Cape Coral Real Estate Sales Update - January to September 2008

The January thru September Cape Coral real estate market statistics for both home and condominium sales are listed below. Cape Coral, known as the "The Cape" to locals, is one of Southwest Florida's most rapidly growing areas. It is the 3rd largest city in Florida in terms of land mass and features over 400 miles of both fresh and salt water canals - many with gulf access.

Cape Coral Sales Data

Cape Coral Home Sales January-September 2008*:

• 3140 Closed Sales
• Average Sales Price - $194,641
• Median Sales Price - $121,000
• Average Days on Market - 79
• Average Sales Price/Square Ft. - $100.21

Cape Coral Condominium Sales January-September 2008*:

• 254 Closed Sales
• Average Sales Price - $177,761
• Median Sales Price - $145,000
• Average Days on Market - 142
• Average Sales Price/Square Ft. - $123.26

In comparison with 2007 sales data, we saw a 90% increase in the number of home sales and a 43% increase in the number of condominium sales. We also have seen a 12% decrease in the average price for homes and a 31% decrease in the average price for condominiums. Average days on market fell by 19% for homes and rose by 2% for condominiums. In addition, pending sales for both property types also rose in the month of September and thus will help make for a good beginning to the start of this year's "season."

Like many rapidly growing cities in Florida, Cape Coral participated heavily in the speculative building boom in 2005 and 2006. As a result, the current market is suffering from a having a large number of foreclosures and short sales. The upside is that buyers have a wide variety of homes or condominiums from which to choose - many at prices not seen in years. And, in some of its more sought after communities like Burnt Store Marina and Cape Royal, there are some really well priced properties available.

So, if you would like to explore more of what the Cape Coral real estate market has to offer, please contact us at Gulf Coast Associates, Realtors and we'd be happy to assist you. Call us at 888-617-3674.

*Sales Data Statistics from SWFL and NABOR MLS

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