Tag Archives: Cape Coral real estate

SW Florida Real Estate Market Improves Dramatically in April

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Sales numbers released by the Florida Association of Realtors for April 2008 shows the Fort Myers and Cape Coral real estate markets sales increased dramitically.  In fact, sales are up over March numbers as well.  SIngle family homes sales in Fort Myers and Cape Coral increased 41% over last year’s numbers, and Condo sales in Fort Myers and Cape Coral increased 57 % over last year’s numbers.

The Ellis Team SW Florida Real Estate Current Market Index is an accurate indicator or future sales, and has been improving steadily since January 2008.  In January we began reporting that sales numbers should begin picking up, which has been the case.  Pending sales started increasing, followed by rising closed sales.  Inventory levels have been falling in 2008 which is a good sign for sellers.  We still have a high level of inventory, but it is getting more manageable everyday.

Median home prices have fallen, but that does not mean that all home prices are declining.  We have seen solid sales in Cape Coral.  Lehigh Acres home sales have fallen behind Cape Coral.  We’ll be posting some very interesting numbers within a week or so illustrating those differences.  Median home prices have fallen, and that is an indication that more of the home sales have occurred at the bottom half of the spectrum.  As the bottom has firmed up, it will eventually translate into firming in the higher price ranges.  We are getting more offers today in the $300,000+ range and that is encouraging once again.  It all started with that $100,000 range which led the charge.

Many properties in the $100,000 range have multiple offers on them and buyers are scrambling to get these properties.  In fact, buyers display desperation when competing against other buyers to get in on these deals.  The Fort Myers News Press did a home sales story on the April Fort Myers and Cape Coral numbers.  Money Magazine also did a story on national home sales and it talked about how Cape Coral Florida is leading the nation as one of the bright spots.

Stay tuned as we look for more good numbers being reported in when May’s numbers are reported next month.

 

Another Busy Week In SW Florida Real Estate

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Whew, another week has blown by.  By now I had intended on posting the Ellis Team’s latest Current Market Index numbers, information about the new lockbox system, and much more.  We’ve just been swamped with offers on properties and BPO"s (Broker Price Opinions) on foreclosure property, as well as contracts and inspections that we haven’t had the time to post to the Blog in awhile.

Last Monday I had offers on 4 different properties on my desk, so it pretty much took all of Monday to negotiate those deals.  2 of the 4 went pending on Monday, and a 3rd went pending just yesterday from those initial offers on Monday.  Throw in a few closings this past week, and you can see why we’ve been hopping.  Sande has been working lots of offers too.  I’m not sure how many she put together.

OK, here’s a teaser until we get the latest CMI numbers posted.  Cape Coral is hot right now.  Lee County’s inventory levels fell once again, and pending sales have remained stable.  We think April and May’s closing numbers will be good.  Prices are off significantly from last year, but transactions should be up as the pendings have gone up.

That’s all for now.  Just wanted to give everyone a quick update on what’s happening in the market.

Ellis Team Featured in Miami Herald Business Article

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Miami Herald featured Brett Ellis of the Ellis Team re: Blogs and what they can do for your business, as well as the time it takes to be successfull in the Blogging world.

It takes comittment, and if you do it, results will come as customers appreciate timely news about SW FLorida real estate.  Not only do we post timely news, we also post articles helpful to consumers regarding buying and selling real estate in SW Florida.

We focus on Fort Myers, Cape Coral, and all of Lee County but our tips and insight work virtually anywhere.

New Construction Could be Halted Due to Water Crisis

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Rain, rain, we need more rain.  That’s the message South Florida Water Management District is putting out, and they’re asking people to conserve water now.

Wells are running dry in certain parts of the county, and tighter restrictions may follow soon to get us through until rainy season here in SW Florida.  This could affect SW Florida real estate because one option on the table is to halt home cosntruction.

Year round restrictions may be looked at one day as well, but right now it’s crisis time and we need to get past this hurdle.  SW Florida has been much drier than normal, and rainy season doesn’t start until June 1.