Heading into our traditional “season” here in Cape Coral, we are at our lowest inventory in over 4 years. Basically we are less than half of our peak inventory. Over the past several months, our inventory seems to be stabilizing with only a few less listings coming onto the market that what are selling. Right now we have 2518 single family homes on the market.
In November, our market sold 328 single family homes. This is down from a peak of 500-600 coming out of last winter season. We expect to also see a volume increase during this year’s winter months. Our sales normally peak March to May as “season” comes to a close.
What does this mean to buyers and sellers? For buyers, the reduced inventory has meant much more buyer competition at the low end of the market. There is a noticeable difference in the homes at lowest prices; a good home at the bottom of market pricing will have multiple offers. Eventually, prices will rise but so far they have been fairly steady for the past 30 months. For the higher end buyer, there is still a good supply of homes to choose from. For sellers, our trends show that we are still in an oversupply status vs. buyers. Fortunately, we still have good solid demand so that a seller who is willing to be correctly priced can reasonably expect to sell.
Steve Koffman
Broker/Associate
Century 21 Sunbelt Realty, Inc
239-443-5191 Steve@koffman.com
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