Cape Coral home prices are down, inventory is high and growing, so is it time to panic? NO, NO, NO. Thanks to Yoselyn Hollow, our wise and organized RE/MAX Realty Team Broker, we were able to retrieve a time not terribly long ago (late 2000s) when things looked significantly more bleak.
In December 2010, during the Great Recession, Cape Coral home prices sank to $110,000. Yes, you read that correctly. And, in January 2008, inventory reached the unthinkable height of 31 months – 2 ½ years’ worth of homes to sell.
So, although the numbers below might be discouraging, be mindful that all real estate troughs eventually improve, and all peaks drop. It’s called the “real estate market”. I sincerely believe we are within 3 – 4 months of the upswing, so buyers, take advantage of today’s low home prices.
Cape Coral Nov 2023 vs. Nov 2024
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Nov 2023
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Nov 2024 |
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Cape Coral |
351 Sales $493,000
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306 Sales $455,000 - 8 % |
Lee County Nov 2023 vs. Nov 2024
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Nov 2023
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Nov 2024
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Lee County |
954 Sales $539,000 |
846 Sales $558,000 + 4 % |
Cape Coral Gulf Access Homes: Nov 2023 = 50 Gulf Access Sales, Avg Price: $937,000
Nov 2024 = 50 Gulf Access Sales, Avg Price: $712,000
Cape Coral $1M+ Homes: Nov 2023 = 13 $1M+ Sales, Avg Price: $1,683,000 Highest: $3,700,000
Nov 2024 = 7 $1M+ Sales, Avg Price: $1,342,000 Highest: $1,900,000
Cape Coral Inventory: is now at 10 months, the highest level since 2008, and an increasingly strong buyers' market
Notes:
1. Although the number of sales is down in all of Lee County, it was encouraging to see that home prices (excluding Cape Coral) rose from last November.
2. The number and pricing of Cape $1M homes is down substantially from a year ago.
Florida Leads U.S. for Best Place to Retire –
Naples #1 U.S.City
U.S. News & World Report named Florida Best State to Retire in 2025. Three Florida cities made the top 10 list, and another seven Florida cities were in the top 20. Our very own Naples topped the entire U.S. list as the best town to retire to.
Retirees expectations were measured in happiness, affordability, health care, desirability, retiree taxes and job market among individuals 45 and older. This year, U.S. News adjusted its scoring to make happiness the most heavily weighted of the six factors in the methodology. Naples scored high in happiness, desirability, retiree taxes, and job market. Lisa: It makes us proud to have one of our local cities be the best city to retire in the entire country
Remodel or Move? How to Decide
When deciding between remodeling or moving, consider costs, time, risk and return on investment. Emotional components also matter. Compare costs – to your wallet and peace of mind
Remodeling:
· Money – most projects tend to cost more than projections, sometimes much more
· Time, Stress, and Risk- homeowners also underestimate the time and stress involved
· Return on Investment – Research how much local homes with similar upgrades sell for
Moving:
· Available Properties – and do they also need remodeling to meet your criteria
· Monthly Mortgage Payments – are you exchanging a low-interest loan for a higher one
· Cost of Buying & Selling – closing costs and loan fees can be quite steep
Whether you decide to remodel or move comes down entirely to personal choice. By considering
the financial and emotional aspects of both options you can confidently make a decision that is best
for you. Jenna: Our team has extensive experience with remodeling/staging a home. We'll be happy to guide you as to whether remodeling or selling is in your best interest.
FEMA Offers Monthly Payments for Flood Insurance
On Dec. 31, FEMA – which oversees the National Flood Insurance Program – will break a 55-year tradition of requiring annual up-front payments for flood insurance and will offer the choice of monthly installments. The agency hopes the change will “expand access” and “reduce barriers to purchasing flood insurance”.
Property owners whose lender requires them to escrow their premiums will still have to pay for the coverage annually up front. Florida has the most single-family flood policies, at more than 894,000, followed by
Texas and Louisiana with 586,000 and 397,000 flood policies.
Facts & Stats and Tom’s Musings
Veteran Homelessness Drop to Record Low: The VA has housed nearly 48,000 veterans in recent years and expanded support, including approving disability claims and increasing childcare access. In January, officials counted 32,882 homeless veterans, a significant drop from recent years.
3rd Quarter Tourism Up in Florida: Despite hurricanes in August and September, Visit Florida estimated a record 34.61 million people traveled to Fl in Q3, up from the same period in 2022 and 2023. During the first three- quarters of 2024, Visit Florida estimates 109.7 million people visited the state.
NFL Fans Say Loyalty Influenced Home Search: About 1 in 5 NFL followers say their loyalty played a significant or highly significant role in their home search process, and 55% say that supporting a local team helps them feel more connected to their community and neighborhood, according to Realtor.com
U.S. Home Tours, Mortgage Locks Bounce Back: Buyers are gradually wading back into the market on the post-election interest rate cut, per Redfin. An economist found that buyers had been waiting for the election to be over after taking a hiatus in the lead-up to the election.
