Home price trends in Cape Coral/Fort Myers, Fla.

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City-by-city price comps
Cape Coral/Fort Myers, Fla.

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.

Median price end of 2008: $110,900
Median price end of 2007: $225,300
Percent change: -50.8%
Projected change through Q3 2009: -30.3%
Affordability rating: 0
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%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $213,200
Q2 2008 local median price: $178,100
Q3 2008 local median price: $163,300
Q4 2008 local median price: $110,900

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