Tight inventory in February continued to contribute to the ongoing rise in Lee County median home and home site prices according to February 2014 sales statics recently released by the Realtor Association of Greater Fort Myers and the Beach. The number of new listings (245) in February was 11.8 percent below January, but still showed a strong month in year over year comparisons. The median price for single-family homes in February was $185,000, a 19.4 percent increase compared with the $155,000 median price in February 2013 and an increase of 27.3 percent (or $5,050) from January. The median price of condos increased 10.7 percent to $155,000 in February compared with February 2013.
As prices continue to rise and inventory remains tight, desirable homes are selling quickly. It is anticipated that this will be the case through April, as seasonal visitors are making the decision to purchase, which is challenging to Cape Coral and other Lee County residents, especially first time buyers, facing higher prices, rising mortgage rates and tighter credit.
Single-family homes of all types spent a median 52 days on the market before coming under contract in February and the average home sold for 93 percent of its listing price. In February 2013, those numbers were 57 days and 93 percent, respectively.
Thinking of purchasing property in Cape Coral, Fort Myers or elsewhere in Lee County? Gratia Group can help! Give us a call at (239) 333-2221 to get your property search started today!