Housing Market - SW Florida - Jan 2011

Jan. 2011

 

Cape Housing Market Thriving

In 2010, Cape Coral led the state in highest number of residential property sales and the new year
is off to a great start.  Sales continue to be aggressive, interest rates are historically low and home
prices that remain below replacement cost make this an excellent time to buy. 
Here is a brief overview of the Cape's 2010 home sales:

Fewer distressed sales

The number of distressed home sales declined to 62 percent of total sales.  In 2009, foreclosures
and pre-foreclosures (short sales) made up 73 percent of the total homes sold.  Today's Cape Coral
home inventory is made up of only 35 percent of short sales and foreclosures combined.

Strong numbers

Almost 6,000 single-family homes were sold by Realtors.  That makes the number of homes sold
in 2010 greater than any single year during the real estate boom (2003-06) and exceeded in
history by only the sales in 2009.

Most under $200,000

Of the homes sold in 2010, 86 percent were sold for less than $200,000, the same percentage
as 2009. In 2010, eight homes sold for more than $1 million, compared to seven in 2009.

Decreasing inventory

In January 2007, Cape Coral had 6,073 single-family homes on the market. Today, we have
2,387 homes.  We've enjoyed a steady decline that if sustained will lead to the return of
property value appreciation.  Media attention continues to attract investors and future retirees
to our market.  Buyers want what we are blessed to enjoy each and every day at perhaps soon
to be gone bargain basement prices.

CCEDO