Both Cape Coral-Fort Myers and Naples saw rising home prices for single-family homes during the second quarter of this year. This increase was so significant that both made the Top 10 list of cities for the fastest rising home prices in the U.S during the second quarter of 2013 compared to 2012.
Why is this statistic important? Well considering the Cape Coral-Fort Myers and Naples areas were hit so hard during the downturn, it’s reassurance that the housing industry in Southwest Florida is on the rebound. A National Association of Realtors survey showed that the Cape Coral-Fort Myers median existing single-family home price was up 36.1% to $177,900 compared to a year earlier and 3rd nationwide. Naples was 7th nationwide, with a 29.3% increase to $346,600. Overall, home prices continue to rise nationally and showed the strongest gain in 7 1/2 years during the second quarter according to the survey.
This continues to be a sellers market in the Cape Coral-Fort Myers and Naples areas as well as nationwide as the inventory of homes decrease. Lawrence Yun, NAR chief economist, said “tight inventory is continuing to drive home prices.” There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” he said. “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country. Areas with tighter supplies generally are seeing the strongest price growth, including markets such as Sacramento, Atlanta, Las Vegas Naples, San Francisco and Los Angeles.”
This news is a positive sign for the housing market and especially the Cape Coral-Fort Myers and Naples area. Homeowners are finally able to sell their homes at a decent price. If you’d like to receive a detailed report regarding current market conditions near your home, please feel free to contact us at 239-963-4811 or online.