Lee County Florida which includes the cities of Cape Coral and Fort Myers has been at the forefront of the nationwide housing market meltdown with the second highest foreclosure rate in the nation behind Las Vegas for the past three years. In 2011, the area saw a drop to 24th in foreclosures on the nationwide list. Throughout 2011 the market began to rebound in Lee County with a rise in median prices, homes selling close to the asking price, and investment sales of foreclosed properties.
In 2011 the median home prices in Lee County rose 20 percent from 2010. November 2011 median home prices in the area averaged $147,000, up from $120,000 in November 2010. Along with median prices increasing the area is seeing a rebound in the new construction and building lot markets. In 2012 alone, the area is slated to open eight new communities that will add an additional 8,000 units to the market.
Banks and sellers are also contributing to the rebound of the housing market by not accepting low offers on homes. In Lee County in 2011, 18,634 residential units were sold at a total of $2.8 billion in sales. The average listing price of a home in the area was $163,541 while the average sale price was $153,021. This represents an average selling price to listing price ratio of 94 percent.
Throughout 2011, investors flooded Lee County to purchase foreclosure property. Cape Coral has seen a great rebound with its overall housing market due to these purchases. In fact, the region was recently ranked in the top five as one of the best markets to invest in rental property by the Local Market Monitor and Homevestors of America. Investment property purchases have led to an overall decrease of home inventories in the area. The home inventory in Fort Myers fell 34 percent from 2010 to 2011 and over 52 percent from its peak.
At the present time there is no place better to purchase property than the Lee County region of Florida. A rise in median prices, a 94 percent selling to listing price ratio, and amazing investment property opportunities make Cape Coral and Fort Myers a buyer’s paradise.