Setting the facts straight on current market misinformation with Aprile Osborne, Call it Closed International Realty Special to Naples Daily News
The real estate market in southwest Florida has seen major fluctuation over the past two years, which has gained national attention. While being in the spotlight is beneficial to raising the visibility of Southwest Florida as a great place to live, this attention can often bring misinformation with it. Recently there were mentions of Cape Coral’s real estate market in a major national newspaper. They referred to the market as seeing a crash, which those of us actively working and living here know is simply not true.
It is important to understand the context of the metrics in the local market in order to make such blanket statements such as, “Cape Coral’s market is crashing”. What those outside of our market don’t understand is that where you are seeing such a large drop in listing and sales prices is in an area where sellers and their agents were vastly over-pushing. Eventually those prices had to be regulated and that is what we are seeing. This regulation in no way forecasts a crash
When the market in our area did crash in 2006 there was over 11 months of inventory on the active market, where now we only have about one and half months of inventory available. Understanding that the demand is still high, and supply is still low, puts it into perspective that this market is nowhere close to a crash.
This is not just reflective of our local markets either. Nationally you have more than five million millennials turning 35 years old, which is the average age that most buyers are currently buying a home. These potential home buyers need a place to live, which will continue to support the real estate market nationwide.
People are continuing to come from all over the country to enjoy what our community has to offer and that will continue to help keep our real estate market healthy and prosperous. Don’t let misinformation mislead you, the Southwest Florida real estate market continues to thrive.