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May 2016 Market Updates

Cape Coral Continues to Rack Up More Top 10 Rankings
Cape Is #1 For Anticipated Job Gains In 2016
 
With continued national attention from various ranking services, Cape Coral follows its impressive 2015 trend into 2016. IHS Global Insightranks Cape Coral/Ft Myers as #1 for anticipated job gains in 2016Forbes has Cape Coral at #10 for top housing investment cities in the U.S.
 
Some of last year's Top National Awards for Cape Coral:
 
WalletHub:        #1 Highest "Net Local Job Growth"
RealtyTrac:       #4 "Best Bounce Back Market"
Bankrate:          #8 "Best Places For Retirement"
Forbes:             #3 for "Future Job Growth" & Top 25 "Best Places to Retire"
                         Top 25 "Best Places to Retire"
Wall Street:      #27 "Best Cities to Live" in United States
US.Niche.com:  #18 "Safest City in the U.S.
                         #6 "Best Places to Retire"
MoneyWatch:   #6 "Fastest Growing Metro Area" in United States
MSN Money:     Top 50 "Most Competitive Housing Markets"
MarketWatch:   Top 10 "Coastal Towns To Retire"
Allstate:             #5 for "Best Drivers"
Asthma Foundation:  #7 "Best Big Cities for People with Asthma"
 
Sue: These are a lot of accolades for a whole state, never mind a single city. We love Cape Coral
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Gallup Survey: Real Estate is the Best Investment
 
Americans ranked real estate as the best long-term investment, even over stocks and gold, according to a recent Gallup Poll. Real estate has been the top investment choice for the past two years, and its lead is increasing over four other popular investment choices.
 
 
 
35% of Americans selected real estate as their top investment choice compared to 22% for stocks & mutual funds, 17% for gold, 15% for savings accounts/CD's and 7% for bonds. By comparison, 34% said gold was their top long-term investment choice in 2011, at a time when only 19% said real estate.
 
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Cape Coral Home Inventory Falls to 3.7 Months - Prices Keep Rising
 
Over the course of only two months, home inventory went from a nicely balanced 6 1/2 months to just over 3 1/2 months. To give buyers more options, and to keep prices from rising too quickly, a more balanced inventory of 5 to 7 months is optimal. Average Cape home prices rose by $16,500 over April 2015 prices.
 
 
 Tom: As I've been stating for well over a year, we need more new construction to support the number of new residents and seasonal buyers coming to our area. Based on U.S. Census Bureau projections for future growth, Cape Coral needs approximately 250 new homes built each month for the next decade. Currently, we are hovering at about 100 new home permits per month.
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What is a Lanai, And How Important is it to SWFL Living??
 
 
Potential Florida residents often hear the term lanai for the first time in their lives. The word lanai (pronounced la-nigh) is a Hawaiian term meaning patio. Floridians use the term to refer to a covered area at the back of the house, usually screened along with the pool area, and used as outdoor living space. Commonly, the lanai is set up with patio furniture, chaise lounges, outdoor dining sets to have barbequed meals, watch tv, entertain friends and family, or just enjoy the wildlife and sunsets. These enclosures are referred to as mansard cages, and are great for keeping out insects, who could spoil our relaxing outdoor living.
 
 
Floridians use their lanais almost every day of the year, so they are a very important part of any home, especially waterfront homes. A home without a covered lanai is considered much less desirable, and is tough to sell should you ever need to market your home. Sue: Many SWFL residents use their lanai as much as any room in the house besides the bedroom.
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Why Do Americans Buy Homes? - B of A Survey
 
According of the "Homebuyer Insight Report" recently released by Bank of America, more than half of American's main reason for buying a home is because they want a place to call their own.
 
