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Freshest Numbers Show Prices of New Homes Increase in Cape Coral, Sales Fall

Posted on: May 06, 2013 07:05:35 AM

In February, the Cape Coral, FL market saw a decline year-over-year in new home closings, shifting downward off a lift in January 2013. Closings moved to 103 in February 2013 from 104 a year earlier. This came after a 54.9% climb in January from the year earlier.

A total of 1,519 new homes were sold during the 12 months that ended in February, down from 1,520 for the year that ended in January.

Of the total number of closings, new home closings made up 6.2%. As a part of the whole, new home closings were 5.5% a year earlier. After rising year-over-year in January, closings of new and existing homes declined year-over-year in February.

Pricing and Mortgage Trends

The average per-unit price of new homes rose in February to $287,167, up by 1.6% from a year earlier. This is a swing up from a 10.8% decline in January from a year earlier.

For newly sold homes, the average mortgage size increased year-over-year along with new home prices. Average mortgage size rose 7.3% to $205,351 in February from a year earlier. In January 2013, average mortgage size on newly sold homes saw a 6.0% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 3.8 percentage points year-over-year to 71.5% in February 2013. This was another rise after January 2013 when there was a 3.7 percentage point rise from a year earlier.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings jumped from 24.0% of all closings in February 2012 to 30.1% of closings in February 2013. At the same time, the share belonging to single-family homes sank to 69.9% of closings from 76.0% of closings.

The average unit size of newly sold homes fell 1.9% year-over-year to 1,969 square feet in February 2013. In January, the average size of new homes sold went from 2,175 square feet a year earlier to 2,241 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 24.5% of existing home closings, down from 40.9% a year earlier. The percentage of existing home closings involving foreclosures slipped to 9.5% in February from 19.1% a year earlier while REO closings as a percentage of existing home closings declined to 15.0% from 21.8% a year earlier.

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