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FOR IMMEDIATE RELEASE
Of Greater Fort Myers and the Beach, Inc.
2840 Winkler Ave., Fort Myers, FL 33916
phone: 239-936-3537/ext. 240
(April 19, 2013 – Fort Myers, FL) During March 2013, the median price for single family homes in Lee County climbed to $168,000, an increase of 29.2 percent from March 2012, when it was $130.000. The median price also rose 9.2 percent from February 2013 ($153,890). Two factors contributed to the increase in the median price – more sales of traditional properties and increased competition – in March, more buyers were trying to purchase fewer available properties.
REALTORS® in Lee County participated in the sale of 1,123 single family homes in March 2013, a decrease of 9.1 percent compared to March 2012 (1,235) but an increase of 26.7 percent or 237 more single family homes sold than in February 2013.
“Sales activity in March reflects that seasonal visitors and local residents are competing for available properties,” said Doreen Falcone, Association President. “Buyers are being encouraged to be pre-approved, make a competitive offer and have patience. Many seasonal visitors left town without securing a vacation property and along with local residents, will be continuing their search into spring and possibly summer. “
The type of properties sold continues to tilt in the direction of more traditional homes. Compared to March 2012, the number of short sales (129) decreased by 45.1 percent and the number of foreclosures (135) decreased by 34.5 percent. The number of traditional sales (859) increased by 8.2 percent compared to March 2012. In fact, 76.5 percent of single family homes sales in March 2013 were traditional properties, 11.5 percent were short sales and 12.0 percent were foreclosure properties. In March 2012, the percentages were: traditional properties – 63.3 percent, short sales – 19.3 percent and foreclosures – 17.4 percent.
The number of new pending sales (those under contract and awaiting closing) increased by 10.2 percent in March 2013 (1,465) from March 2012 (1,329). Month to month, pending activity increased 4.9 percent, which is indicative of peak season activity.
Single family homes of all types spent 53 days on the market before coming under contract in March 2013, and homes sold for 93.6 percent of the listing price. In March 2012, homes were on the market for an average of 61 days and sold for 92.1 percent of the listing price.
Currently, 5,900 single family homes are listed for sale in Lee County; this is 4.8 percent lower than in March 2012 (6,200) and a drop of 4.7 percent from February 2013, when 6,191 active listings were recorded. Current inventory combined with an uptick in seasonal sales has resulted in a 6.2-month supply of homes throughout Lee County for March 2013. This is up 4.7 percent compared to March 2012, when it was 5.9 months, but down from February 2013, when inventory supply was 6.4 months.
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, FL. Statistics released each month may be revised in the future as new data is released.