2010 vs 2011 Cape Coral Real Estate (Lee: days on market, for sale, real estate)

[CCRESI]

Cape Coral Real Estate

Transactions for June/July 2010 vs. June/July 2011


The following is a recap of June and July, showing both years dating 2010 and 2011 for comparison of Residential Single Family Property in Cape Coral.
I had it all pretty and lined up, but it won't stay like that. Hopefully you don't have trouble reading it. Enjoy.

Active Residential Property for Sale

JUNE

2010 2011

1800 Traditional Sales(T) 1487
135 REO 160
715 short sales (S.S) 232
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2650 Total 1879

June had a decrease in Active properties in 2011 vs. 2010.

================================================== ===
JULY

2010 2011

T: 1822 1226
REO: 335 135
SS: 815 188
_________________________________
Total: 2972 1549

July showed a decrease in Active property in 2011 vs. 2010.

Conclusion: Homes coming onto the market have started to slow down, inventory is shrinking. More Traditional Sales than short sales or REO's believe it or not.


Residential Closings

JUNE

2010 2011

T: 210 273
Reo: 211 110
S.S: 121 119
______________________

Total: 542 502

JULY

2010 2011

T: 164 188
REO: 158 96
S.S: 99 92
__________________________
Total: 421 376

We had less closings, however, also less inventory. Traditional Sales sold more than REO or Short Sales(except for in June 2010).

Averages

List Price:
2010: 136k
2011: 164k

Sales Price:
2010: 130k
2011: 155k

Days on MarketDOM)
2010: 75
2011: 90


Cape Coral is a wonderful place to live and a great area to raise a family. Our Real Estate market is in transition. If you are looking to buy, you picked a great time. We are high on the affordability index and interest rates are still at a record low.

The average time homes are on the market is roughly 90 days, but that is from the day 1 of listing until the closing. That also includes Short Sales, which do take more time to close.

We have seen the List price and Sales price averages increase since last year. We have also have witnessed the inventory levels start to decrease over time. Don't panic and think there isn't going to be a home for you when you plan to come down this winter. This just means that with less inventory, with higher demand, the prices will continue to increase. You are still getting a really great deal on a home. Especially newer construction!

I don't own a crystal ball. This is just factual information I would like to share with those wanting to purchase a home here in Cape Coral. Afterall, It is a great place to live!!

[monikac21]

Hi there,

please remember with all those numbers - 2009/2010 to 2011 is not really comparable and no real indicator about the market's direction, since we had the tax credit for homebuyers and other incentives in 2010.

Here are the numbers I have:


From January to June 2011 - 6 Month we sold
8,337 Single Family Homes and
2,315 Condos

From January to December 2005 - 12 Month!! (Real Estate Boom!!) we sold
9,842 Single Family Homes and
3,675 Condos

From January to December 2006 - 12 Month (Real Estate Boom!!) we sold
8,144 Single Family Homes and
1,618 Condos

The Median Price in June 2011 is $ 101,500
The Median Price in June 2010 was $ 93,000

In June 2011 we sold 1,233 Homes and only 1,013 Homes were newly listed
June 2011 we sold 1,233 homes
Out of those 1,233 homes were 318 Bank Foreclosures, 241 Short Sales and 674 conventional sales.

[hiknapster]

Days on market is not bad at all. Does any of you have the numbers for 2004 to 2009? Just the DOM average.

[monikac21]

Originally Posted by hiknapster

Days on market is not bad at all. Does any of you have the numbers for 2004 to 2009? Just the DOM average.

true and depending on the price range the days on the market are way shorter anyway. Sometimes good priced homes specially below $ 100,000 are gone within days.

[hiknapster]

This says that nationally the days on market hit an all time high of 258 in February. Average Days on Market Hits 258 Nationally in February | NewsGeni.us

[nhkev]

i don't think by comparing any one time to another gives someone a good indicator of anything except for that month. it really doesn't explain the overall health or sickness of a market.

I do however like what ccresi did. by looking at the numbers you can determine that the amount of inventory is around 3.7 months supply, the DOM is 90 days, and the sale to list price ratio is close to 95%. When you do compare the amount of sales to amount of existing inventory the demand is very strong. I think most reasonable people who looked at this could see that the recent trend of higher prices is based off sound fundamental market conditions.

When you take into account that there is a low supply , good demand and homes are being priced realistically that they are selling at 95% of list price within 90 days would lead me to believe the market could still head higher. The houses are still selling at about a 16% discounted rate when you take into account they would normally sell at 85% of replacement cost. Houses are still selling at a point where rental income is net cash flow over house price.

We still need to see some things happening before I say "all clear"
1. Unemployment- below 8.5% in Lee county and trending down
2. distressed sales- less than 20% of all transactions
3. Median home price $175k
4. New home construction - at normal levels for a population of Lee counties size.... not at boom level years
5. Population increases at normal levels (not boom year levels)

[Izmack]

It's a pleasure reading these posts by you and others, NHKev. You folks educate us all on the good and the bad in an intelligent and well-presented fashion with evidence to back it up. Thanks for taking the time to drown out the loud trolls.

Pretty soon we'll be in season again, and you know what happens then!

Originally Posted by nhkev

i don't think by comparing any one time to another gives someone a good indicator of anything except for that month. it really doesn't explain the overall health or sickness of a market.

I do however like what ccresi did. by looking at the numbers you can determine that the amount of inventory is around 3.7 months supply, the DOM is 90 days, and the sale to list price ratio is close to 95%. When you do compare the amount of sales to amount of existing inventory the demand is very strong. I think most reasonable people who looked at this could see that the recent trend of higher prices is based off sound fundamental market conditions.

When you take into account that there is a low supply , good demand and homes are being priced realistically that they are selling at 95% of list price within 90 days would lead me to believe the market could still head higher. The houses are still selling at about a 16% discounted rate when you take into account they would normally sell at 85% of replacement cost. Houses are still selling at a point where rental income is net cash flow over house price.

We still need to see some things happening before I say "all clear"
1. Unemployment- below 8.5% in Lee county and trending down
2. distressed sales- less than 20% of all transactions
3. Median home price $175k
4. New home construction - at normal levels for a population of Lee counties size.... not at boom level years
5. Population increases at normal levels (not boom year levels)

[hiknapster]

Originally Posted by Izmack

Pretty soon we'll be in season again, and you know what happens then!

Equal gets kidnapped by a band of gypsies?

[monikac21]

Originally Posted by hiknapster

Equal gets kidnapped by a band of gypsies?

cute

[monikac21]

Originally Posted by hiknapster

Days on market is not bad at all. Does any of you have the numbers for 2004 to 2009? Just the DOM average.

I can only go back to 2006 (sorry)

2006 (December) dom was 110

2007 (June) dom was 83

2008 (June) dom was 116

2009 (June) dom was 133

2010 (June) dom was 122

2011 (June) dom was 70

those numbers are for all residential (Condos and single family homes)