Are We There Yet?
May 23, 2008 UPDATE: April 2008 Sales in Cape Coral – Fort Myers real esate market up 57% over this time last year. View Details.
Just like the kids in the backseat… the question we hear over and over about the Southwest Florida market bottom… “are we there yet?” For today’s market update, we looked at waterfront sold properties in Cape Coral covering a span of just over two years.
The graph below paints a vivid picture. You can see that the peak prices for all Gulf Access homes occurred in the 4th quarter of 2005. Prices steadily declined from that point, and after steep drops, a beginning of a levelling off. The bottom of the bottom for Gulf Access Homes (one or more bridges) is behind us, having occurred in Q1 of 07. Price per square foot on Gulf Access Homes appears to be creeping back up.