“SWFL Backyard News”
Updates in the Southwest Florida Real Estate Market May 2017
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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.
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Cape Coral hits its peak selling month for 2017, with 459 single family home sales a climb of nearly 7% from April.
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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.
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Thousands of new residents expected over the upcoming years, new construction is the alternate option for many, unfortunately many new builds sell before completion.
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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….
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- 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
- Work with a licenced Realtor, Like Myself, who can help you with:
- 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:
WHY I AM AT RE/MAX “REALTY TEAM”
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“Real Estate Industry News”
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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.
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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.
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Fannie Mae changes its debt to income ratios beginning July 29th.
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The new rates move from 4.3% to 5.0%
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Borrowers will still be closely monitored by Fannie’s underwriting to examine their complete application, including income, down payment and credit scores.
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