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Median price of homes climbed 24 percent in December across Lee County

January 24, 2014
Cape Coral Daily Breeze

Lee County's median existing single-family home price ($177,000) in December was 24.0 percent higher than in December 2012 ($142,750). In fact, it grew $7,000 or 4.1 percent from November 2013, according to the Realtor Association of Greater Fort Myers and the Beach

The closings of more "traditional" properties helped to drive up the median price. In December, traditional sales represented 72.2 percent of properties sold, while short sales were 8.0 percent and foreclosures, 19.8 percent. Last year in December, those percentages were 61.4 percent, 18.4 percent and 20.2 percent, respectively.

In addition to median price gains, sales for 2013 finished 3.2 percent greater than in 2012. In December 992 existing single family homes sold in Lee County compared to 1,000 in December 2012 a change of -0.8 percent. For the year, 12,144 existing single family homes were sold compared to 11,765 in 2012.

Inventory continues to be a challenge and buyers spent much of 2013 competing for available properties; also, many local residents had to compete with cash buyers, as 53.6 percent of existing single family homes were purchased with cash in 2013.

Single-family homes spent an average of 43 days on the market before coming under contract in December 2013, and the average home sold for 93.5 percent of its listing price. In December 2012 those numbers were 51 days and 93.4 percent, respectively.

Pending sales, those under contract and awaiting closing, are currently at 851. The number of pending sales in December 2013 is 16.4 percent lower than it was in December 2012 (1,018) and 21.3 percent lower than it was in November 2013 (1,081).

The number of existing single family homes that were available for purchase in December is 0.4 percent above that of December 2012 and



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