“Number of homes for sale sinks to a 20-year low” was the headline for yesterday’s front page of USA Today. The article talks about how Baby Boomers are staying put, which reduces options for first-time buyers. It references, this is a nationwide problem. This is especially true in Cape Coral and Lee County in general.
In Cape Coral, our average time on market is just 40 days!!!! Our inventory has shrunk to about 3 months (nationwide it is 4 ½ months). So, what is occurring now is the lack of inventory has caused the sale prices versus list prices to increase here to 97.9% (July 2017). For example, if a house is listed here at $250,000 the average sale price will be $244,750.
This is good news for sellers. If a house is listed fairly to begin with, they can expect pretty close to their asking price.
Now, it is not all doom and gloom for buyers.
Although, it is a SELLERS market, not a buyer’s market. So, the days of a LOW BALL offer being accepted are behind us. In fact, a buyer that makes a LOW BALL offer is usually beat out on the property buy a buyer that has made a more reasonable one.
The good news for buyers is that our sale price has remained stable at $225,000 and the number of homes sold has not drastically increased. So, there is STILL time to buy. Also, remember that back in 2005 the average sale price was $360,000 so, Cape Coral is still a deal!
I have buyers in my automated MLS listing systems that have been there LOOKING for 5 years. To those buyers, I say get moving and let me find you a property before you have to pay more. And, to my sellers, I say, the market is good, what are you waiting for? Especially, those sellers that intend to buy somewhere else!
Included in this e-mail, are the historic sales per month for single family homes in the Cape. Many people have asked me, when it is SEASON? This answer is, all year! Please let me know if I can help with your Real Estate needs. I would love to be of assistance.