Home prices in the Fort Myers area rose nearly 34% in March.
FORT MYERS — The receding market for foreclosed single-family homes in the Fort Myers area pushed median prices of existing homes nearly 34% higher in March compared with the same month a year ago.
The median price for an existing single-family home in Fort Myers rose to $124,000 in March compared with $92,816 in March 2011, according to the Realtor Association of Greater Fort Myers and the Beach.
The jump in price reflects the shift in the kinds of existing single-family homes for sale in the Fort Myers area. For example, conventional sales made up 63% of sales in March compared with 35% in March 2011 because there were fewer foreclosures and short sales.
Not surprisingly, declines in foreclosure inventory and higher prices led to a drop in the number of existing single-family home sales in Fort Myers in March compared with the same month a year ago. Realtors reported the number of sales fell 18% to 1,278.
The reduction in inventory of existing single-family homes means homebuilders are actively seeking lots in the region again. You can read two recent articles on this trend in the Business Review here: http://www.review.net/section/detail/lot-builders/ and http://www.review.net/section/detail/the-cape-is-back/