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Lee County’s Median Price Jumps 21.4 Percent in November (Fort Myers, FL – December 19, 2013) The overall median price of single-family homes rose 21.4 percent increase compared to the November 2012 . The November median price is 8.3 percent higher than last month’s median price of $157,000.

In addition to the overall median price increase, each individual property type experienced a year- to-year median price increase in November. Traditional properties led the way with a 23.9 percent increase, while the median price of foreclosures increased 18.2 percent and short sales increased 7.8 percent.

“It would appear that the cold weather in the Midwest and Northeast sent new buyers to our area”. “If you look at closed sales by price point, significant increases in the number of properties sold were realized in the $200-$300,000 price range, representing 22 percent of homes sold, and in the over $400,000 price range, representing 12 percent of homes sold. In fact, 43.5 percent of total single-family homes sold were above the $200,000 price point. It’s clear that these were not first-time buyers entering our market”.

Traditional properties made up 71.8 percent of the number of homes sold, while foreclosures only represented 18.9 percent and short sale properties, 9.3 percent. Last year in November, those percentages were 67.9 percent, 14.8 percent and 17.3 percent, respectively.

Single-family homes spent an average of 45 days on the market before coming under contract in November 2013, and the average single-family home sold for 93.7 percent of its listing price. Compared to November 2012, there was no change.

Current inventory combined with the current pace of sales created a 6.0-month supply of homes in Lee County in November; there was a 6.1-month supply of homes in November 2012 and a 5.7- month supply last month. Everything is pointing to a Sellers market so Buyers need to get going in the next 90 days.   Taken from The Smith Group of Realtors newsletter 1/15/14  (Florida Gulf Coast REIA) does not give legal, tax, economic, or investment advice. FGCREIA disclaims all liability for the action or inaction taken or not taken as a result of communications from or to its members, officers, directors, employees and contractors. Each person should consult their own counsel, accountant and other advisors as to legal, tax, economic, investment, and related matters concerning Real Estate and other investments.   

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