Analyzing the Cape Coral Real Estate Market: Are We Finally Bottoming Out?
Cape Coral Real Estate
Analyzing the Cape Coral Real Estate Market: Are We Finally Bottoming Out?"
The Cape Coral real estate market has been on a rollercoaster ride over the past few years, with prices soaring to unprecedented levels before plummeting to historic lows. Homeowners and prospective buyers have been eagerly watching the market to see whether it will finally stabilize and start to recover. In this post, we'll take a deep dive into the Cape Coral real estate market and analyze whether we are finally bottoming out. To get a sense of the current state of the market, we turn to Manny, a local realtor who has been keeping a close eye on the trends. According to Manny, the market has been experiencing some depreciation over the past three months, with home prices hovering around $400,000. While this may seem discouraging at first glance, Manny points out that it could be a sign that the market is finally bottoming out. To support his argument, Manny cites the median sale price for April 2022, which was $470,000. As of now, the median sale price has fallen to $404,000, indicating a decline in prices. However, Manny notes that we will have to wait until the end of the year to see whether the trend continues or if the market begins to recover. In terms of recent sales activity, Manny reports that 320 properties sold in the Cape Coral area in January 2023, with 299 buyers putting offers on properties from Feb 1 to Feb 15 when he pull the numbers. While this indicates that the market is moving, it's important to note that these are month-to-month figures, and we should look at year-over-year data to get a better sense of the trends. When we examine year-over-year data, we see that closed sales are down by 32% compared to January 2022. However, the number of properties on the market has gone up dramatically, indicating that homes are staying on the market for longer. Despite the increase in inventory, the monthly supply of homes is still relatively low, indicating that there are still plenty of buyers in the market. Manny notes that the current trend is a regular's normal market, with four months of supply available. This means that homeowners who want to sell their homes may need to be patient and wait for the right buyer to come along. Overall, it seems that the Cape Coral real estate market may be finally bottoming out, with prices stabilizing and inventory increasing. While it's still too early to tell whether the trend will continue, Manny's analysis provides some hope for homeowners and prospective buyers who have been waiting for a more stable market. Whether you're buying or selling a home in Cape Coral, it's important to stay informed and work with a knowledgeable realtor who can help you navigate the market. Call Manuel A Vargas PA -Your pool home realtor at 239-822-0937