Cape Housing Market Thriving
Fewer distressed sales The number of distressed home sales declined to 62 percent of total sales. In 2009, foreclosures and pre-foreclosures (short sales) made up 73 percent of the total homes sold. Today's Cape Coral home inventory is made up of only 35 percent of short sales and foreclosures combined.
Strong numbers Almost 6,000 single-family homes were sold by Realtors. That makes the number of homes sold in 2010 greater than any single year during the real estate boom (2003-06) and exceeded in history by only the sales in 2009.
Most under $200,000 Of the homes sold in 2010, 86 percent were sold for less than $200,000, the same percentage as 2009. In 2010, eight homes sold for more than $1 million, compared to seven in 2009.
Decreasing inventory In January 2007, Cape Coral had 6,073 single-family homes on the market. Today, we have 2,387 homes. We've enjoyed a steady decline that if sustained will lead to the return of property value appreciation. Media attention continues to attract investors and future retirees to our market. Buyers want what we are blessed to enjoy each and every day at perhaps soon to be gone bargain basement prices.
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