Home prices surge 21%

FORT MYERS — The median price of an existing single-family home in Lee County rose 21%, to $211,578, in September compared with the same month a year ago.

The inventory of single-family homes continued to shrink to just 3.7 months of supply in September based on current sales, according to the Realtor Association of Greater Fort Myers and the Beach. That compares with 4.7 months of supply in September 2014.

Demand also picked up as Realtors handled 1,100 transactions of existing single-family homes in September, a 14% increase over September 2014. Foreclosures and short sales accounted for just 14% of all sales, the association reports.

The combination of a shortage of inventory and increasing demand will likely continue to put pressure on prices for existing single-family homes. The winter tourism season traditionally brings an increase in buyer demand for existing homes.

Meanwhile, existing condos saw a median sale price increase of 10% in September, to $188,000, compared with September 2014. Realtors helped sell 480 existing condos in September, up 7.1% over the same month one year ago.