Cape Coral Real Estate Market

By
Real Estate Agent with Florida Future Realty, Inc. BK3071625

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.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Florida Lee County Cape Coral
Tags:
market conditions
real estate market
cape coral
cape coral homes
cape coral condos
cape coral vacant land

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,142,050
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Hi Susan, Very interesting analysis. Almost looks like Poinciana. Bigger numbers but the ratios are about the same. Especially the part about half the listings not being true listings because of the price. I spend a lot of time laughing when checking out new listings every morning. Some of the asking prices are truly ridiculous.

Our single families for 2006 are:

1600 active

92 pendings

1050 closed.

I haven't done the 2005 comparison yet but my personal numbers were down about 25% so I can safely assume the market is about the same.

Vacant lots are way off.

Dec 28, 2006 02:35 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
188,448

Susan Milner

Cape Coral Real Estate Broker, FloridaFutureAgents
Question?
*
*
*
*
Spam prevention

Additional Information