Lee County, located in Southwest Florida is showing positive signs of recovery in the real estate market. Florida was one of the many states hit hardest during the recession and were one of the first to show sign signs of life in the market.
Based on figures released by the Southwest Florida Real Estate Investors Association, this past January there were 520 foreclosure lawsuits filed as compared to 612 in January 2012. Foreclosures in Cape Coral-Fort Myers are starting to drop significantly. In 2010, both ranked as one of the most active areas in the country for foreclosures, whereas now they sit at 18th.
The director of the association, Jeff Tumbarello said the foreclosure rate has lost its explosive nature. Although the numbers are still bouncing up and down, it is not the same as in prior years.
The median sales price for homes in Cape Coral
was $131,000 for fourth quarter 2012. This is a reported increase of 7.8 percent compared to the previous quarter according to Trulia.com.
Aside from the improving foreclosures in the area and the increase in home value, other factors that determine the real estate market is indeed rebounding is the number of construction jobs in the area. Although single-family-home permits were not explosive in Lee County, there were a reported 54 permits requested in January 2013, an increase of almost 20 from January 2012.
Director Tumbarello said that the regular arm’s length sales between solvent individual owners are returning. Bank sales of homes fell 41 percent from $532.4 million to $314 million from 2011 to 2012. Short sales plummeted 20 percent from $443 million to $348 million.