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April 2017 Market Updates

Cape Home Prices Rise by 18% - Inventory Drops Below 4 Months
 
Average Cape Coral home prices in March were $293,000, the highest price in 9 years. This is an 18% increase over March 2016, when average home prices were $248,000. Available homes have fallen sharply in just one month - from 6.2 months of inventory in February to 3.9 months in March. Based on market activity, inventory may fall even lower over the next 3 to 4 months - traditionally the strongest real estate months in our area. Tom:  The local housing market is steam-rolling along and picking up more momentum each month. If one more out-of-stater tells me that Cape Coral/Ft Myers has a depressed real estate market, and they would like to buy a "steal", I believe I'll yank out the last remaining hairs on my head.
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Cape Coral Already Making Top U.S. Lists in 2017
 
After a year when Cape Coral landed on at least two dozen top lists in 2016, the city is picking up in 2017 right where it left off. Cape Coral has made five U.S. lists already this year, including the top spot on Forbes.com list of "Fastest Growing Cities" in the U.S., an honor that the Cape notched twice during the mid 2000's. Here are the top lists so far in 2017 for Cape Coral"
 
* Trulia ranked Cape Coral No. 2 on "Top 10 Cities Where People are Moving in 2017"
* Cape Coral landed at #75 on Millenial Finance's list of "Top 150 Cities for Millenials"
* Forbes.com has Cape Coral in the No. 1 spot for "Fastest U.S. Growing Cities in 2017"
* Cape Coral is No. 15 on Milken Institute list for "Best Performing Cities' in 2016 for Large Cities"
* Cape Coral is No. 34 on the LendEDU.com list for "Best Cities to Start a Family".
 
Sue: This is an impressive list so early in the year, with numerous more honors sure to follow.
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How Will Housing Change Over the Next Decade?
 
Here is a 10-year housing outlook according to Lawrence Yun, chief economist of the National Association of Realtors:
 
Rising populations and a growing job market will likely release a pent-up demand in housing
 
U.S. population is currently about 325 million, and projected to increase to 352 million residents in 10 years
 
Rental demand will flatline
 
Adults in their 30's and 40's will grow by 12%. Americans in their 50's are forecast to drop by 4 million. The biggest population increase is expected to be age 65 years or older. This age group is expected to increase from the current 51 million to 69 million, a whopping growth of 35%
 
Housing demand in warm weather areas, and income-tax free states like Florida, Tennessee and Texas are set to boom in the next decade. Tom: this stat in particular bodes well for SW Florida's economy and real estate market for the next 10 years.
 
The national median home price will go from $234,000 in 2016 to $330,000 in 2027
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Rising Home Prices & Increase in Interest Rates Will Make Home Buying More Costly in a Year
 
Based on market indicators, we're expecting home prices in the Cape Coral/Ft Myers area  to increase 8 to 10% by the end of the year (even higher for vacant lots). The Federal Reserve is widely expected to raise interest rates twice more this year. Combined, these two factors will make homes significantly more costly for loan buyers each month. Additionally, there will be increased insurance costs and property taxes associated with higher home prices.
 
Tom: We make more commission if clients buy in the future, but we are happy to forego the nominal extra commission if it means our clients save tens of thousands of dollars on their home purchase and carrying costs.
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Chiquita Boat Lock Update
 
Will removal of Cape Coral's Chiquita boat lock finally become a reality? All indications point to yes! There are several steps still left in the process, but the removal is definitely on a forward trajectory. The City must apply to the Florida Department of Environmental Protection (FDEP) for a permit for removal, which they did on 10/31/16. Request for further info was given to FDEP on 02/14/17. Steps left in the procedure are as follows:
 
+ FDEP has 30 days to review the additional info and they can request additional info as many times as they see fit.
+ FDEP has to give the permit or deny it within 90 days of receiving a complete application.
+ Once they are happy with the permit application FDEP then issues a Notice of Intent to issue the permit.
+ A petition to challenge the issuing of the permit can be filed within 21 days of the Notice of Intent, and timing to resolve such a petition can fluctuate. 
 
The good news is that the City has illustrated there will be no adverse effects to the water quality when the lock is removed, so no further delays for water quality improvement studies are needed.
 
