Housing Market Update for Fort Myers and Cape Coral ends 2015 with a 21.6 percent increase in Median Sale Price for Single Family homes; 13 percent decrease of Months Supply of Inventory
The Cape Coral and Fort Myers 2015 median price ($231,000) finished a healthy 21.6 percent higher than the 2014 annual median price ($190,000), thanks to a full 12 months of year-over-year price increases.
“We saw several significant trends in 2015,” says REALTOR® Association President Jason Jakus, NextHome Advisors., “most notably we are seeing a decrease in inventory (Active Listings), which is down 4.3 percent .”
December 2015 Market Recap
The overall median price of Single Family Homes for the month of December 2015 is $231,000, a 21.6 percent jump compared to the $190,000 median price in December 2014.
Condo Median prices were also up 2.6 percent in December 2015 ($189,900) compared to December 2014 ($185,000).
Closed Sales of Single Family Homes was down 2.8 percent in December 2015 (1132 closed sales) compared to December 2014 (1165 closed sales) and New Pending Sales were down 4.2 percent in December 2015 (1405) compared to December 2014 (1467), which is a direct result of lower inventory.
A total of 1132 Completed Single Family Home Sales and 553 Condo Sales (down 6 percent from December 2014 where 588 Condo Sales were completed) were completed in December 2015.
Single-family home sales decreased 11.64 percent in December 2015 compared to December 2014, while condo sales increased 8.31 percent.
Cash sales for Single Family Homes was down 10.8 percent from 507 sales in December 2014 to 452 sales in December 2015. Condo cash sales were significantly down from 414 in December 2014 to 343 in December 2015, a 17.1 percent decrease.
Pending sales – those under contract and awaiting closing – were down 6.2 percent for Condo Sales and 4 percent for Single Family Home Sales.
The number of existing homes (all types combined) that were available for purchase in December 2015 is 4.7 percent below that of December 2014 and now rests at 7,683.
Current inventory combined with the current pace of sales created a 4.5-month supply of Single Family Homes in Fort Myers and Cape Coral for December 2015. There was a 5.2-month supply in December 2014 for Single Family Homes.
Although the Median Sale Price for Single Family Homes was up 21.6percent, the Average Sale Price was up 17.2 percent ($333,735) compared to December 2014 ($284,741).
The Median Sale Price for Condos was up 2.7 percent while the Average Sale Price for December 2015 was up 5 percent ($247,045) from December 2014 ($235,199).
All indications show that the market will continue to improve in 2016. The average days on market for Condos went from 43 days in December 2014 to 40 days in December 2015 and Single Family Homes average days on market went from 34 days in December 2014 to 30 days in December 2015. With inventory shrinking as shown from a decrease in both Active homes for sale as well as lower pending sales, prices will continue to grow. When supply is lower than normal, and the market shifts, prices will continue to rise in 2016.