Fort Myers home prices continue climb

FORT MYERS — The median sale price of an existing single-family home in the Fort Myers area rose 10.4% to $179,900 in July compared with the same month one year ago.

Meanwhile, condo prices also have been rising. The median sale price of an existing condo rose 14.3% to $159,950 in July compared with July 2013, according to the Realtor Association of Greater Fort Myers and the Beach.

Rising prices and a decline in inventory of homes for sale crimped the number of sales. Realtors helped sell 1,042 existing single-family homes in July, a 3.7% increase compared with July 2013, and 449 existing condos, a 13% drop from the same month one year ago.

In July, there was a 4.9-month supply of existing single-family homes on the Fort Myers area market at the current sales pace. “The benchmark for a balanced market favoring neither buyer nor seller is 5.5 months of inventory,” says Karen Swanbeck, president of the association, in a statement.