May Cape Coral/SWFL R.E. Market Steady
“Steady as she goes” is the message for this month. Cape Coral prices remained about the same as April 2023, and although Lee County experienced a drop in the number of sales, the average price increased by 3% over April, 2023.
Cape Coral April 2023 vs. April 2024
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Apr 2023
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Apr 2024 |
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Cape Coral |
496 Sales $530,000
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519 Sales $525,000 - 1 % |
Lee County April 2023 vs. April 2024
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Apr 2023
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Apr 2024
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Lee County |
1307 Sales $585,000 |
885 Sales $601,000 + 3 % |
Cape Coral Gulf Access Homes: Mar = 99 Gulf Access Sales, Avg Price: $905,000
Apr = 100 Gulf Access Sales, Avg Price: $998,000
Cape Coral $1M+ Homes: Mar = 28 $1M+ Sales, Avg Price: $1,441,000 Highest: $2,550,000
Apr = 42 $1M+ Sales, Avg Price: $1,445,000 Highest: $3,100,000
Inventory: Cape Coral inventory remained at 5 1/2 months for the 2nd month in a row. Additionally, there are now less than 2,800 C.C. homes available for the first time in many months.
Notes: C.C. $1M+ homes had a nice spike in the number of sales from 28 in March to 42 in April. Gulf-Access home prices increased by $93,000 month-over-month. Although we are still a long way from the gangbuster days of a few years ago, the C.C. and Lee County real estate market is certainly not in a freefall as some reports would suggest.
Cape Coral is #11 Fla. Affordable ‘Hidden Gem’
Retirement Spot in the U.S. South
GoBankingrates.com recently published a report on under-the-radar destinations in the South that are perfect for retirees, and the list includes 11 places in Florida. To compile the list, the website looked at one hundred of the most populated communities in the South to retire. Cities were ranked based on factors such as violent crime, monthly expenses for residents 65 and over, and the percentage of seniors from the general populations.
With its sunny weather, beautiful coastline, tax-friendly policies, and large senior population, Florida remains one of the top states to retire. However, as real estate prices, inflation, and interest rates have soared nationwide in recent years, certain Sunshine State communities have become too expensive for retirees.
Although 2.6% higher cost of living than the national average, our very own Cape Coral still made #11 on the list of the best “hidden gems” communities to retire based on the following:
· Monthly Expenditures: $1,942
· Violent Crimes per 1000 residents: 1.44
· Population of residents 65+: 24.37%
· Livability Score: 77
Jenna: We love our wonderful retiree clients. They compose a high percentage of our business.
Tips for Finding the Right Home
The best way to start a home search is by keeping a top 10 list of essentials, as well as deal breakers. Also, consider your lifestyle, pets and necessary features, among other things. Here are some other additional factors to consider when looking for the right house:
Budget: including mortgage payments, taxes, insurance, and maintenance costs
Location: Proximity to schools, work, amenities, safety, and neighborhood vibe
Size & Layout: Think about the number of vehicles you have and overall layout & flow
Condition of the property: Is it move-in ready or in need of renovations or updates
Future Needs: Can the home accommodate a potential growing family or aging in place changes
Resale Value: It usually takes more work to sell a house bigger or smaller than the typical house in the neighborhood
Home Features: List specific features you desire
Home Inspection: Plan to have a professional home inspection before finalizing the purchase to uncover any potential issues with the property
Despite a National Housing Shortage
Florida & Texas Have Too Much Supply
Redfin reports that a lack of housing has fenced off most U.S. would-be buyers, but two states are dealing with the opposite problem – an overflow of homes. Florida and Texas accelerated construction to take advantage of pandemic-era demand. But, serious spikes in construction costs, interest rates and insurance costs have caused many new homes to linger on the market and burden inventory
Cape Coral and North Port, Florida saw the country’s biggest surge in homes for sale, with volumes up about 50% from a year ago in March. Fl and Texas have been building more homes than any other part of the U.S., and of the country’s 10 metros where sellers are most likely to reduce listed prices, seven are in these two states.
Nationally, a shortage of homes has pushed the median U.S. sale price up 5% year-over-year to $420,400. That’s only 3% below a record-high median price of $432,500.
Facts & Stats and Tom’s Musings
Millennials Moving to Golf Communities: Before the pandemic, golf communities were seeing a decline in interest. Now, millennials, those born between 1981 and 1996, are increasingly moving to private golf communities, even if they don’t play golf. Perks like more space and privacy, lower cost than living in the city, fitness centers, pools, sports facilities, in addition to the golf course are all very appealing to millennials.
Prices Top Location in Dream Home Purchase: A national survey showed 39% of homeowners plan to move. 56% of prospective buyers prioritize price and 50% prioritize location. The No. 1 region of the country selected by consumers as their ideal location was the South, particularly Florida.
56% believe the real estate market will remain stable or improve this year, and 39% said they plan to move to a different city, compared to 19% of consumers who said the same in 2022.
Buyers Preference Shifting to Smaller Homes: Homebuyers are increasingly looking to build smaller, more affordable homes. The average size of a new-build home in 2023 fell to 2,411 sq ft, the smallest size since 2010. The median price of new homes in 2023 was $428,200, down 6% from 2022. Lisa: Ever since interest rates spiked, we noticed a desire for smaller, less expensive homes, although the $1M home market in C.C. seems to now be in high demand.
Fort Myers #3 ‘Best Place’ To Start a Small Business: WalletHubcompared the business friendliness of more than 1,300 small-sized cities. There were 18 metrics ranging from growth rate of the number of small businesses to investor access and labor costs.
Fort Myers has one of the highest numbers of investors per capita in the country, and is in the top 100 cities for office-space affordability, and for the number of startups per capita. These small-business metrics earned Fort Myers an impressive #3 ranking in the entire country.
U.S. Housing Supply Short 7.2M Homes: Realtor.com reports that despite the recent uptick of new construction, single-family home construction is lagging behind the need. This is a result of underbuilding relative to population growth. Tom: Overbuilding of apartments in Lee County, especially in Cape Coral, is heavily responsible for the sales#/price stagnation of homes…and greatly contributing to frustrating traffic.
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