NAPLES — The median price of existing single-family homes in the Fort Myers and Naples areas continued to climb in December compared with the same month in 2014.
In the Fort Myers area, the median price of an existing single-family home rose 21.6% to $231,000 in December compared with the same month one year ago, according to the Realtor Association of Greater Fort Myers and the Beach.
In the Naples area, the median price of an existing single-family home rose 10% to $412,000 in December compared with December 2014, according to the Naples Area Board of Realtors.
Surging demand for existing single-family homes in higher price ranges boosted prices, Realtors say. For example, in the Fort Myers area there was a 41% increase in the number of homes sold in December in the $200,000 to $249,999 price range and a 24% increase in the $250,000 to $299,999 price range.
In addition, fewer sales due to declining inventory in the lower price ranges also pushed median prices higher. In Naples, for example, there was a 26% drop in inventory of homes priced below $300,000 in December compared with the same month one year ago. There's less than three months worth of homes in that lower price range based on current sales pace. Sales in that price category fell 31% in December compared with December 2014.