City-by-city price comps
Real estate and employment woes cloud the sunny weather that lures vacationers to Southwest Florida. The median resale sales price has fallen by nearly 60 percent year-over-year, says Chris Porter with John Burns Real Estate Consulting. Nearly two years of resale inventory remains on the market as it continues to post one of the largest numbers of foreclosures, according to RealtyTrac. Local Market Monitor says it's one of the top 10 markets for the worst expected performance in home price this year.
Cape Coral/Fort Myers, Fla.
|Median price end of 2008:||$110,900|
|Median price end of 2007:||$225,300|
|Projected change through Q3 2009:||-30.3%|
|Foreclosures in 2008:
(1 for every 8 households)
|Foreclosures in 2007:
(1 for every 24 households)
|Change in foreclosures:||218.6%|
|Expected to hit bottom:||Q2 2010|
|Percent drop needed to reach bottom:||-66.4%|
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