Total new-home closings: 2,644
The good: A major rebound from the pits of the Great Recession continues.
The bad: A dark past is clearly in this area’s rearview mirror.
The bottom line: With numbers increasing over the course of the first quarter in 2015, the recession is an afterthought for builders in this region.
After sinking to the lowest depths of the Great Recession and being written off for dead, in 2012 the Cape Coral-Fort Myers area proved it was ready for a bona fide turnaround. By the second quarter of 2014, closings amid Southwest Florida’s housing market were up 31% year over year compared with 2013. Then, in August 2014, the area ranked third among Metrostudy’s Top Markets—according to outlook and market health—showing rapid increases in demand. In March 2015, year-over-year numbers showed that the area continues to rise in new-home closings and average pricing—with closings up by 20.6% year over year. With 2,586 new homes sold over the 12-month period ending in March 2015 and year-to-date single-family permits up by 28% year over year that same month, indications point to the close out of another great year for builders.