An article from realtor.com suggesting Fort Myers/Cape Coral area could be ripe for home appreciation in the near future. While Naples is a different, more luxury real estate market, this suggests that vacation homes are getting more pricey. In Naples, inventory has been reduced and we are even seeing competitive bidding situations. However, at this time prices are still low and it is a buyer's market from Port Royal to Aqualane Shores to Mediterra. For how long, only time will tell.
CHICAGO – May 6, 2011 – Realtor.com recently unveiled a list of markets where property values are stabilizing, buyer traffic is picking up, and prices will likely appreciate soon.
Top five “turnaround towns”
1. Buffalo-Niagara Falls, N.Y.: List prices are increasing, and days on the market for inventory are shrinking (87 days, which is nearly half the national average).
2. Los Angeles-Long Beach, Calif.: While housing values here have fallen 378 percent compared to its 2006 housing peak, a turnaround is underway with list prices showing signs of stabilizing month-over-month and homes spending fewer days on the market. This area is also the third most-searched at Realtor.com, so buyer interest appears high.
3. Fort Myers-Cape Coral, Fla.: Vacation homes here are getting more pricey here: The median list price has risen 24.12 percent in March – the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60 percent lower than the 2006 housing peak.
4. Dallas, Texas: Median list prices are down only slightly by 1 percent year-over-year, and the median age of Dallas’ inventory stands at 100 days. While home values here have dropped about 10 percent from their peak (the national median drop was 31 percent), Dallas has not faced as steep property value declines as other bigger cities.
5. Boston, Mass.: Demand for homes here is starting to pick up. The median age of inventory is 130 days, which is 30 days below the national average. Median list prices are down just slightly – 0.26 percent – year over year.
Best Regards,
Brad Johnson
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