Expect an increase of 1% in the national median home price next year instead.
The Current Market
While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.
Mortgage Rates
Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.
Predictions
Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.
Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood expert to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at 239.314.8016 to get the conversation started.
AVERAGE SP/LP RATIO AVERAGE SP/LP RATIO TOTAL CONDOS SOLD TOTAL HOMES SOLD AVERAGE DAYS ON MARKET AVERAGE DAYS ON MARKET 29 11 20 35 Sold Price Sold Price Price Per Sq. Ft. Price Per Sq. Ft. $505,000 $1,450,000 $363 $383 $656,727 $2,351,818 $430 $595 $824,900 $3,150,000 $475 $714 LOW LOW LOW LOW AVERAGE AVERAGE AVERAGE AVERAGE HIGH HIGH HIGH HIGH +25.1% over YTD 2021 +63.5% over YTD 2021 +32.7% over YTD 2021 +35.8% over YTD 2021
98.3% 94.8%
DON’T EXPECT
DROP IN HOME PRICES IN 2023 Leonardo and Angelica, Broker Associate Mobile: 239.314.8016 jmilaski@miloffaubuchonrealty.com capeharbourhomes.com John J. Milaski LLC 2315 Sagramore Place Cape Coral, FL 33914 Empowering your next bold move.™ Assistance with BUYING, SELLING and BUILDING Committed to be your Ambassador, Strategist and Negotiator JOHN J MILASKI LLC BSEE, MBA, GRI, PSA, MRP, CSP, ACCRS, CNE Cape Harbour Resident for over 23 Years, and a Boater Have listed and sold multiple properties in Cape Harbour MILOFF AUBUCHON REALTY GROUP, INC. Broker Associate and Certified New Home Sales Professional (CSP) with the NAHB 4707 SE 9th Place, Cape Coral, FL 33904 Mobile: 239.314.8016 | jmilaski@miloffaubuchonrealty.com 24 JANUARY 2023 REAL ESTATE MARKET REPORT Cape Harbour PRESENTED BY John J. Milaski Your Cape Harbour Real Estate Specialist & Neighbor for over 24 Years YEAR-TO-DATE REAL ESTATE REVIEW | CAPE HARBOUR Data based on listings from SWFLAMLS from January 1st to December 20th, 2021 and 2022. Information deemed accurate but not guaranteed. THIS MARKET REPORT IS NOT INTENDED TO SOLICIT PROPERTIES ALREADY LISTED FOR SALE NOR INTENDED TO CAISE A BREACH OF AN EXISTING AGENCY RELATIONSHIP. CONDOS GULF ACCESS HOMES
Source: Dr. Lawrence Yun, Chief Economist for the National Association of Realtors
A PRICE
Cape Harbour
JANUARY 2023 REAL ESTATE MARKET REPORT SCAN HERE!
Don’t wait to get your home on the market. Let my experience work for you. Reach out to me today at 239.314.8016 for a FREE no obligation market analysis for your property.
My Best Wishes for a Happy, Healthy, and Prosperous New Year 2023!