We're sure all of you living behind the lock are as excited as we are about the eventual elimination of the lock and looking forward to a quicker, more pleasurable boating experience out to open waters. We will report when we know that the lock is definitively scheduled for removal. 
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Cleaner River & Waterways on the Way - Here's How You Can Help
 
We know you've all heard about and/or seen the brownish water in our canals, Caloosahatchee River and beaches, and that you understand that the diminished water quality stems from discharges from Lake Okeechobee into the Caloosahatchee and St. Lucie Rivers. Bills have been filed in the Florida Senate (SB10) and House (HB761) aiming to stop releases into these rivers and instead send the water south to Everglades National Park, Florida Bay and the Keys, a fix which has been recommended by over 200 Everglades scientists. By signing the Now or Neverglades Declaration you can show your support for these bills. Simply click here to sign the declaration.
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Facts & Stats
 
U.S. Housing Starts at Highest Level in 10 Years: Single-family production increased 6.5% to 872,000 units in February - its highest reading in nearly a decade. Single-family homes continue sprouting up despite being tempered by access to lots and a shortage of labor. Tom: this trend is in line with strong construction activity in SWFL.
 
Homeowners Get Nice Equity Bump in 2016: One million U.S. borrowers gained home equity in 2016, according to a recently released report by CoreLogic. About 63% of all homeowners saw their equity increase last year. Now, 93.8% of all mortgaged properties - about 48 million homes - are in positive territory.
 
Average home equity rose by $13,700 during 2016, with Texas having the highest percentage of homes with positive equity at 98.4%. Nevada had the highest percentage of homes with negative equity at 13.6%, followed by Florida (11.6%).
 
Will Increase in Interest Rates Affect SWFL Home Sales?: We are not seeing any evidence of home sales drop-off. In fact, it appears that the bump in interest rates is pushing many "fence-sitters" to finally take action, as evidenced by the stats in our lead article. Tom: It is my estimate that our local real estate market will not be adversely affected until interest rates hit at least 6%, which is unlikely to happen in the next 12 to 18 months. Also, keep in mind that about 50% of Cape Coral waterfront home buyers purchase via "all cash", thus interest rates do not affect these buyers.
 
U.S. Housing Inventory Lowest Level in at Least 18 Years: Economists think the spring home sale season will be the most difficult for buyers in almost 20 years, as inventory is extremely low. At the start of the year the number of homes for sale hit the lowest level since the National Association of Realtors began tracking sales data in 1999. So far this year, homes sell on average eight days faster than last year.
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March 2017
Forbes Names Cape Coral #1 For Potential Growth . . . Again - Lee County Crime Rate Drops in 2016 - Royal Tee Golf Club to Re-Open

February 2017
SW Florida Home Prices Keep Rising - But Inventory Finally Improves - Cape Royal Homeowners Buy Royal Tee Golf Course - Florida's Population Keeps Rising, But 8 States Lose Residents

January 2017
Cape Coral Home Prices Increase 10% in 2016 - Cape Coral Home Prices Rise 72 Straight Months - New Home Permits Skyrocket   

December 2016
Seven Islands Project OKd by Cape Council - SW FL Now Has 12 Month Real Estate Season - U.S. Home Prices Pass Pre-Recession Peak

November 2016
Inventory Shortage Eases Slightly But Not Prices - Upscale Duplexes Being Built on Cape Coral Lots - Homebuyers Losing Taste for McMansions

October 2016
Cape Coral Again Leads Nation in Highest Rental Rate Increase - Environmental & Political Pressure to Clean Caloosahatchee River - Protect Your Florida Homestead

September 2016
Fla Has 4 Top 10 Retirement Cities - Unique Condo Community Being Developed in Downtown Fort Myers - Update on Chiquita Boat Lock Removal

August 2016
Atlanta Braves Eye Training Camp In Collier County - Frontier Airlines Will Service Punta Gorda Airport - Cape Coral Mid Year Stats

July 2016
Assessed Property Values Released By Appraiser - Caloosahatchee Releases Update - National Builder Eyes Former Cape Golf Course

June 2016
Too Soon To Retire But Don't Want To Pay Future Higher Prices? - Real Estate Owned Via Self Directed IRAs - Flipping Is Out; Long Term Investing In

May 2016
Cape Coral Racks Up More Top 10 Ratings - Gallup Survey: RE The Best Investment - Retirees Come to Cape Coral In Droves

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

 

TIMING THE REAL ESTATE MARKET 2017

Copyright 2017 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 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 2017-07-24.

© 2017, 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 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 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 2017-07-24 20:38:46.

© 2017 Bonita-Estero MLS All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-07-24.

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 Copyright 2014 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 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.