Home-for-sale inventory falls 25%

FORT MYERS — The inventory of existing single-family homes for sale in Lee County fell 25% in August compared with the same month one year ago.

There are now less than four months of available existing single-family homes for sale in Lee County based on the current sales pace, according to the Realtor Association of Greater Fort Myers and the Beach.

Homes are selling faster, too. An existing single-family home in Lee County spent a median 32 days on the market before selling in August, down 24% from 42 days one year ago.

The shrinking inventory of existing single-family homes has pressured prices. In August, the median price of an existing single-family home in Lee County rose 12.3% to $205,000 compared with August 2014.

The inventory of existing condos actively listed for sale has also dropped 21% in August compared with the same month one year ago. The median price of an existing condo rose 6.3% to $170,000 in August compared with August 2014, the association reported.