Lee home sales on pace to eclipse sales in 2006 and 2007 But median price continues to shrink

 December 17, 2008

Source - Florida Weekly

Last month, 730 existing single-family homes sold in Lee County — an increase of 139 percent over last year, said a report by the Realtor Association of Greater Fort Myers and the Beach, Inc., which tracks home sales in Lee County. The value of homes, however, continued to decline as the median price in November for an existing single-family home was just $105,000.

In Lee County, there were 12,106 single-family homes for sale in November, for an estimated 7.6-month supply. These numbers include short sale and bank-owned properties that are listed in the Multiple Listing Service. Pending sales remained steady month-tomonth with 1,591 properties pending, which is 128 percent ahead of last year at this time.

"With a month remaining in the year, we are nearly at par with total sales achieved in 2004. The decline in inventory levels indicates that buyers are active as pending sales continue to increase," said Association President Ron Carpenter. "We anticipate that this trend will continue as short sale and bank-owned properties continue to influence the median price and are keeping prices attractive to local buyers. Sales volumes of existing single-family homes are expected to increase by 85 percent vs. 2007 and surpass 2006 levels by 7 percent."

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