Looking for insights into Cape Coral rental market

[Gillian Irving]

Hi all - I'm a Canadian looking to invest in FL and possibly Cape Coral. Worried about the direction of housing markets in general with looming interest rate hikes. How have prices been faring in Cape Coral over the past 6 months or so? What is general sentiment there. It is very bearish here in Ontario.

[Stetson Miller]

Hi @Gillian Irving,

I completely agree with everything that was said above. One of the major things that most people are seeing is a large uptick in price decreases, but as stated previously, these are largely comprised of properties that were already overpriced from the start. This can be proven when looking into the median and average sale prices for Cape Coral over the past 6 months. Median sale price has increased from $380,000 to $430,000, average sale price increased from $499,544 to $524,261. If you're looking at those same two metrics month over month, from June to July, median sale price decreased slightly from $435,650 to $430,000, and average sale price similarly saw a very small decrease $533,077 to $524,261

These decreases being as minor as they are, this is actually the first time we're seeing any kind of market softening in the numbers month over month, but we've obviously been dealing with rate hikes since the beginning of this year. This is something that I would say lends itself to the strength of the Cape Coral market overall, which in my opinion has still retained a somewhat bullish overall sentiment