Fort Myers condo sales jump 33%

FORT MYERS — Sales of existing condos jumped 33% in the Fort Myers area in July compared with the same month one year ago, pointing to a recovery in that segment of the residential market.

Realtors helped sell 516 condos in the Fort Myers area in July for a median sale price of $140,000, an increase of 9% over July 2012. The surge in condo sales occurred primarily in Fort Myers Beach, Cape Coral and Fort Myers, according to the Realtor Association of Greater Fort Myers and the Beach.

Meanwhile, the median sale price of an existing single-family home in July in the Fort Myers area reached $163,000, a 21% increase over the same month one year ago. Realtors helped sell 1,005 homes in July, a nearly 7% increase over July 2012. This was the fifth consecutive month that sales reached more than 1,000, the association reported.

“Strong sales in July reflect that many local residents and investors are competing for limited inventory in the lower pricing tiers,” says Doreen Falcone, president of the association, in a statement. “The market remains challenging for local residents as there is stiff competition from cash sales and only 27% of available inventory is priced under $150,000.”