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Gary A. Mills MARKET UPDATE CAPE CORAL, FL 33991

· Current Real Estate Market Conditions for Single Family Homes · Trends in Pricing · Current Levels of Supply and Demand · Value Metrics

· Report for the week of May 03, 2010

· Presented by Gary Mills VIP Realtors www.garyamills.com - gmills@viprealty.com 239.826.0140

Powered by Altos Research LLC | www.altosresearch.com | Copyright © 2005-2010 Altos Research LLC


City Overview

Single Family Homes in

CAPE CORAL, FL

Gary A. Mills | VIP Realtors | 239.826.0140

This Week

Real-Time Market Profile

The median list price in CAPE CORAL, FL this week is $130,000. The 3462 properties have been on the market for an average of 242 days.

Trend

Median List Price

$ 130,000

Average List Price

$ 228,350

Asking Price Per Square Foot

$ 72

±+

Average Days on Market (DoM)

242

≠≠

Inventory of Properties Listed

3462

≠≠

Most Expensive Listing

Inventory is tightening and days-onmarket is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.

$ 7,895,000

Least Expensive Listing

$ 30,000

Average Age of Listing

14

Percent of Properties with Price Decrease

39 %

Percent Relisted (reset DOM)

12 %

Percent Flip (price increased)

8%

Median House Size (sq ft)

1782

Median Lot Size

Supply and Demand

±+

0.25 - 0.50 acre

Median Number of Bedrooms

3.0

Median Number of Bathrooms

2.0

Altos Research Value Statistics

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Market Action Index

Strong Buyer's

17.0

≠≠

The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.

Trend Key:

±+

No change

== Strong upward trend ≠≠ Strong downward trend = Slight upward trend ≠ Slight downward trend

Characteristics per Quartile Quartile

Median Price

Sq. Ft. Lot Size

Beds

Baths

Age Inventory New

Absorbed

DOM

Top/First

$ 399,000

2251

0.25 - 0.50 acre

3.0

2.5

12

865

26

25

262

Most expensive 25% of properties

Upper/Second

$ 170,200

1946

0.25 - 0.50 acre

3.0

2.0

8

865

50

48

236

Upper-middle 25% of properties

Lower/Third

$ 105,000

1726

0.25 - 0.50 acre

3.0

2.0

5

866

60

61

234

Lower-middle 25% of properties

Bottom/Fourth

$ 70,000

1458

0.25 - 0.50 acre

3.0

2.0

7

866

60

65

235

Least expensive 25% of properties

Page 2 of 11

Monday May 3, 2010


Single Family Homes in

City Overview

CAPE CORAL, FL

Gary A. Mills | VIP Realtors | 239.826.0140

Median Price The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

7-day Average

90-day Average

Quartile Prices Prices have generally settled at a plateau, although Quartile 3 is on a bit of an up trend in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels.

First/Top

Page 3 of 11

Second/Upper

Third/Lower

Monday May 3, 2010

Fourth/Bottom


Single Family Homes in

City Overview

CAPE CORAL, FL

Gary A. Mills | VIP Realtors | 239.826.0140

Price per Square Foot The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

7-day Average

90-day Average

Inventory of Properties Listed for Sale Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.

7-day Average

Page 4 of 11

90-day Average

Monday May 3, 2010


Single Family Homes in

City Overview

CAPE CORAL, FL

Gary A. Mills | VIP Realtors | 239.826.0140

Market Action Index The CAPE CORAL market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 17.03. With several months of inventory available at the current sales rate, buyers should find ample choice.

90-day Average

Buyers/Sellers Cutoff

Market Action Index per Quartile Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months of inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market shifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group

First/Top

Second/Upper

Third/Lower

Fourth/Bottom

Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction. The Market Action Index (MAI) illustrates a blance between supply and demand using a statistical function of the current rate of sale versus current inventory.

Page 5 of 11

Monday May 3, 2010


Single Family Homes in

City Overview

CAPE CORAL, FL

Gary A. Mills | VIP Realtors | 239.826.0140

Days on Market The properties have been on the market for an average of 242 days. Half of the listings have come newly on the market in the past 161 or so days.

