With median list price increases of 34.56%, Realtor Magazine has named the Fort Myers-Cape Coral market as the top market nationally for real estate price increases for 12-month period ending September 2011. Southwest Florida dominated the price increase list with Naples and Punta Gorda also in the top five.
Price increases have been driven by a number of factors including the rapid decline in the quantity of new foreclosure listings hitting the market. In the field we are seeing a significant number of clients who put off buying in the previous couple of years but are now jumping into the market with both feet. The overwhelming majority of these buyers are purchasing a second home and a large percentage are cash buyers.
Clients are buying across all sectors with new construction being the most popular. Many new communities are now building out the remaining homesites and it is currently possible to get a brand new home or condo at a price point competitive with a five or more year-old resale.