According to the latest market data, the Cape Coral real estate market has been experiencing steady growth and activity in 2023. Here are some key highlights and trends:
Firstly, the median sold home prices in Cape Coral have continued to remain neutral.
The June 2023 Months of Inventory based on Closed Sales of 3.9 was increased by 113.7% compared to last year and up 29.6% compared to last month. June 2023 was Neutral market.
There is a high demand for properties in Cape Coral, particularly among retirees and individuals looking for vacation homes. The favorable weather, affordable living, and access to outdoor activities are some of the key reasons for this positive buyer sentiment.
There has been a surge in new construction projects, with builders capitalizing on the demand for housing. This trend has brought more options for buyers and has helped ease the inventory shortage to some extent.
Additionally, the popularity of Cape Coral as a vacation destination has fueled the demand for short-term rentals. Many investors are purchasing properties with the intention of renting them out to tourists, which could present additional investment opportunities.
Overall, the Cape Coral real estate market has demonstrated stability, despite fluctuations in the broader economy. The consistent growth and demand for properties indicate a favorable market environment for both buyers and sellers.
It’s important to note that these trends are based on general market data. They may vary depending on specific neighborhoods or property types. Moreover, If you have any specific questions or would like a more detailed analysis of a particular area in Cape Coral, it is recommended to consult with a local real estate professional.
Regional Economic Indicators
The coastal counties had a total of 2,415 single-family home sales in May 2023, a decrease of 13 percent from May 2022 and up 8 percent from April 2023. Single-family home sales in Lee County totaled 1,428 units in May 2023, a decrease of 10 percent from May 2022.
Hudson Creek, a mixed-use planned unit development, was unanimously approved by Cape Coral City Council. The project will include a maximum of 3,500 dwelling units, of which 2,500 would be single-family homes. Along with residential development, the project will include 425,000 square feet of retail and restaurant uses, 500 rooms of hotel space and 150,000 square feet of office uses.
Boathouse at Cape Coral Yacht Club is officially open after Hurricane Ian damage.