7-day Average

90-day Average

Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.

First/Top

Page 6 of 11

Second/Upper

Third/Lower

Monday May 3, 2010

Fourth/Bottom


Neighborhood Detail

Single Family Homes in

CAPE CORAL, FL 33991

Gary A. Mills | VIP Realtors | 239.826.0140

This Week

Real-Time Market Profile

The median list price in CAPE CORAL, FL 33991 this week is $125,000. The 393 properties have been on the market for an average of 244 days.

Inventory is tightening and days-onmarket is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.

Trend

Median List Price

$ 125,000

Average List Price

$ 160,543

Asking Price Per Square Foot

$ 68

±+

Average Days on Market (DoM)

244

≠≠

Inventory of Properties Listed

393

≠≠

Most Expensive Listing

$ 698,800

Least Expensive Listing

$ 45,000

Average Age of Listing

10

Percent of Properties with Price Decrease

32 %

Percent Relisted (reset DOM)

12 %

Percent Flip (price increased)

8%

Median House Size (sq ft)

1800

Median Lot Size

Supply and Demand

±+

0.25 - 0.50 acre

Median Number of Bedrooms

3.0

Median Number of Bathrooms

2.0

Altos Research Value Statistics

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Market Action Index

Strong Buyer's

18.9

≠≠

The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.

Trend Key:

±+

== Strong upward trend ≠≠ Strong downward trend = Slight upward trend ≠ Slight downward trend

No change

Characteristics per Quartile Quartile

Median Price

Sq. Ft. Lot Size

Beds

Baths

Age Inventory New

Absorbed

DOM

Top/First

$ 269,900

2400

0.25 - 0.50 acre

3.0

2.5

7

98

3

3

266

Most expensive 25% of properties

Upper/Second

$ 150,450

2024

0.25 - 0.50 acre

3.0

2.0

5

98

5

7

216

Upper-middle 25% of properties

Lower/Third

$ 102,240

1712

0.25 - 0.50 acre

3.0

2.0

6

98

5

6

254

Lower-middle 25% of properties

Bottom/Fourth

$ 72,000

1483

0.25 - 0.50 acre

3.0

2.0

9

99

9

4

239

Least expensive 25% of properties

Page 7 of 11

Monday May 3, 2010


Single Family Homes in

Neighborhood Detail

CAPE CORAL, FL 33991

Gary A. Mills | VIP Realtors | 239.826.0140

Median Price Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.

7-day Average

90-day Average

Quartile Prices In the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.

First/Top

Page 8 of 11

Second/Upper

Third/Lower

Monday May 3, 2010

Fourth/Bottom


Single Family Homes in

Neighborhood Detail

CAPE CORAL, FL 33991

Gary A. Mills | VIP Realtors | 239.826.0140

Price per Square Foot The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

7-day Average

90-day Average

Inventory of Properties Listed for Sale Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.

7-day Average

Page 9 of 11

90-day Average

Monday May 3, 2010


Single Family Homes in

Neighborhood Detail

CAPE CORAL, FL 33991

Gary A. Mills | VIP Realtors | 239.826.0140

Market Action Index The CAPE CORAL, 33991 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 18.93. With several months of inventory available at the current sales rate, buyers should find ample choice.

90-day Average

Buyers/Sellers Cutoff

Market Action Index per Quartile Not surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

First/Top

Second/Upper

Third/Lower

Fourth/Bottom

Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction. The Market Action Index (MAI) illustrates a blance between supply and demand using a statistical function of the current rate of sale versus current inventory.

Page 10 of 11

Monday May 3, 2010


Single Family Homes in

Neighborhood Detail

CAPE CORAL, FL 33991

Gary A. Mills | VIP Realtors | 239.826.0140

Days on Market The properties have been on the market for an average of 244 days. Half of the listings have come newly on the market in the past 161 or so days.

7-day Average

90-day Average

Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.

First/Top

Page 11 of 11

Second/Upper

Third/Lower

Monday May 3, 2010

Fourth/Bottom


Cape Coral Market Update