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FORT MYERS — The number of existing single-family homes and condos listed for sale rose significantly in May compared with the same month a year ago.
The inventory of existing single-family homes for sale in May rose 14.1% to 5,275 and the inventory of existing condos for sale rose 35.9% to 3,010 compared with May 2015, according to data from the Royal Palm Coast Realtor Association.
Meanwhile, sales of existing single-family homes in May were flat compared with May 2015 and sales of condos dropped 6.2%, indicating the market may be cooling after years of rapid growth.
Realtors have complained in recent years of the shortage of homes listed for sale, boosting prices. But the surge in new listings may shift the negotiating power back to buyers who now have more choices.
One indicator of market softness is pending sales. The association reported that pending sales of existing single-family homes in Lee County fell 6.4% in May compared with the same month last year and pending sales of existing condos dropped 7.1%.
So far, prices haven't reflected the increase in inventory. The median sale price of an existing single-family home in Lee County rose 4.7% to $225,000 in May compared with May 2015. The median price of an existing condo dipped 2.6% to $185,000.
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