The National Association of Realtors released the Top 10 "Turnaround Towns" and Florida dominated the list with 8 of the 10. For us realtors here this is no surprise. Foreclosures are down across the state and despite the talk of "shadow inventory" demand remains strong and prices are up.
The numbers for Cape Coral are favorable and indicate that the rebound may have already started. Information released from the Cape Coral Association of Realtors show that the median price is up 18% year over year from $89,000 in January of 2011 to $105,000 of January of this year. Inventory levels are also very low while demand has remained strong. Year over year inventory of existing properties dropped a whopping 36% from 3,459 in 2011 to only 2221 at the end of Januay 2012.
Foreclosure filings are also down in Lee County. From 2008 to about 2010 we had between 20,000-27,000 foreclosure filings at any time. This was during the "rocket docket" hay day. Last time I checked there were only about 7,000. With an unemployment rate over 10% we still have a ways to go. The distressed properties are here for a while longer but their share of the market is dropping all the time.