Top Emotional Triggers for Buyers:
 
* Want a place to call their own: 52%
* Always something they wanted to do: 43%
* Want to put down roots: 31%
* A place to make memories: 28%
 
Top Influential Financial Factors:
 
* Better than paying rent: 37%
* Saved enough money to buy: 26%
* Have a steady job: 21%
* Good time to buy a home: 15%  Tom: I'm surprised this isn't a higher percentage. Believe it is in SWFL
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Retirees Come to Cape Coral in Droves
 
For those who have retired and are looking for a place to spend their golden years, Cape Coral has become one of the hotspots. According to a new study done by SmartAsset, Cape Coral is the No. 2 city in America where retirees are moving to. Only Mesa, Arizona had a net migration higher than Cape Coral. Smart Asset analyzed U.S. Census Bureau statistics on the migration patterns of people over the age of 60.
 
 
 
Assuming the 1,441 net migration of retirees earn the average Social Security retirement income of $15,528, that's nearly $22.4 million in income dollars entering the city, not counting whatever other retirement or pension income they may have (which is substantially more than their Social Security income).
 
Florida is far and away the No. 1 state to which retirees are moving, with a net migration rate of 57,724, more than three times higher than runner-up Arizona.
 
 
Tom: what is most encouraging is that Cape Coral (decades ago referred to as "Cape Coma") currently has an average resident age in the mid-40's. Less than 20 years ago the average Cape resident's age was in the low 60's. In addition to the draw for retirees - great weather, affordable waterfront living, nearness to beaches, major shopping centers and the airport, there are also great schools, parks and activities for all ages.
 
Cape Coral...What a Wonderful Place to Live !!!
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Facts & Stats
 
Florida Foreclosures Down 38% in One Year - Core Logic: This was the largest state decline in foreclosures in the country. The U.S. foreclosure rate declined by 23.9%. At 1.1 million foreclosures in February, the U.S. had the lowest level of foreclosures for any month since November 2007.
 
March U.S. Home Price Gains Highest Since 2007: Realty Trac's latest report shows that U.S. home prices rose 17% year-to-year in March. Gallup also reports that Florida remains the king of all-cash-sales. 
 
Housing Costs May Prompt a Population Shift: According to U.S. Census data, some of the nation's priciest areas like San Diego, Los Angeles, Silicon Valley, and parts of Washington D.C., are seeing fewer residents. Lower-cost cities like Las Vegas, Phoenix, Provo, Utah and parts of Florida are seeing population gains.
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April 2016
Cape Coral 2nd Highest Growth Rate in U.S. - Red Sox & Twins Spring Training Brings Buyers to SWFL - Forbes Ranks Cape Coral 8th Best in Nation for Retirement

March 2016
Lake Okeechobee Update - Naples Happiest City In U.S. - Cape Coral Burrowing Owls

February 2016
6 Reasons FLA Is Best State For Retirement - Forbes Names Cape Coral In Top 10 Best Investment City For 2016 - Population Stats Cape Coral.

January 2016
2015 Real Estate Highlights - FL Tops List Of Most Desirable States - National Accolades For Cape Coral

December 2015
24/7 Wall Street Ranks Cape Coral in Top 50 Cities to Live - SW Florida Home Price Growth Highest in Nation - Cape Ranks High Among Florida Cities for Families & Jobs

November 2015
Strong Sellers Market - Annual Rents Rise 23% - Economists Predict Strong Market Through 2017 

October 2015
Cape Coral's R.E. Rebound 2nd Strongest In Nation - SW Florida Now a 12 Month R.E. Season - Chiquita Boat Lock Impact

September 2015
Shortage of SWFL Seasonal Rentals Gets More Severe - Fla. "Save Our Homes" Tax Break Kicks In Again - Cape Coral 4th Best Large City for Retirees

August 2015
City Council Votes to Eliminate Chiquita Boat Lock - U.S. Home Prices Hit Historic Highs - High Cost of Waiting to Buy

July 2015
Best/Worst U.S. Cities for Retirement - Cape Coral Inventory Falls to 2.6 Months - Homebuyer's Most Important Concerns When Looking For a Home

June 2015
New Homes A Good Option - Two SWFL Beaches in Dr. Beach Top Ten - Lee County Housing Market Continues To Climb

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Tom & Sue Demogenes

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