Below is the Cape Coral Vacant Land Market Update . This information will give you an idea of the current market trends. For information about a specific property or location just give us a call and we can provide that for you.
Current Market Statistics
Firstly, January 2024 was a Buyer’s market! The number of for sale listings was down 18.6% from one year earlier and up 2.7% from the previous month. The number of sold listings increased 17% year over year and decreased 15.8% month over month. The number of under contract listings was up 14.1% compared to previous month and up 39.3% compared to previous year. Additionally, The Months of Inventory based on Closed Sales was 13.3, down 30.4% from the previous year.
The Median Sold Price increased by 13.4% from last month. The Average Sold Price also increased by 26.7% from last month. Based on the 6 month trend, the Average Sold Price trend was “Neutral” and the Median Sold Price trend was “Neutral”.
The Median Days on Market showed a neutral trend, a decrease of 17% compared to previous year. Furthermore, The ratio of Sold Price vs. Original List Price was 89%, an increase of 4.7% compared to previous year.
Market Insights
Over the past 1-2 years, the Federal Reserve has raised rates from 2% to over 5%. Higher for longer has become the new normal. Mortgage interest rates may fluctuate between 5%-8%, but the era of 2% mortgages is over, and so is the rapid appreciation of lot prices.
The good news is that demand is still high for most lots and we expect appreciation to be flat to moderate in the near term. Cape Coral has experienced consistent growth over the past few years and we expect that to continue but at a slower pace, as we deal with the effects of Hurricane Ian and the rise in interest rates.
Furthermore, in 2005 prices peaked and many sellers held on too long and missed out. Prices jumped after COVID-19 but have now stabilized. Don’t miss out this time while we still have good demand.
𝐖𝐞 𝐡𝐚𝐯𝐞 𝐜𝐚𝐬𝐡 𝐛𝐮𝐲𝐞𝐫𝐬 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐭𝐨 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐪𝐮𝐚𝐥𝐢𝐟𝐢𝐞𝐝 𝐥𝐨𝐭𝐬. 𝐆𝐢𝐯𝐞 𝐮𝐬 𝐚 𝐜𝐚𝐥𝐥 𝐭𝐨𝐝𝐚𝐲 𝐭𝐨 𝐝𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐬𝐚𝐥𝐞 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲: 𝟖𝟏𝟑-𝟖𝟓𝟕-𝟒𝟔𝟐𝟑
New Developments
Margaritaville Beach Resort Fort Myers Beach is officially open. The 43,000-square-foot building offers 254 rooms and a 380,000-gallon pool. Some of the amenities offered at the resort include a coffee shop, multiple bars and grills, a retail shop, a robust exercise facility and a spa. The grand opening is another example of the return of Fort Myers Beach following the devastation of Hurricane Ian in 2022. Click here to read more.
Crystal Lake Park groundbreaking set for Friday, February 23, 2024. Crystal Lake Park will include multi-use paths, fitness stations, a beach, a scuba diving area, a boat/kayak/canoe launch area, shaded picnic areas, and more. The park is expected to open in the spring of 2025.
Plans for the Cape Coral Yacht Club — which include a two-story, 37,000-square-foot Community Center, resort-style pool and possibly a four-story parking garage — got a nod from the Cape Coral City Council Wednesday. Click here to learn more.
Regional Economic Indicators
News & More
Port Royal compound lists for a record $295 million, making national headlines:
A posh Port Royal compound in Naples has made national headlines as the most expensive home for sale in America. The price tag for the property: $295 million. If it sells for anywhere close to that stratospheric asking price, the deal will take the crown as the highest residential sale the United States has ever seen. Specifically, it would surpass the record set by hedge fund billionaire Ken Griffin, who paid roughly $240 million for a combination penthouse at 220 Central Park South in Manhattan in early 2019.”
Southwest Florida braces for population surge as Lee County nears 1 million residents:
With more than 800,000 people now calling Lee County home, experts predict that this number could skyrocket to over 1 million residents by 2030.
Vestal Built LLC Brings High-Quality New Construction Homes to Cape Coral:
Vestal Built LLC will bring its wealth of experience and expertise gained in North Carolina to Florida. After building hundreds of new construction homes across the Tar Heel State, they are eager to start their journey of building homes for the residents here in sunny SouthWest Florida. “We are excited to bring our knowledge, fresh vision, high-quality homes, and exceptional customer satisfaction to the Cape Coral area”, states owner Sonny Vestal.