Median Sales Price up 5% for Lee County

The total number of sales for September dropped from 1193 in August to 1102 in September 2010. Thats also 17% less then September of 2009 in which we sold 1321 homes. This probably isn't necessarily a bad thing considering we have less inventory than last year at this time. In fact we are on track for another strong year for total sales. This is due to the foreclosure market continuing to drive sales. Prices however in some segments have stabilized. The median sales price for Lee County is up to $94,400. Thats up 7% from last month and 5% from last September. It is considered a sellers market when there is less than 6 months worth of inventory on the market. We are seeing that right now in the lower end. Prices in the 300,000 and up market will most likely continue to drop until the economy strengthens and more 2nd home buyers and end users feel comfortable investing their money.