Tom Demogenes
Tom and Sue Demogenes
Luxury Waterfront Team
Cape Coral, FL 33914

239-357-3312
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April 2018 Market Updates

Home Prices and Sales Numbers: Average Cape Coral March home prices had a slight drop to $280,000 from $289,000 in March of 2017. As we projected in our Year-End Report, this was the second year-over-year monthly price decrease in the first three months of 2018. Cape Coral home prices had over seven straight years of consecutive monthly price increases. This was an unprecedently long stretch and could not continue indefinitely. Cape home prices may experience another month or two of slight price decreases from the same months of 2017, but we still anticipate that home prices will increase by the end of the year. The number of home sales also had a slight decrease this March to 474 home sales compared to 494 in March 2017.
Home Inventory and List-to-sale Price: The supply of Cape Coral homes saw a significant drop from 5.5 months to 4.1 months of available homes, once again favoring sellers, as was the case for most of 2017. Low to mid-priced homes experienced the strongest number of sales. In March, homes sold at 96.5% of asking price, another indicator of a stable market that favors sellers in the low to mid-priced range.    
 
Fort Myers & Bonita/Estero Homes See Hefty Price Gains 
After experiencing a few sluggish sales months, the cities of Fort Myers, Bonita, and Estero had steep home price increases in March compared to March 2017. Fort Myers average home sale price was $335,000 in March 2018 compared to $313,000 in March last year, a 7% increase. 
Bonita/Estero home prices climbed at an even more impressive rate. The average home price in these two towns was $583,000, an 8.3% price jump from $538,000 in March 2017. 
                                                                                                                                                                 __________________________________________________
Florida’s Stringent Building Codes Thwarted Hurricane Damage
According to the Insurance Institute for Business and Home Safety, Florida ranked at the top in the nation for its building codes. The verdict on Florida’s building regulations was evident after Hurricane Irma hit the state on September 10, 2017. About 80% of the homes in Irma’s path had been built post-Hurricane Andrew, which did extensive damage to Florida homes in 1992. Homes built with the new construction codes held up extremely well to Irma. Sue: This is one important reason we suggest clients purchase homes that aren't too old if their budget allows. Newer homes hold up better during storms and have lower insurance premiums. 
                                                                                                                                       ________________________________________________
 
Foreign Buyers (especially Canadians) Still Loving the Sunshine State
 
Florida Remains the No. 1 U.S. Destination for Foreigners. Foreign buyers are drawn to Florida for its mild climate, 1,000-plus miles of beaches, and affordable real estate. They come for a vacation, love it and buy a home or condo. Approximately one-third of all foreign purchases in the U.S. are in Florida.
 
Foreigners Accounted for 15% of the State’s Residential Transactions: Foreign buyers purchased 61,300 residential properties in Florida in 2017, worth $24.2 billion.
 
Canadians Continue to be the Top Foreign Purchaser of U.S. Real Estate: Canadians spent $19 billion on U.S. real estate in 2017, compared to $8.9 billion in 2016. An astonishing $7 billion was spent by Canadians in Florida alone. 21% of Canadians obtained a mortgage for their real estate purchase.
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Fewer Homeowners are Moving - Why?
 
The National Association of Home Builders recently surveyed homeowners as to why they are now staying in their homes for over a decade (five to seven years had been the historic norm). Here are the findings of the survey:
 
 
·         70% of respondents said they weren’t moving because they liked their home and are comfortable in it
·         21% didn’t want to go through the hassle and expense of moving
·         10% wouldn’t move unless there were more homes on the market to choose from
·         5% wanted to hold onto a low-interest rate Tom: I thought this figure would be much higher
 
·         3% can’t sell because their home is still worth less than their current mortgage
Tom: Another reason I believe people are staying in their homes longer is the increasing ability to conduct work from home, thus fewer job transfers and relocations
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Facts & Stats
Cape Coral Ranked in Top 25 Safest Cities in America: Wallet Hub ranked cities across the nation based on 35 key factors (ranging from assaults per capita to unemployment rate to road quality), and Cape Coral was rated the 22nd Safest City in the Country. Based strictly on home and community safety the Cape was the #5 safest city.  Tom:  Add this accolade to Cape Coral being rated “#1 Boomtown in the United States for 2017”, by SmartAsset, and our fabulous city is once again on track to score numerous national recognitions this year.  
 
Is Historic Shortage of New Homes the Next Housing Crisis?: Home construction remains near the lowest level in 60 years, according to the Federal Reserve Bank of Kansas City. Estimates are that builders will start fewer than 900,000 new homes in 2018 – significantly less than the 1.3 million homes needed to keep up with population growth.
 
The overall inventory of new and existing U.S. homes for sale hit its lowest level on record in the fourth quarter of 2017, at 1.48 million, according to the National Association of Realtors. That, in turn, is pushing up prices at what economists say is an unsustainable pace - twice the rate of income growth and three times the rate of inflation. The shortage of land in highly prized areas combined with a lack of construction labor is driving the shortage crisis.

 

 

March 2018
Want To Buy A Home In SWFL While Still Living In Your Current Home? - Florida Property Taxes Are Average In Comparison To Other States - Pickleball In Cape Coral

February 2018
SW Florida Real Estate Once Again Showing Strong Signals - 12 Reasons SWFL Real Estate Will Stay Strong - Be Wary Of The Builder You Choose

January 2018
Cape Coral/SWFL Recap & 2018 Projections - Will Tax Reform Affect SWFL Real Estate? - Cape Coral Rated #1 Boomtown In U.S.

December 2017
Why Aren't Homeowners Becoming Sellers? - Profile Of International Buyers In Florida - Local Home Market Synopsis

November 2017
Interesting Florida/Cape Coral Population Stats - Despite Irma, Local Unemployment Rate Drops to 3.5% - Bubble? Nowhere in Sight for U.S. Housing Market

October 2017
Irma Slows Down Sales But Not Prices - Nor-Tech Hi-Performance Boats To Locate World Headquarters In Cape Coral - Homesteaded Properties Will See Assessed Values Increase by 2.1%

September 2017
Cape Coral Dodged A Bullet - Some Lenders Will Stop Requiring Traditional Appraisals - Homeowners Only Break Even By Selling Their Home Without A Realtor

August 2017
Can't Find the Perfect Model Home to Build? - We Have Solutions - Investors Focusing on Build-to-Rent Homes - Cape Coral in Top 100 Cities For First-Time Homebuyers

July 2017
Be Very Careful When Selecting A Local Builder - Cape Home Inventory Drops To Three Months - Zero Down Loans Make A Comeback 

June 2017
Home Sales Still Strong For Low & Mid-Priced Homes - Cape Coral Named One of the Best U.S. Cities for Boaters - Homeowners Sue Zillow Over Low Home Value Estimate

May 2017
Cape New Construction Permits Spike - Rise In Cape Coral Million Dollar Home Sales - Increased Importance Of Third Car Garage

April 2017
Cape Home Prices Rise by 18% / Inventory Drops Below 4 Months - Cape Coral Already Making Top U.S. Lists in 2017 - Rising Home Prices & Increase in Interest Rates Will Make Home Buying More Costly in a Year

TIMING THE REAL ESTATE MARKET 2018


Tom Demogenes | 239-357-3312 | Contact Us 
4100 SW 27th Pl - Cape Coral, FL 33914
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2326 Del Prado Blvd. S., Cape Coral, FL 33990