticipate that the median price will continue to rise as we enter our peak season and competition for available homes will remain intense.”
You can read a recent Business Review story about this trend here.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
