Lee existing home sales rose 64 percent in November

Sales of Lee County existing homes increased 64 percent in November as prices continued to tumble.Realtors assisted in the selling of 600 homes in Lee County in November, up from 365 in November 2007.The median sales price fell 53 percent to $106,100, from $228,100.

Condominium sales fell 21 percent to 85, down from 107 in November 2007. The median condo price also fell, to $136,200, down 20 percent since November 2007.Statewide, existing home sales continued to rise in November, as prices fell sharply.

Realtors helped sell 8,571 homes in November, a 4 percent increase compared to the same period a year ago, data released by the Florida Association of Realtors.The median sales price for existing homes last month was $158,300; a year ago, it was $217,000, a 27 percent decrease.

Although I cannot predict a bottom of this market, prices are low and sales are increasing. Something to keep in mind.
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