On average it cost just over $27,000 more to purchase a home in the Fort Myers area in 2012 than it did in 2011 with average selling prices increasing from $153,021 to $180,082. This increase of 17.6% in the average selling price is among the highest in the nation for the 2011 – 2012 time period.
As prices increased dramatically in the last year, the number of homes sold declined by 1,821 or nearly 10%. Factors contributing to this decline in number of homes sold include rising prices and a shortage in sales inventory particularly at the lower end of the market. Despite the drop in quantity of homes sold, the total value of Lee County’s residential transactions increased by $176M or 6%, a pleasing figure to all the Realtors in Lee County!
The average days on the market dropped in the last year from 99 to 97, a figure that was most likely impacted by significantly fewer distressed sales in 2012. It is interesting to note that the average selling price to listing price ratio of 94% has remained virtually unchanged for four consecutive years.