Cape Coral Real Estate and Community News

April 15, 2022

Lee County Market Update - March 2022

Lee County Market Update

March 2022

Click here to watch Mike's Lee County Market Update for the month of March.

From The Desk Of Mike Darda 

This month's report focuses on the hottest topics trending now in the local market. As always, if you have any additional questions please feel free to respond to this email or contact us here at the office at 239-542-2822. We are here to help!

New listings and sale price continue to increase!

The number of new listings for single family homes coming onto the market is at a 6.8% faster rate than before. The condos listing rate has actually dropped by 5%. Inventory is still low overall.

Single Family Homes:

  • Inventory is down approximately 57% year over year. 
  • Average Sale Prices are up 26% year over year to approximately $430,000.
  • Days On Market has dropped to 46% to 22 days on the market.

Townhome/Condos:

  • Inventory is down approximately 75% year over year. 
  • Average Sale Price is up 38% year over year to an average of $315,000.
  • Days On Market has dropped 80% to 12 days on the market.

Overall: 

We are seeing inventory levels slowly rising each week. So relief is in sight for homebuyers, giving them more choices. Condos remain, especially in low inventory, which is partially due to many buyers switching to buying condos because of the higher price point on single family homes. We have also come off our first three months of the year, which is the high season for condo buyer's also causing the low inventory we are seeing.  

Interest Rates:

Interest rates have risen 1.4% since January 2022.

Currently:

  • 15 Year Fixed - 4.30%
  • 30 Year Conventional - 5.12%
  • 30 Year FHA - 4.65%

These rates are creating affordability issues for buyers and driving some towards the rental market, which is also seeing dramatic increases in rents right now. Overall sales have remained strong, even though rates have gone up, we have yet to see a major impact on volume of sales and rising prices in our market place.

Looking Forward

Season is now behind us and our summer market is ahead! The last few years, thanks to our growing population, the summer market is not the slow market Lee County is used to having. Instead, it has remained consistently busy all year long. With this being said, we are looking forward to the coming months to see what it has to bring! 

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

Posted in Market Updates
March 15, 2022

Lee County Market Update - February 2022

Lee County Market Update

February 2022

Click here to watch Mike's Lee County Market Update for the month of February.

From The Desk Of Mike Darda 

This month's report focuses on the hottest topics trending now in the local market. As always, if you have any additional questions please feel free to respond to this email or contact us here at the office at 239-542-2822. We are here to help!

Home shortages & bidding wars continue to dominate headlines as prices continue to soar!

Single Family Homes:

  • Inventory is down approximately 67% year over year to just a 3 week supply on the market. 
  • Pending Sales are up 43% year over year. 
  • Average Sale Prices are up 21.8% to approximately $570,000.

Townhome/Condos:

  • Inventory is down 82% year over year to a 2 week supply of homes on the market. 
  • Pending Sales are up approximately 6.6% year over year. 
  • Average Sale Price is up 34.6% year over year to an average of $400,000.

Supply:

The supply is concentrated mostly in the upper-end of the marketplace. The lower-end of the marketplace inventory is quickly disappearing leaving some first time home buyers behind. 

Interest Rates

Interest rates have had an up tick of almost 1% since December 2021. 

Currently:

  • 30 year fixed rates - 4.09%
  • 15 year fixed rates - 3.40%
  • FHA 30 year loans - 3.55%

These are now the highest rates we have seen since May of 2019!

Looking Forward

Right now it is very likely that sales volume is being held back by low inventory. We are now into the last month of tourist season, often the best month where buyers tend to make buying decisions before heading back northThis is an excellent time to have your home on the market! We will also see residual effects of our season well through June. 

 

As we head into the summer months we will shift more to a traditionally local buyer. It will be interesting to see how the rise of interest rates effects these "traditional buyers" as they tend to finance more where seasonal buyers usually tend to pay more often in cash. 

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

 

Posted in Market Updates
Feb. 15, 2022

Lee County Market Update - January 2022

Lee County Market Update

January 2022

Click here to watch Mike's Lee County Market Update for the month of January.

From The Desk Of Mike Darda

This month's report focuses on the hottest topics trending now in the local market. As always, if you have any additional questions please feel free to respond to this email or contact us here at the office at 239-542-2822. We are here to help!

