Lee prices up

Home prices continue upward climb

While not reflective of any post-Wilma sentiment, the median price of $288,700 for a home resale in Lee County was up 46% in September over previous year. This is a new all-time high for Lee County.

There were 1,075 home resales in Lee County during September, which represent a 50% increase over September 2004.

In Collier County, the median home resale price of $500,800 represents a 40 percent increase over September 2004.

While we have seen some buyers particularly at the low-end of the spectrum having more difficulty obtaining financing, this issue does not appear to be significantly impacting the overall home resale market. From my vantage point, there appears to have been a buyer mindshift over the past year from "lets get it now so we can flip it" to "lets get it now before the prices go up."

The million dollar question is what will be the rate of appreciation over the next 12 months? While I am not going to make any predictions, the curve should flatten due to the increasing inventory of available properties. I do like the area demographics and think that they will play a key role in keeping value increases ahead of many other less retiree friendly parts of the country.

Local home prices surge again [News-Press]

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