Lee County home values and the Great Fort Myers median price rose to $103,900 in November and a total of 25.18 percent over November of 2010. This following a 10.47 price increase in October over last year at the same time.
Sales of existing homes in bot months were down as inventory continues to decline. However, while October was down 4.67 percent, November only showed a decline by less that one percent.
Both higher sales prices and declining inventory seem to point in the direction that Fort Myers, Cape Coral and the surrounding areas have seen a turn around on the real estate market.
Throughout the area 936 homes were sold in November 2011 compared to 972 homes in November in 2010. The number of homes available for purchase increased by 172 from October to 4,583 however we are still 30.02 percent down form November of last year.
“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.” In Southwest Florida, agents and investors have felt that frustration for the last year.
These numbers are pointing to a real positive outlook for 2012 as investors and home owners look to take advantage of some great deals while they still last.
– Numbers reported by the Realtor Association of Greater Fort Myers and The Beach and only represent sales by members of the Association.