For those in the know, it will be no surprise the Florida’s real estate market has been booming over the past 18 months or so.
With a healthy economy, an enticing warm climate, and what seems like an absolute resilience to the economic turmoil wreaked by the pandemic, investors have been turning the sunshine state in their droves.
And Cape Coral is leading the way. According to an article in Forbes, Cape Coral is one of the hottest housing markets based in Florida.
The sunshine state and it’s housing boom
Florida has been known for major ups and down’s in the market, and has gone through boom and bust cycles ever since the land boom back in the 1920’s.
However, Florida’s housing market flourished in 2020, and continues to ascend in the 2021.
The Forbes article took data from Redfin which included new listings, pending sales, for sale inventory and median sales prices from both May 2020 and May 2021 to determine the top five hottest housing markets in Florida, and Cape Coral topped this list.
Cape Coral, located just to the Southwest of Fort Myers started life as a small planned community back in 1957 and started life as a 100 square mile tract of land.
The City of Cape Coral was incorporated in 1970, and is now a fully fledged city with a population of over 200,000.
It’s popularity as a place to live, work and invest has been rising steadily for the past ten years, however in the past twelve months the city’s housing market has really caught fire as shown by the following statistics.
Cape Coral’s rising housing market
The Forbes article states,
“Pending sales have risen by 47.5%, from 488 in May 2020 to 720 in May 2021. New listings are up as well, rising from 518 in May 2020 to 757 in May 2021, for an increase of 46.1% in 12 months.
All this activity has cut down Cape Coral’s available for-sale inventory. From 1,699 homes for sale last May, Cape Coral’s inventory is down to only 539 homes in May 2021 — a decline of 68.3%. With supply low and demand high, home prices have risen sharply in Cape Coral. The median sale price in May 2020 was $240,000, before soaring by 37.5% to reach $330,000 by May 2021”.
South West Florida and nearby Fort Myers has seen a steep increase in population with the 24,000 new residents in 2019.
This high demand coupled with low availability has sparked the interest of many real estate investors looking for a property market that offers both high rental yield combined with true liquidity.
And that is something that Cape Coral has in spades.