Call 911...there is a cloud in my backyard...oh wait...never mind...it's gone now...
You can have some of this AWESOME weather too but you better hurry. Paradise is selling fast!
There are currently:
2113 single family homes for sale in Cape Coral, FL
(November 2008 this figure was over 4200)
1599 homes have sold in the past three months
That leaves us with an absorption rate of: 3.9 months
What does that mean?
Let's say that not another house went on the market. How long would it take to sell the existing inventory? Only 3.9 months....
Rule of thumb:
A ‘normal' real estate market (if there is such a thing) has an absorption rate of 6 months
When is it a buyers market? When the absorption rate is over 6 months
When is it a sellers market? When the absorption rate is under 6 months
The tide has turned...but the deals are still available. But RUN don't walk.....