Cape home sales breaking records

CAPE CORAL: Cape Coral home sales reached record highs in both May and June. And in the lowest price ranges, experts say it has now shifted from a buyer's market to one that favors sellers.
Prospective home buyers Frank and Ellie Strain are looking for a deal.
"Obviously, we'd like to get as much as we could for as little as possible," said Frank Strain.
And the Strains are not alone. Even in the typically slow summer season, Cape Coral homes are selling fast and furiously.
"Record numbers for as far back as I've been keeping track of statistics," said Paula Hellenbrand, Realtor and President of the Cape Coral Association of Realtors.
June sales topped out at 644 homes and May numbers were about the same. And if you were to look back to height of the boom in 2005 - sales even then weren't nearly as high.
"We were in the 300, 400, maybe 500. So, over 600 homes is a fantastic number of sales," said Hellenbrand.
But with so many homes selling, that means there are far fewer homes on the market - especially homes priced at $250,000 or lower.
"Everything under $250,000 is in a seller's market," said Hellenbrand.
About half the so-called "sellers" right now are banks. But Hellenbrand says the more homes sell - the more that will change.
"Now that the market is changing, it's going to be safe again for the regular sellers to come out and put their homes on the market," Hellenbrand said.
She says that means it's time for prospective buyers like the Strains to make a move.
"We need to get something as soon as possible, because the prices are going up," said Strain.
With a shrinking selection, the Strains know they need to act quickly to snag something good in their now highly competitive price range.