|Published:||Feb 26, 2013 11:18 PM EST|
|Updated:||Feb 26, 2013 11:18 PM EST|
FORT MYERS, Fla.- Southwest Florida realtors say our local real estate economy is on the road to recovery. Tuesday afternoon, hundreds of local realtors met at the Harborside Event Center for the annual Market Watch Seminar.
Real estate experts say single family home sales in Lee county rose 28% from 2011 to 2012. Home prices are also rising with the average sale price near $128,000.
Royal Shell Real Estate agent, Denny Grimes says, "It has taken 7 years so it hasn't happened in light speed, but we are there and our market is growing at a rational pace meaning prices are rising to a point where they can be competitive again with new."
Experts say if prices continue to rise too much too soon, we could see the real estate market suffer like it did in 2007. Meanwhile, sales of commercial real estate property is also improving. A year ago, retail space vacancy was at 18%. Now, it has dropped to just 8%.