Home sales up in Lee

COURTESY RENDERING For the ninth consecutive month, sales of resale homes in the Greater Fort Myers area rose again. In September, 756 properties sold - up 275 percent from the prior year and up 4 percent from the prior month. However, the value of homes dropped again in September as the median price of an existing single-family home fell to $126,250. Experts say the market has continues to be affected by short sales and ban-owned properties.

There were 12,614 single-family homes for sale in September in Greater Fort Myers, representing an estimated 8.7 month supply of inventory. More than 1,444 sales are pending, which is 124 percent ahead of the prior year and up 25 percent from the prior month. These numbers include short sale and bank owned properties that are listed in the MLS.

"While it is unfortunate that some sellers are being faced with a short sale or foreclosure situation, we are encouraged that inventories are steadily moving as buyers recognize that now is the time to buy as homes have returned to affordable levels," said Ron Carpenter, association president. "We believe that working with a Realtor is the best way for buyers to navigate the current mortgage market and find a loan that will work for them."