|
TOM & SUE DEMOGENES...
"YOUR INFORMED REAL ESTATE COUPLE"
Per the charts below, Cape Coral median home prices hit $190,000 in December, up an astonishing 32% from one year earlier. This follows a 20 % year-over-year price increase from Dec 2010 to Dec 2011. Cape Coral has now had 28 straight months of year-over-year home price increases, and appreciated by 52% in 24 months. Home prices in the Cape also broke through the $100 per square foot milestone ($105). It has been years since Cape homes seen either of these price levels.....and I strongly believe the highest appreciation is yet to come.
Fort Myers homes which are traditionally 25% higher priced than Cape Coral, also saw an impressive 26% gain in median year-over-year prices. Fort Myers broke the $100 per sq ft barrier in mid 2012 and rose to $116 per square foot in December.
~~~~~~~~~~~~~~~~~~~ 
* Median home prices in the first month or two of 2013 will actually fall below December's $190 K prices, before a price explosion erupts beginning in March. This projection is based on my analysis of MLS info for "Pending" and "Active" home Listings.
* Average home prices in the Cape will reach $220,000 (16% increase over Dec 2012) within the first six months of the year. Cape Coral average prices will reach $230 K sometime in 2013, and possibly even $240 K...a big jump from $190 K.
Fort Myers home prices will exceed $250,000 within six months.* Even though the Cape has had 28 straight months of year-over-year price increases, I believe that at least 11 months of this year will exceed same month prices of 2012. My gut tells me to go out on a limb and predict it will be all 12 months, but 40 straight months of price increases is almost too much to ask for, even in our exploding market.
With Lee County prices, and Cape Coral prices in particular, rising so much in the past few years, is it too late to purchase?
Tom: No, for four reasons:
1. Steadily climbing listing prices, low inventory, and low interest rates are all strong indicators that prices will continue to rise for the foreseeable future. Sue and I will continue to invest heavily in Cape Coral real estate until we see signs to discourage us. We see none on the horizon.
Timing the Real Estate Market
March 2013
Topics: Short Sales vs Foreclosures - Major CC Gov't Happenings - Future Appreciation in SWFL
February 2013
Topics: Snowbirds Race to Snatch up Florida Housing - What are the Best Gulf Access Home Areas?
December 2012
Topics: Cape Coral Prices Highest in 5 Years - Million Dollar Homes Selling Again
Copyright 2018 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS\' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than Luxury Waterfront Team are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2018-08-18.
© 2018, The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Luxury Waterfront Team are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. BR data on this website is provided by Luxury Waterfront Team on behalf of Tom Demogenes. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2006 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Data last updated 2018-08-18 16:35:59.
iHOUSEweb