REALTOR® Association of Greater Fort Myers and the Beach, Inc.
2840 Winkler Ave., Fort Myers, FL 33916
(January 17, 2013 – Fort Myers, FL)
– End of year sees continued rise in median price.
Lee County’s median home price was 14.6 percent higher in December 2012 than the prior year and 26.4 percent higher than at the beginning of 2012. For the past 23 consecutive months, the market has seen gains in the median price as it climbed 65.4 percent since January 2011.
The median price of traditional properties ($162,500) increased by 8.3 percent from Q3 to Q4, 2012, while the median price of foreclosure properties ($102,000) moved a positive 17.2 percent and the median price of short sales ($102,000) moved 7.4 percent. This is the first quarter since the end of 2008 that all property types had a median price above $100,000.
Members of the Florida Gulf Coast MLS participated in 916 home sales that closed in December 2012, up 6.0 percent from December 2011 when 864 single family homes were sold. Traditional properties accounted for 63.9 percent of total single family homes sold while short sales accounted for 18.9 percent and foreclosures accounted for 17.2 percent. Sales of foreclosures and short sales declined in 2012 compared to December 2011, by 51.2 percent and 19.3 percent respectively, whereas, sales of traditional properties increased by 18.2 percent.
“The positive movement in the median price and the reduction in the number of bank owned properties has helped our market recover”, said Doreen Falcone, Association President. “The housing outlook for Lee County in 2013 is very positive although local residents are challenged with low inventories and tight credit, as foreign nationals and retirees are making the market quite competitive with cash purchases.”
Pending sales, those under contract and awaiting closing, are currently at 1,422, a drop of 48.6 percent from December 2011, when 2,764 properties were under contract. In December 3,902 active single family listings were in the Florida Gulf Coast MLS, a drop of 14.4 percent from December 2011, when 4,560 homes were available.
Single family homes of all types spent an average of 56 days on the market before coming under contract in December 2012, and the average home sold for 96 percent of its listing price. In December 2011, these numbers were 61 days and 97 percent respectively.
Current single family home inventory is down 14.4 percent compared to December 2011, and down 24.6 percent compared to November 2012. At the current pace of sales, there is a 4.0-months supply of inventory for homes in the Florida Gulf Coast MLS.
2012 Year-end Recap
Overall single family sales in 2012 were down by 14.1 percent over 2011. A total of 12,114 homes were sold in 2012 compared to 14,105 the previous year.
Sales of traditional homes in 2012 increased 18.2 percent over 2011. Short sales declined by 19.3 percent, while bank owned properties declined by 51.2 percent.
The 2012 total year median price ($126,000) increased by 29.9 percent from the 2011 total year median price ($97,000).
Lee County’s overall inventory experienced a 13.4 percent decline, at year end; single family inventory declined 14.4 percent, at year end.
The numbers reported by the REALTOR® Association of Greater Fort Myers and the Beach represent all sales by members of the Florida Gulf Coast Common Data Base in Lee County, FL. Statistics released each month may be revised in the future as new data is released.