With where the prices are for single family homes in Cape Coral, we have been averaging 422 home sales per month for the last 5 months. Contrast that to the 151 homes that were sold in January, 2007, which is "the season", you can see there has been nearly a 3-fold constant flurry of activity, and we havent even reached "the 2008 season" yet.
Prices have continues to drop over the last 6 months in large part because of the enormous amount of foreclosures that continue to pour onto the market. The interesting thing to note is the amount of homes available under 100k in Cape Coral, which has rapidly increased over the last year from 20 on 11/19/07, to 1,055 currently.
What has changed, is that in the last 2 weeks, that number 1,055 has not changed. In other words, there is not an increase in homes under 100k in the last 2 weeks, which hasnt happened for a year. If this continues, and that number slowly shrinks, we may be able to look back at this week as the week the market "came back".
Click here for Market Stats of Actives
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