On average it cost just over $21,000 more to purchase a home in the Fort Myers area in 2011 than it did in 2009 with average selling prices increasing from $132,068 to $153,021. This increase of 15.87% in the average selling price is among the highest in the nation for the 2009 – 2011 time period.
A key factor driving these home price increases was a significant drop-off in 2011 in the number of foreclosed homes hitting the market. We are also seeing an increase in the percentage of end-user buyers vs. investors participating in the market as investors are finding it challenging to borrow to purchase real estate.
The increase in days on market can be most likely be attributed to the increased scrutiny buyers are experiencing in obtaining financing for their real estate purchases. It is interesting to note that the average selling price to listing price ratio of 94% has remained virtually unchanged for three consecutive years.