Lee County home sales soared to 1,705 in June 2009, up from 1,417 in May 2009. Additionally, sales are up 137% from the 719 homes sold in June 2008. The median price of these June sales was $87,900, a slight drop from the May median of $88,500.
Distressed properties that were either foreclosures or short sales represented 76% of the June 2009 sales in Lee County. It will be interesting to see how the local rental market holds up as a majority of these sales were to cash buyers that will be renting them out.
Cape Coral foreclosure and Fort Myers foreclosure inventories continue to offer buying opportunities as court system works through the existing backlog of over 20,000 foreclosures.
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