In 2011, buyer demand for Cape Coral real estate has been very strong, resulting in a significant change in the availability of property for sale in the community. I experienced this while working with buyers from Canada last week. They were seeking a gulf-access pool home and, while 40 of those homes sold in the past 90 days, there were only 13 homes for them to see last week!

Inventory levels of Cape Coral during the past year look like this:

Certain segments of the market have experienced even more severe changes.

1. In Cape Coral, single family homes with list prices under $200,000 dropped from 2,318 homes to 1,310 homes. This means we have 43.5% fewer homes available at prices under $200,000.

2. For every 5 Foreclosures for sale in July, 2010, there are only 2 foreclosure properties for sale now. That means not only less availability, it also means less competition for the conventional home-seller.

3. There are 46% fewer Short Sale single-family and multi-family properties on the market this July compared to last July.

Imagine shopping in a store where there is 50% to 60% less merchandise than there used to be! Remember “New Coke?” When Coca Cola announced the New Coke, there was a run on the store for Old Coke. Picture that same feeling here, where inexpensive houses are harder and harder to find!

This change is so noteworthy that even the News-Press, our local newspaper even published a front-page article last week reflecting on the good news: Lee County Housing on Upswing

There are a number of reasons for the sales activity the Cape Coral real estate market has been experiencing in 2011. Despite a challenging economy, International buyers favor Florida and spend 31% of their real estate dollar in our state. Cape Coral was recently selected as the most popular destination when these buyers search online. Cape Coral’s weather, miles of waterfront and attractive real estate prices have created massive appeal to foreign buyers. Southwest Florida’s airport (RSW) is one of ONLY 26 US airports with non-stop service to a foreign country. Ease of access from Germany, Canada, and our new service from Denmark make SW Florida very atractive.

Right now, I would like to you to think about anyone you know who may have thought of selling, but didn’t want the competition from short sales or foreclosures. Now, may be the very time they should like their property for sale. Of course, I would love to help them. Please honor me by sharing my contact information or give me a call.

Or, do you know someone who was thinking of buying and hesitated because they thought prices were still coming down?We’re seeing just the opposite here in SW Florida! Encourage that person to contact us today, before their delay costs them more money.

Hope to hear from you!

Susan