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Latest update on real estate market conditions in Southwest Florida 

Seven Years of Increasing Property Value...Prepare for a Change.

Have we leveled off?

Typically, the reports we read about or see on tv regarding the current trend of the real estate market is old news. There is usually a 2-3 month delay in reporting in order for it to be accurate. Most of the time it is irrelevant as the real estate market is fairly steady; however, when signs of a trend shift at ground level begin, that 2-3 month delay can be a problem for anyone engaging in real estate activity.

Recently, the news has been overwhelmingly positive regarding the increasing market values and large number of sales. However, I am seeing something different and have a feeling that we have leveled off. The chart below highlights the median sale prices the past 5 years. It's evident from April of 2017 to present that the median sale price has leveled off. Further evidence is highlighted in the chart referencing a decreasing number of sales the past year. The average number of times a home is shown by a realtor has dropped, the number of price reductions on active listings has increased significantly, and the typical spike we see in sales this time of year has not occurred. 

It is not unusual for the market to go though these fluctuations. Some are short while some may last awhile. Regardless, it would be a good idea to pay close attention to all real estate related news stories if selling or buying is in your near future.

Feel free to call anytime if you'd like to discuss the current market or visit my website for all the latest listings and market information 
     

5-Year Median Sale Prices  


Number of Sales (Past 12 Months)
 

Cape Coral is America's Biggest Boom Town

A recent article in the Real Estate section of the MSN.com/money website highlighted the biggest boom towns in America. Not surprisingly, Cape Coral came in #1 on this list. Despite the market swings, Southwest Florida will always have the warm temperatures, beautiful beaches, great fishing, and a multitude activities and events for all ages. Real estate values were incredibly low after the bubble burst and this area still holds tremendous value as it will typically provide more for your dollar than anywhere else in the state. Below is the information taken from the article.

After crunching data for 581 cities covering unemployment rates, unemployment rate change, housing unit change, population change and GDP growth, SmartAsset has pinpointed America's top 10 boom towns.

Close to Fort Myers in southwest Florida, Cape Coral is America's No. 1 boomtown, according to SmartAsset. Its population has jumped 2.9% year on year, the highest rise in the top 10. The number of new homes being built has grown by 7.1% and its GDP has blossomed by 5.2% over the past five years. And its unemployment rate fell over the past year by 1.4% to 3.5%.

Cape Coral sits on 400 miles of canals, which offer boating, fishing and water sports. This also means that there are plenty of waterside properties to be had. Away from the water there are seven golf courses, plus tennis courts, athletic parks and nature reserves. There is a large retirement and second-home community, but Cape Coral is trying to attract entrepreneurs too. The Cape Coral Economic Development Office provides resources for those looking to start, expand or relocate a business.


Have any Family or Friends interested in Southwest Florida?

I would be more than happy to send them information or include them in this mailer. Please do not hesitate to contact me if you or any friends or family have questions or would like to learn more about beautiful Southwest Florida. Also, please feel free to visit my website at BrianFoxRealestate.com. 

 

Brian Fox
REALTOR
Sellstate Priority Realty

"Let me Hunt the Deals for you!"

239-246-3991 anytime
foxrealestate@comcast.net

BrianFoxRealestate.com


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