Cape Coral Florida Real Estate News
February 2023
Market Update:
As we head into ‘High Season’ here (which is January thru March) I’m happy to report that the Cape Coral residential market (single family homes, condos, etc…) looks to be holding it’s own and is about equal to the market before covid (which was a healthy market). We have been waiting in anticipation of the ‘high season’ to be an indicator of what we can expect in the upcoming Cape Coral real estate market. With only one month in…
Last week we had 160 residential properties (single family homes, condos, etc…) go under contract (pending), compared to the same time in: 2022 (197)—2021 (211)—2020 (161)—2019 (150)—2018 (160)
Land however is a bit slower bouncing back. That can be normal in a shifting market. Residential market first… land follows. Rising interest rates certainly have not helped.
In the past 30 days 10 GULF ACCESS LOTS have sold, compared to:
2022 (62)—2021 (104)—2020 (44)—2019 (22)—2018 (30)
In the past 30 days 72 OFF-WATER LOTS have sold, compared to:
2022 (361)—2021 (190)—2020 (169)—2019 (107)—2018 (154)
In the past 30 days 33 FRESHWATER LOTS have sold, compared to:
2022 (128)—2021 (115)—2020 (45)—2019 (32)—2018 (38)
The marketing ‘hits’ for land seem to be on an uptick this month so as we move along into the next couple of months we hope to see some turn around. I’ll keep you posted.
In the meantime, please let me know if you have any questions, concerns, ideas or just want to chat… I am available for you anytime.
~Deb
Florida and National News:
- Yes, you should buy a house this year Read more…
- More Millennials leave nest, form own households Read more…
- 2023’s Housing Market is looking up Read more…
- The massive mistake homebuyers may be tempted to make right now Read more…
- Housing Crash predicted for 4 Cities-None in Fla. Read more…
Taxes, Financing, Insurance, Scams and more:
- Higher Credit Scores provide emotional comfort Read more...
- Mortgage rates fall for fourth straight week Read more…
Cape Coral and Florida News:
- Pickleball and Tennis Courts coming to Cape Coral Read more…
- Cape Coral leaders say canals will be cleared of debris by Spring Read more…
- Where construction companies are building the most homes Read more…
- Cape Coral Yacht Club damage exceeds FEMA 50% rule Read more…
- Cape Coral Mayor’s Newsletter Read more…
- Cape Coral among top 10 U.S. Metro Homebuyers sought Read more…
- 7 Florida Cities where home prices are skyrocketing Read more…
- New outdoor town center coming to Northwest Cape Coral Read more…
- People in these SWFL Cities live longer than in other parts of the US Read more…
- NWNA: Here we grow again Read more…
- 10 Best places to live in Florida Read more…
- Cape Coral-Fort Myers housing market to rise in value in 2003 Read more…
Tips:
- Renting a room can hurt homestead exemption Read more…
- Best grout cleaner Read more…
- 17 Home Staging mistakes that can hurt your home’s value Read more…
Things to do:
Cape Coral Farmers Markets Read more…
~ February’s FEATURED Properties ~
2635 Corona Ln, Cape Coral … $699,000
Like new with GORGEOUS VIEWS! FURNISHED/TURN-KEY! Exquisite open kitchen is perfect for entertaining with STAINLESS appliances, GRANITE countertops, huge island, 42” cabinets, walk-in pantry, and a Dining area with beautiful views. High 10’ ceiling & 8’ doors throughout. Diagonal tile in the main areas & carpet in bedrooms. Great room features a beautiful view & tray ceiling. Office has french doors. Primary bedroom features: tray ceiling, two walk-in closets, & ensuite bathroom with walk-in shower, granite, dual sinks & separate commode room. Guest bedroom #1 has ensuite bathroom with shower & granite. Guest bedroom #2 has an adjacent bathroom with granite & tub-shower combo. From the moment you enter the magnificent entryway with tray ceiling you’ll know you’re someplace special. Beautifully decorated! HEATED NEGATIVE EDGE POOL with SPA, solar shelf, salt water system, & picture-window screen. Paver driveway and pool deck. Home & pool are wired for a smart home. 3 CAR GARAGE! The gated community of Entrada offers a clubhouse with an oversized fitness center, resort style pool with lap lane and splash pad, tennis & pickle ball courts & much more—all with a low monthly HOA fee.
Click here to see more…
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415 NW 33rd Ave, Cape Coral … $199,000
WATERFRONT *** GULF ACCESS LOT! This lot has Great BOATING ACCESS and is located about a mile away from the much talked about future SEVEN ISLANDS Development Project. Imagine building your dream home…walking out your back door…. getting in your boat and heading out to anywhere in the world. Now that’s ACCESS! Or sip your coffee poolside as you watch the sun rise with the beautiful EASTERN EXPOSURE. This lot is approx. 80’x125’ and is located on the Quandry Canal in unit 59. Boating access out to the Gulf of Mexico, beaches, and surrounding islands such as Cayo Costa, Cabbage Key, Sanibel, Boca Grand and more…. Not to mention…this area offers some of the best fishing to be found anywhere in the world. Only about 3 miles to the 18-hole Coral Oaks Championship Golf Course, 4 miles to the 27 hole Royal Tee Golf Club, 29 miles to the Ft Myers International airport, and 19 miles to the Punta Gorda Airport. Don’t miss out! Everyone is talking about this up and coming area–located in the City of Cape Coral’s Vision Plan area with lots of gorgeous custom WATERFRONT homes being constructed in the neighborhood. Close to shopping and restaurants and more. Call today!
Click here to see more…
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Backyard News:
“Cape Coral”
· Let’s look at what home sales look like so far this year all dating back to 2018. Total home sales for this year, is a combination of existing homes and new construction finished around that 6,000 mark. Now, coming off of last year, that feels like a major slowdown. We sold roughly 7k homes last year. That was significantly higher than where we are right now, and if you look back in time, that’s what you can see on this graph, this goes all the way back to 2018, we haven’t seen 6k home sales in about 13years or so. So, this is going to feel like a slowdown. So, coming off that high of 2020 and 2021, this year feels a little bit slower.
· Coming off a point in time where we had 20% year-over-year home price appreciation. We’re certainly not looking at that going forward, but we’re also not looking at massive declines. No one is calling for 20%, 30% home price depreciation. The average home price in 2022 was $465k with an overall appreciated value of nearly 11%.
“Fort Myers News”
· Similarly to what is happening in the Cape, Fort Myers and the surrounding areas are no different. Approximately 4k home sales for 2022 a 16% drop from the high of 2021. The nearly 4K homes sold is the highest number of sales ever reported in FM. In making projections for next year, it’s based on a lot of different things. Right now we’re in a place where inflation is high, mortgage rates are high, we’re still seeing buyer demand, but it’s not as high as it was. We have more inventory on the market, but we’re not seeing a ton of new listings. We’re seeing new constructions slowing a bit. So, projections for next year are clearly lower. I think as we start to see that nod towards the Fed getting inflation under control, mortgage rates potentially coming down in that moment in time; as we start to see that, I anticipate that this number, 4k home sales, will start to tick up throughout next year. It’s really not a matter of if, it’s more about when we start to see that activity really kick back in.
· Flat or neutral home price appreciation and as we all know this is all about supply and demand. The more buyers we have in the market, the more home prices will rise. That balance of more buyers than homes available, will put upward pressure on home prices. The average home price in 2022 is $535k w/an appreciation value of 11%
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Cape Coral Weekly Market Watch
Have questions? Need Cape Coral Real Estate assistance? Call Deb Cullen at (239) 233-2322 or click here…..
