Cape Coral Real Estate Market - Comparing 2005 to 2006
- These figures were pulled out of the Greater Ft. Myers MLS & do not include the Cape Coral MLS (although many listings were entered in both MLSs & the majority were in the Ft. Myers MLS) -
From Jan 1, 2005 - Dec 27, 2005
817 condos/townhomes sold
4,291 single family homes sold
8,474 vacant lots sold
From Jan 1, 2006 - Dec 27, 2006
219 condos/townhomes sold
3,134 single family homes sold
1,472 vacant lots sold
These figures tell us that the single family house market has not fallen that far from last year. We're looking at about a 27% drop. Not bad considering the crazy buyer frenzy of '05. The condos tell a very different tale at a 73% drop in sales. This tells us that we have too many condos & not enough buyers for them. Finally, the most dramatic decrease can be found in vacant lots. They dropped a staggering 83%.
Remember, this is not down for value, just for total sold.
What does our current inventory look like? Although I'm a strong believer that almost 1/2 of our inventory isn't true inventory (because prices are too high), here's the figures:
1,048 condos actively on the market
29 pending sale
4,773 homes on the market
252 pending sale
8,823 vacant lots on the market
108 pending sale
Which can be equated to approximately 58 months of condo inventory, 18 months of single family home inventory & a whopping 72 months of vacant land inventory. That same inventory for last year would have only been 15 months of condo inventory, 13 months of home inventory & 12 months of vacant land inventory.
However, take into consideration that at least 30% (conservative) of the inventory isn't true inventory (see above) we're truly looking at the following:
40 months of condo inventory -
13 months of single family home inventory -
50 months of vacant land inventory -
So if you have a condo or vacant land to sell please listen to your Realtor & price it accordingly. You cannot afford to 'wait & see'. If you are a buyer, you have many great opportunities for investing here.