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Association: Single-family home sales continue to rise throughout Lee County

June 27, 2014
Cape Coral Daily Breeze

In Lee County, 1,293 single-family homes sold in May 2014, a 3.0 percent increase from May 2013 (1,255) and an increase of 8.6 percent from April 2014 (1,191), according to the Realtor Association of Greater Fort Myers and the Beach. Traditional home sales increased 0.2 percent when compared to May 2013. Sales of foreclosures increased 61.2 percent and short sales property sales decreased 57.0 percent.

The median price for single family homes for the month of May is $195,000, a 10.6 percent increase compared to the $176,333 median price in May 2013, and a drop of 2.5 percent or $5,000 from April 2014. Traditional and short sale property types saw a median price increase in May traditional properties experienced a 12.7 percent jump, while the median price of short sales increased 14.8 percent; foreclosure properties experienced a decrease of 2.9 percent in median price year to year.

In May, short sales and foreclosures made up 22.3 percent of single family home sales, while traditional sales made up 77.7 percent. Last year in May, those percentages were 79.9 percent and 20.1 percent, respectively.

Single-family homes of all types spent a median 45 days on market before coming under contract in May 2014, and the average home sold for 92.3 percent of its listing price. In May 2013 those numbers were 60 days and 93.0 percent, respectively.

Pending sales of single family homes those under contract and awaiting closing are currently at 1,441. The number of pending sales in May 2014 is 1.6 percent lower than it was in May 2013 (1,465) and 5.3 percent lower than in April 2014 (1,521). The number of existing single family homes available for purchase in May is 6.3 percent above that of May 2013 and sits at 5,540. Inventory decreased by 262 properties from last month.

Current inventory combined with the current pace of sales created a 5.6-month supply of single family homes in Lee County for May. There was a 5.3-month supply in May 2013 and a 5.9-month supply last month.

The numbers reported by the Realtor Association of Greater Fort Myers and the Beach represent all sales by members of Florida Realtors in Lee County. Statistics released each month may be revised in the future as new data is released.



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