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Association: Median sales price for single-family home climbs in local market

March 9, 2013
Cape Coral Daily Breeze

The January 2013 housing report shows that the median price of single family homes sold in Lee County during the month of January shot up to $140,000, nearly a 22 percent increase year-to-year over that of January

2012, when the median price was $114,900, according to a report from the Realtor Association of Greater Fort Myers and the Beach.

The rate of single-family home sales declined by 12.2 percent with 759 units reported sold in January compared to 864 sold in January 2012.

"Our current supply of inventory is 6.4 months, which is 7.7 percent higher versus last January", said Doreen Falcone, association president. "While the months' supply of inventory has increased, the number of homes available for purchase is down 3.4 percent versus January 2012. Limited inventory is escalating competition for available homes, especially in the $50,000 to $200,000 price range."

Active listings (6,215) in January 2013 are 3.4 percent below January 2012 (6,434); however, new pending sales (1,354), those that went under contract in January and awaiting closing, are 24.1 percent higher in January 2013 than January 2012 (1,091).

Month to month, pending sales jumped 36.5 percent and active listings increased 51.0 percent, which is indicative of our peak season as many sellers wait until after the holidays to list their homes, when seasonal visitors come to the area.

Traditional sales, those that are neither bank-owned or short sales, made up 66.2 percent of all transactions; short sale properties represented 16.9 percent and foreclosure properties were also 16.9 percent of total single family home sales in Lee County. The median sales price by property type is as follows: traditional properties - $165,000, short sale properties - $100,000 and foreclosure properties - $90,500.

Currently, the average days on market for a single family home are 57 days and properties are selling at 93.8 percent of the asking price.

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.

For additional information, contact the association at 239-936-3537.



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