The real estate market is always in flux, and Fort Myers, Florida, is no exception. The Single Family Real Estate Market has recently experienced several shifts that are worth noting for anyone
A Deep Dive into Cape Coral's July 2023 Real Estate Market
Dated: August 18 2023
Navigating the ever-changing world of real estate for over 15 years has provided me with an intuitive grasp of market fluctuations, a keen eye for underlying patterns, and an appreciation for the forces that shape property landscapes. This month, I've trained my lens on the Cape Coral real estate market, and the insights gleaned could be indispensable for both sellers and buyers alike.
The July Overview
Total Active Listings: In July 2023, Cape Coral saw a notable surge in total active listings, which are up by an impressive 28.6%. With a total of 2,582 properties actively listed, the market offers an array of choices for potential buyers.
Median Sold Pric*: Reflecting the community's enduring appeal and the quality of life it offers, the median sold price experienced a boost, landing at $375,000. This 2.8% improvement indicates that the demand for homes in Cape Coral remains robust, with properties holding their value steadily.
New Listings: Interestingly, while the active listings increased, there was a dip in the number of new listings coming onto the market. Only 728 new properties were listed, suggesting that while more homes are up for grabs, fewer homeowners are looking to sell at this moment.
Median Days on Market: A property's time on the market can be a litmus test for the health of a real estate scene. In Cape Coral, the median days on market witnessed a slight reduction, settling at 68 days. This indicates that while there might be more properties available, they are getting snapped up relatively quickly.
Price Per Square Foot: At $243 per square foot, Cape Coral offers a compelling proposition for those looking for value, especially when compared to other booming real estate markets.
Months Supply of Inventory: A crucial metric for gauging market temperature, Cape Coral's 8.15 months of supply signals a balanced market, leaning slightly towards buyers. A figure over 6 months typically suggests it's a buyer's market, but with the current trajectory, equilibrium isn't too far off.
Total Sold Properties: A significant point of concern is the total number of properties sold in July. At 317, this is a significant decrease, warranting a closer look by stakeholders to determine the underlying causes.
Cape Coral's July 2023 real estate data paints a picture of a market in flux. While the increase in active listings and median sold price provide encouragement, the dip in new listings and sold properties signals a need for more in-depth analysis.
Potential buyers might find it an opportune time to explore their options, given the wider inventory. Sellers, on the other hand, need to be cognizant of the competition and might have to recalibrate their expectations or strategies.
Having witnessed countless market cycles, my advice is to approach Cape Coral's real estate with a combination of caution, diligence, and optimism. With the right guidance and informed decision-making, the opportunities are boundless.
Jason Jakus, Broker and Owner of NextHome Advisors, has provided Southwest Florida luxury real estate market with unparalleled expertise since 2006. Jason Jakus has been featured on FOX and NBC for h....
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