Market Update For January 2022

Low Supply & Higher Prices Continue To Challenge Buyers

Single Family Home prices are up 27% year over year to a median price of $415,000. Townhome/Condo prices are up 31% year over year to a median price of $294,500. Inventory is down 75% for both Single Family Homes & Townhomes/Condos. The Average Days on Market is down for both Single Family Homes & Townhomes/Condos to 20 days compared to 57 days last year.

Interest Rates Are Rising

We are now seeing interest rates crest over the 4% mark for a 30 year fixed rate mortgage. The FED has indicated that there are going to be 4-7 more interest hikes by the end of 2022. 

New Construction 

New construction homes are not only facing a supply chain issue but also labor issues as well. Presented with those two challenges new construction may be delayed over a year. Currently, new construction homes are experiencing delays of a couple months or more based on when materials will be delivered. There is a shortage of materials including:

  • Lumber
  • Trusses
  • Windows
  • Garage Doors
  • Appliances

With these supply shortages come new construction prices being driven upwards forcing what would be new construction buyers back into the resale market. This is creating more of a demand on the low inventory at this time. 

Season Is In Full Effect 

We have about two more months of season, which is arguably the best part of season because buyers are making their buying decisions before heading back up North for the summer. Between now and Easter should be a strong buying season for our snowbird buyers. 

Posted in Market Updates
Dec. 3, 2021

Christmas Holiday Fun For All!

Looking for something to do to get into the holiday spirit? This month there are so many activities to enjoy with the entire family and friends. As we all know, the holiday season isn't solely about presents and gifts, but instead, it is to spend time with your loved ones that you do not get to see all the time. ‘Tis the season and get out of the house and enjoy this time with your favorite people! Below you will find events taking place the month of December throughout SWFL.

  • Fort Myers Beach Christmas Boat Parade
    • Saturday, December 4th | 6 pm - 8 pm
    • Salty Sam's Marina | 2500 Main St. Fort Myers Beach, FL 33931

Join us for some Christmas spirit at the 33rd Annual Fort Myers Beach Christmas Boat Parade! Two years ago we were voted the 5th Best Holiday Parade in a USA Today 10BEST poll. Then last year we were featured in a TravelAwaits article listing 15 fabulous boat parades in Florida. We’re aiming to make this year’s parade the best ever! For more information on the Fort Myers Beach Christmas parade click here.

  • Naples Christmas Boat Parade
    • Saturday, December 11th | 6:15 pm - 8:30 pm
    • Naples City Dock | 880 12th Ave S, Naples, FL 34102

A Naples favorite holiday tradition ~ MIACC’s Christmas Boat Parade on Naples Bay, December 11th!!! The parade may be viewed from: Naples City Dock (limited), Pinchers Tin City, Riverwalk Restaurant, Naples Landing, Kelly’s Fish House, The Boat House on Naples Bay, and Bayview Park. For more information on the Naples Christmas Boat Parade click here.

  • Marco Island Christmas Boat Parade
    • Saturday, December 18th | 6 pm - 9 pm 
    • The Esplanade | 760 N. Collier Blvd., Marco Island, FL 34145

Enjoy a wonderful festive family evening. Watch the boats sail by, decked out with festive holiday lights and decorations! Recommended viewing spots include The Esplanade on Smokehouse Bay and Snook Inn on the Marco River. For more information on the Marco Island Christmas Boat Parade click here.

  • Cape Coral Christmas Boat Parade
    • Saturday, December 18th | 5:30 pm - 9:30 pm
    • Four Freedoms Park | 4818 Tarpon Ct, Cape Coral, FL 33904

Located at Four Freedoms Park on Cape Coral Pkwy, the festival has food, Christmas music, a family movie on the big screen, and a visit from Santa Claus along with the parade. For more information on the Cape Coral Christmas Boat Parade click here.

 

 

 

Posted in Community News
June 15, 2021

Lee County Market Update - May 2021

Lee County Market Update

May 2021

 

 

Posted in Market Updates
May 15, 2021

Lee County Market Update - April 2021

Lee County Market Update

January 2022

 

Posted in Market Updates
April 15, 2021

Lee County Market Update - March 2021

Lee County Market Update

March 2021

 

Posted in Market Updates
March 15, 2021

Lee County Market Update - February 2021

Lee County Market Update

February 2021

Posted in Market Updates
Feb. 15, 2021

Lee County Market Update - January 2021

Lee County Market Update

January 2021

 

Posted in Market Updates
Jan. 15, 2021

Lee County Market Update - December 2020

Lee County Market Update

December 2020

 

 

Posted in Market Updates