Cape Coral Lot Update
Gulf access lots showed a reduction in the median sale price a buyer was willing to pay in August. Although sales remained somewhat steady with 21 closed sales, the median sale price went down from $60000 last month to $48000. The problem we have is inventory with the 654 unsold lots representing between 2 and 3 years sales. The $48000 is the lowest median price in the past 5 years. The gulf access market is far less REO’s than is home market as only 23 of the unsold listings are reo’s. The prices however are affected as 9 of the 21 closed sales were REO’s.
Fresh Water
Fresh Water frontage lots continued to with 46 sales closing in August. The price dipped to $12800 as a median sale price. This was down from July but up from April so we can’t see where our trend will be. There is a little less inventory of fresh water than gulf access with 348 lots unsold. This is about 8 months of inventory.
Off Water
There is stronger sale activity for off water lots in Cape Coral. In August, 163 lots closed with a median sale price of $9600. This remained unchanged from July and is higher than a year ago. The 163 unit sales are the highest since December 2005. There are 1435 unsold lots in MLS which is about an 8 to 9 month supply. The sales trend we see appear to indicate that we may have reached the bottom of off water lot prices about 4 months ago and have seen a 20% rise in median price over past 5 months.
Steve Koffman
Broker/Associate
Century21 Sunbelt Realty
239-443-2463 Steve@koffman.com