I published this information recently but thought it would be better to do with a graph to really show what is happening with the Cape Cora Real Estate Market. As of this past March (2008), the number of sold homes has dramatically increased. I believe the major contributors to this fact are:
- Home prices have come down to 2001 levels. The buyers who wanted to purchase between 2004 to 2006 were priced out of the market. Consequently, most of them returned to the Midwest, Northeast, or Europe and did not buy. Now they see the great opportunity in front of them and they're not hesitating to make offers...and ultimately purchase.
- The number of bank owned homes has increased. However, this just means the banks are now at the point where they will sell. Prior to the foreclosure, the lender’s motivation to work with the owner on a short sale is marginal. Once the lender forecloses on the home, their motivation to sell does a complete 180 degree shift.
If the number of home sales continue at the current pace of more than 400 homes per month Cape Coral is on target to see over 4,000 closed home sales in 2008. In comparison to 2007, there were approximately 2,100 closed home sales reported in the Multiple Listing Service.
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