Lot sale values remain at much lower prices than in the past. A number of lots still sell each month in Cape Coral. Our highest lot values were in the winter of 2005-2006. This was driven by the height of our investor purchases, which dominated the lot markets. The chart below summarizes what our peak median sales prices for a quarter were as well as the lowest median prices since the fall of 2004. For comparison, the current median sales price for July is included. Buyers today are still predominately investors, but at a much lower price than our peak values. We do not expect land values to change significantly until builders and investors see the need to acquire land for new home sales. This will most likely happen as we start to become short of housing inventory for population growth, which will depend on both local economy and with addition of retirees or second homeowners buying here.
Steve Koffman
Broker/Associate
Century21 Sunbelt Realty
239-443-2463 Steve@koffman.com
