Fort Myers home prices jump 25%

FORT MYERS — Median prices of existing single-family homes and condos in the Fort Myers area continued to rise strongly, suggesting the rebound in real estate continued despite the end of the traditional selling season.

The median price of an existing single-family home rose 25% to $176,333 and the median price of an existing condo rose 14% to $160,000 in May compared with the same month one year ago, according to the Realtor Association of Greater Fort Myers and the Beach.

The price rebound continued even as the traditional selling season in Southwest Florida ended in April. In fact, the number of sales of existing single-family homes in May rose 9% to 1,255 and the number of sales of existing condos rose 26% to 743 in May compared with May 2012. Nearly 80% of the home sales are traditional, with the remaining foreclosures or short sales.

“Rising prices continue to challenge buyers as the number of new listings coming on the market has dropped as we move out of our peak sales season,” says Doreen Falcone, the association's president, in a statement.