Home prices are rising in the Fort Myers area. The overall median sales price for single-family homes sold with the help of a Realtor in December increased to $116,950, up 32 percent from $88,000 a year ago, according to the Realtor Association of Greater Fort Myers and the Beach Inc. The median is the price at which half the homes sell for more and half for less. There has been a shift in the types of homes selling in the market and prices for foreclosed homes have been rising.
They’re are more “conventional” sales, meaning they are fewer foreclosure sales and short sales. Short sales are sales made for less than what’s owed on the mortgage to avoid a foreclosure. The median price for conventional homes was $137,250 in December, up 1.70 percent from the same month a year ago. Conventional sales represented a little more than 50 percent of all sales in the market last month.
The median price for short sales in December was $87,500, up 2.9 percent from a year ago. Meanwhile, the median price for foreclosure sales rose more than 27 percent to $82,750.