Is the Market Stabilizing?
From the News-Press, September 20 2009
Cape Coral leads nation in housing recovery
With record-breaking home sales every month since March, the word is out that now is the time to buy and Cape Coral is the place to buy.
The combination of water, sunshine and value has not gone unnoticed.
Every month since March, Cape Coral has been shattering home sale records. By July of this year, Cape Coral Realtors sold more homes than in all of 2008 – which in itself was a banner home sale year!
This momentum has been fueled by incredible home values (homes priced below replacement cost), record low mortgage interest rates and government incentives for first time home buyers. From July of 2008 to July of 2009, Cape Coral saw an 87 percent increase in single-family home sales.
Strong home sales are exactly what Cape Coral needs. Fortunately, these strong sales are outpacing the amount of new inventory brought on to the market.
With strong sales and decreasing levels of home inventory soon we will enjoy rising property values. In some instances, property values are already increasing due to extremely low levels of inventory in certain price points.
In January 2007 Cape Coral had 6,073 single-family homes on the market. Today, we have roughly 2,000 homes on the market -a drastic reduction in inventory.
For more than 12 months, Cape Coral has led the state of Florida in home sales. Reduced inventory levels plus strong demand are a clear sign that Cape Coral is leading the state and nation in recovery of its housing market. Housing is a critical component of our economy and this is an answered prayer for Cape Coral.
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