Home prices continue their upward Trend



The median price of an existing single-family home in Lee and Collier counties increased sharply in October compared to a year earlier.
In Lee County, the median rose 17.3 percent from $157,000 to $184,175, according to statistics released by the Realtors Association of Greater Fort Myers and the Beach.
Collier County's median increased 20.1 percent from $279,000 to $335,000, according to the Naples Area Board of Realtors.
Fort Myers-based real estate broker Denny Grimes of Denny Grimes & Co. said that even with such a robust surge in prices, he doesn't see the danger of a bubble similar to the last boom's over-heated market in 2005.
"It would take annualized increases of 20 percent for five years to get us up into the territory where we were (at the peak of the boom)," he said. "We're not even close to a danger bubble."
The rate of increase in prices is actually slowing, Grimes said, but the market will stay strong this winter with omens such as six feet of snow in Buffalo, N.Y., last week. "We are poised to have a very, very good season."The median price of an existing single-family home in Lee and Collier counties increased sharply in October compared to a year earlier.In Lee County, the median rose 17.3 percent from $157,000 to $184,175, according to statistics released by the Realtors Association of Greater Fort Myers and the Beach.Inventory in both markets stayed tight with Lee's falling 11.8 percent from 5,847 active single-family listings to 5,157. Collier's increased only slightly: from 2,070 to 2,075.Grimes said that with relatively few homes for sale and a strong contingent of buyers, the market is strong but "there's no frenzy. They're engaged but they're not irrational."Condominium sales fell 3.1 percent in Lee County from 486 to 471 while the median sale price increased 3.5 percent from $157,500 to $163,000. Article courtesy of Fort Myers News Press.
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