“SWFL Backyard News”

Updates in the Southwest Florida Real Estate Market May 2017

 

• More listings are coming off the market than those that are coming on the market which will push prices upward and inventory levels to favor sellers.

• Cape Coral hits its peak selling month for 2017, with 459 single family home sales a climb of nearly 7% from April.

• Rising prices continue to define the Cape Coral market, with the average sales price of $268,000 in May a jump of approximately 10% from 2016.

• Thousands of new residents expected over the upcoming years, new construction is the alternate option for many, unfortunately many new builds sell before completion.

• 157 new construction permits issued last month in Cape Coral and 126 in Fort Myers.

   

CAPE CORAL FLORIDA

 

Cape Coral  Active Single Family Homes

May 2016: 1,553

April 2017: 1.718

May 2017: 1,548

 

Cape Coral May Closed Single Family Homes

May 2017: 459

April 2017: 431

March 2017: 454

February 2017: 293

January 2017: 263

 

 

Cape Coral Monthly Comparison

May 2016 vs May 2017 – INCREASE OF 9.8%

Average List Price: $252,000 vs $277,000

Average Sale Price: $244,000 vs $268,000

Average List to Sales Ratio: 97% vs 97%

Inventory on Hand: 3.4 mo vs 3.3 mo

 

 

Cape Coral Single Family Home Permits

May 2017: 157

April 2017: 127

March 2017: 168

February 2017: 125

January 2017: 136

 

 

 

FORT MYERS FLORIDA

 

Fort Myers Active  Single Family Homes

May 2016: 1,448

April 2017: 1,664

May 2017: 1,560

Fort Myers May  Closed Single Family Homes

May 2017: 367

April 2017: 334

March 2017: 357

February 2017: 231

January 2017: 259

 

 

Fort Myers Monthly Comparison

May 2016 vs May 2017 – INCREASE OF 4.4%

Average List Price: $303,000 vs $317,000

Average Sale Price: $291,000 vs $304,000

Average List to Sales Ratio: 96% vs 96%

Inventory on Hand: 3.9 Months vs 4.2 Months

 

 

 

BONITA SPRINGS – ESTERO

 

Bonita Springs – Estero Active Single Family Homes

May 2016: 662

April 2017: 774

May 2017: 673

Bonita Springs – Estero May  Closed Single Family Homes

May 2017: 134

April 2017: 106

March 2017: 150

February 2017: 87

January 2017: 87

 

 

 

 

Bonita Springs – Estero  Monthly Comparison

May 2016 vs May 2017 – INCREASE OF 20.4%

Average List Price: $484,000 vs $584,000

Average Sale Price: $464,000 vs $559,000

Average List to Sales Ratio: 96% vs 95%

Inventory on Hand: 5.2 Months vs 5 Months

 

 

 

 

 BUILDING NEW CONSTRUCTION

With the recent and unexpected closure of Builder, Southern Premier Homes, here are some reasons you need an agent to represent you  prior to looking at, signing a new construction contract and all that comes with it….

• • Work with a licenced Realtor, Like Myself, who can help you with:
    • Obtaining an Asset list and checking for liens
    • Obtaining and interviewing their Sub Contractor list
    • Feedback from Realtors who have worked with the builder
    • Feedback from Clients who have purchased from them.
    • Overseeing the construction process.
    • Paperwork, times lines, and warranties
    • Work under an higher standard of Ethical Practices at a Realtor
• If you  have already signed a contract with a builder who has closed and made deposits, you can visit the Florida “Builder Recovery Fund” for more details Click links below:

  • Click here to download Construction Recovery Fund

  • Click here to download FL Homeowners Construction

     

WHY I AM AT RE/MAX “REALTY TEAM”

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  “Real Estate Industry News”

• Florida has recieved more than $270 million for affordable housing projects.  The affordable housing programs received their highest funding level in a decade, with $137 million coming from the state and local government housing trust funds and $113 million from the Florida Housing Guarantee Fund. There is also more than $22 million in additional funds for housing projects/services around the state, such as programs for individuals who are homeless. These funds will go a long way in helping Floridians achieve the dream of home ownership with down payment assistance. They also provide rental assistance and housing rehabilitation to Florida’s homeless, veterans and persons with disabilities.

• More than $500 million for Florida’s natural resources — Everglades restoration, beach renourishment and springs restoration are budget highlights regarding environmental issues. During session, SB 10  (Sen. Bradley, R-Orange Park) served as the primary piece of policy legislation for Everglades restoration and establishes how the funding will be used for these projects. A key provision of SB 10 is the construction of a reservoir south of Lake Okeechobee that is designed to curb nutrient and salinity levels that are harmful to Florida’s valuable natural resources.  Effective:  July 1, 2017.

• Fannie Mae changes its debt to income ratios beginning July 29th.

  • The new rates move from 4.3% to 5.0%

  • Borrowers will still be closely monitored by Fannie’s underwriting to examine their complete application, including income, down payment and credit scores.

 

Thanks for Stopping by!

For Questions and Comments feel free to contact me!

Vickie Townes, Realtor  ~ 239-671-3300

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