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Median home prices increase in Greater Fort Myers area

May 20, 2011
Cape Coral Daily Breeze

The median price of existing single family home sales in the Greater Fort Myers area increased for the third consecutive month to $103,000 an increase of 7.29 percent from April 2010 and an increase of 10.97 percent month to month.

"The increase in overall median price is attributable in part to an increase in the number of traditional home sales, which have higher selling prices than foreclosures or short sales", said Association President, Gary Verwilt. "For the first time in over two years, the number of traditional sales in April exceeded foreclosures and short sales."

Traditional sales represented 51.19 percent, short sales 20.94 percent, and foreclosures 27.87 percent of existing home sales in April, 2011.

The number of single family homes sold in April 2011 was 1,413, which is a decrease of 3.02 percent compared to April 2010. Compared to last month, 153 less homes went under contract, or a decrease of 9.77 percent. However, the number of single family homes sold in April is representative of our seasonal spring selling season.

There are 5,002 single-family homes currently listed in the MLS, which is 1,646 homes (24.76 percent) less than were available in April 2010.

Pending sales (3,564) are 62.52 percent above prior year and only 96 homes less than recorded in March 2011. This current pace of sales translates into 1.4 months of supply, which is less than half of what it was in April 2010 and slightly below the prior month, when there was 1.5 months of supply.

The numbers reported by the REALTOR Association of Greater Fort Myers and the Beach, Inc. represent all sales by members of the Association, not necessarily those sales strictly in Lee County. Note that statistics released each month may be revised in the future as new data is received.



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