Home sales strong in Cape Coral Florida

Homes are selling in Cape Coral.

Inventory for single-family homes is down more than 4,300 homes compared to four years ago, said Paula Hellenbrand, past president of the Cape Coral Association of Realtors.

In fact, there aren’t enough homes to keep up with interested buyers.

“We have made a major impact on the market,” said Hellenbrand, who also is the broker/owner of Encore! Realty Services. “It’s all about supply and demand. There is a higher demand and lower supply ... The market is fantastic, it’s the best it’s been in five years.”

Steve Koffman, a broker and Realtor with Century 21 Sunbelt, believes the lower inventory is partly due to banks having pulled 22 percent of foreclosed homes off the market in the fall to go back through the process and ensure all procedures were followed correctly.

He said the question is whether those homes will be placed back on the market all at once, or if they’ll trickle in a few at a time. Either way, business in the Cape has been good, he said.

Koffman’s Century 21 team was ranked third in the country and first in Florida last year for sales within the company. Over the past few weeks, his agents have sold three million-dollar homes. Normally, only one sells each month in all of Cape Coral, he said.

“There are definitely a lot of people looking for homes right now,” Koffman said. “... Price is driving everything ... Foreclosures are selling twice as fast as regular home sales.”

About 60 percent of homes that have been selling recently are foreclosures and short sales, Koffman said.

But that doesn’t mean other homes aren’t selling, too. Hellenbrand said it’s definitely a seller’s market on the lower end of the price spectrum and that well-priced listings are selling quickly.

The market of homes priced under $150,000 is strongest right now. And the market moving up toward $250,000 also is strong, but not as strong, she said. Homes priced in the $250,000 to $500,000 range have about five to six months of inventory, Hellenbrand said, while homes from $500,000 to $1 million have more inventory that there is demand. Courtesy of the Fort Myers News Press. Search Fort Myers Real Estate
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