Boom times again for Lee-Collier?

Homebuilders are bidding against each other for lots and land in Lee and Collier counties, one of the most famously overbuilt areas of the country.

You read that right.

Homebuilders are actively scouting lots and land in the Fort Myers and Naples area because the inventory of lots in the most desirable communities has fallen, according to Metrostudy, which tracks lots and new-home construction in subdivisions.

At first glance, this makes little sense. Lee and Collier counties together still have more than 100 months' supply of lots.

But if you take out lots in mothballed subdivisions and those that no one will buy in the next five years because of poor locations, there's only a 20 months' supply left. Metrostudy culled the list by only counting those desirable subdivisions that have had at least 10 building starts in the past year.

In fact, homebuilders in master-planned communities have been raising their prices, which explains why they're willing to pay more for land now. Metrostudy reports that builders have been buying lots ranging from $1,200 to $2,000 per front foot, an encouraging sign of a rebound.

What's more, many builders have avoided building speculative homes. The supply of vacant finished homes also has been shrinking, so builders are seeking ways to boost their pipelines.

Southwest Florida isn't alone. Metrostudy found similar situations in Southern California, Arizona and Atlanta.