Fort Myers condo prices rise

FORT MYERS — Median condo prices rose at nearly twice the annual-percentage rate of existing single-family homes in March, indicating home-price escalation may be slowing.

The median price of an existing condo rose 15.7% to $162,000 in March compared with the same month one year ago. Meanwhile, the median price of an existing single-family home rose 8.8% to $185,000 in that same period, according to the Realtor Association of Greater Fort Myers and the Beach.

Until recently, existing single-family median home prices were rising at double-digit annual-percentage rates. But the dwindling number of foreclosures and a shift to condos suggest appreciation may now be slowing for existing single-family homes in the Fort Myers area.

Realtors in the Fort Myers area helped sell 1,068 existing single-family homes in March, down 7.1% from the same month in 2013. Meanwhile, they helped sell 702 condos in March, a 5.9% increase from March 2013.