– John J. Milaski
GULF
John Milaski and Miloff Aubuchon are not in any way affiliated with Cape Harbour Home Owners Association, nor is this in any way an official advertisement or publication of Cape Harbour. © 2022 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the SWFLAMLS as of December 20th, 2022. All listings and sales presented anywhere in this report may not be those of Miloff Aubuchon. The SWFLAMLS does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. Published by REAL Marketing (RM) | www.REALMarketing4You.com | 858.952.4280 © 2023 ADDRESS BEDS BATHS EST. SQ. FT. YEAR BUILT SOLD PRICE PRICE PER SQ. FT. SOLD DATE DOM 5706 Cape Harbour Drive #110 2 2.0 1,702 2004 $745,000 $438 10/24/22 88 5706 Cape Harbour Drive #210 2 2.0 1,600 2004 $639,000 $399 03/01/22 1 5702 Cape Harbour Drive #302 2 2.0 1,600 2004 $635,000 $397 02/22/22 2 5706 Cape Harbour Drive #410 2 2.0 1,600 2004 $589,000 $368 11/05/21 33 5702 Cape Harbour Drive #203 2 2.0 1,600 2004 $560,000 $350 08/31/21 35 5706 Cape Harbour Drive #310 2 2.0 1,600 2004 $615,000 $384 08/04/21 7 5706 Cape Harbour Drive #311 2 2.0 1,600 2004 $590,000 $369 07/13/21 5 5704 Cape Harbour Drive #106 2 2.0 1,702 2004 $631,000 $371 06/28/21 3 LUXURY CONDOS RECENTLY SOLD | AS OF 12/20/2022
HOMES SOLD BETWEEN 12/01/2021 & 12/22/2022 MONTHLY HISTORY OF AVERAGE PRICE PER SQUARE FOOT BETWEEN 12/01/2021 & 12/20/2022 GULF ACCESS HOMES RECENTLY SOLD | AS OF 12/20/2022 MONTHLY HISTORY OF AVERAGE PRICE PER SQUARE FOOT BETWEEN 12/01/2021 & 12/20/2022
MONTHLY HISTORY OF AVERAGE PRICE PER SQUARE FOOT BETWEEN 12/01/2021 & 12/20/2022
DATA BELOW SHOWING ALL SINGLE FAMILY
CONDOS
ACCESS
HOMES 0 0 $397 $399 0 0 0 0 0 0 $438 0 0 DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC $413 $417 $411 $426 $428 $442 $461 $475 $411 $439 0 0 $432 DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC $501 $535 0 $593 $708 $503 0 0 0 0 0 $705 0 DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1 4 0 3 2 1 0 0 0 0 0 1 0 $1,200,000 $2,347,500 0 $2,600,000 $2,580,000 $1,450,000 0 0 0 0 0 $2,100,000 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MEDIAN SOLD PRICE | HOMES SOLD MARINA VIEW CONDOS GULF ACCESS SINGLE FAMILY HOMES MARINA SOUTH I & II CONDOS ADDRESS BEDS BATHS EST. SQ. FT. YEAR BUILT SOLD PRICE PRICE PER SQ. FT. SOLD DATE DOM 5781 Cape Harbour Drive #1303 2 2.0 1,276 2006 $530,000 $415 12/19/22 89 5793 Cape Harbour Drive #819 3 2.0 1,737 2007 $780,000 $449 12/14/22 0 5793 Cape Harbour Drive #711 3 2.0 1,544 2007 $670,000 $434 09/23/22 54 5781 Cape Harbour Drive #1308 2 2.0 1,276 2006 $585,000 $458 09/22/22 57 5793 Cape Harbour Drive #811 3 2.0 1,544 2007 $655,000 $424 09/02/22 90 5781 Cape Harbour Drive #1003 2 2.0 1,276 2006 $525,000 $411 08/10/22 11 5781 Cape Harbour Drive #509 3 2.0 1,737 2006 $824,900 $475 07/15/22 71 ADDRESS BEDS BATHS EST. SQ. FT. YEAR BUILT SOLD PRICE PRICE PER SQ. FT. SOLD DATE DOM 1819 Harbour Circle 3 4.1 2,979 2002 $2,100,000 $705 11/14/22 28 2200 El Dorado W Parkway 3 2.1 2,883 1998 $1,450,000 $503 05/25/22 9 2030 El Dorado W Parkway 3 3.0 3,315 2015 $2,325,000 $701 04/19/22 52 5711 Yardarm Court 5 4.0 3,970 2003 $2,835,000 $714 04/04/22 5 2304 El Dorado W Parkway 3 4.0 3,680 2015 $2,600,000 $707 03/21/22 3 2138 El Dorado W Parkway 3 4.1 2,985 2011 $2,015,000 $675 03/09/22 26 5502 Harbour Preserve Circle 6 7.2 7,925 2008 $3,150,000 $397 03/01/22 229 1921 Harbour Circle 3 3.2 3,571 2015 $2,500,000 $700 01/31/22 9 2 2
SINGLE-FAMILY
3
JOHN J. MILASKI | 239.314.8016 | JMILASKI@MILOFFAUBUCHONREALTY.COM | VISIT: CAPEHARBOURHOMES.COM
GLOBAL LUXURY AGENT
