Homes sales up for 10th consecutive month in Lee

Single Family Solds By Year Sales of resale homes in the Greater Fort Myers area rose for the 10th consecutive month in October, with a total of 805 properties sold — up 122 percent compared to the prior year. However, the value of homes continued to drop due to the continued presence of short sale and bank-owned properties. The median price is now $119,900 that's 22.6 percent below 2003 values.

There were 12,611 single-family homes for sale in the greater Fort Myers area during the month of October, with an estimated 8.3 month supply of inventory. Sales activity is picking up pace as more than 1,877 properties are pending, including properties that are active contingent and require lender approval. This represents an increase of 170 percent versus a year ago and a 5 percent increase over September.

"We are projecting sales at year end to be up 82 percent over 2007 and we expect to surpass the 2003 figures by 4.3 percent and 2006 figures by 5.3 percent," said Ron Carpenter, president of the Realtor Association of Greater Fort Myers. "Traditionally, September and October are slower months as we head into our busy winter season, but this year sales volumes have grown substantially as multiple offers are being made on aggressively priced properties."

The Realtor Association of Greater Fort Myers and the Beach, Inc. is a member-based organization of more than 4,500 members founded 84 years ago.