by Office Staff
on Thursday, June 5th, 2014 at 4:43pm.
According to a research group, prices of area homes are about to jump by over 10% in the next year. Area topping the prices of single family homes in Florida is Naples-Macro Island, and what more, there is still a scope of further increment in prices in the area.
If we go by The Cary, N.C based firm's forecast, then the prices in Cape Coral-Fort Myers are also likely to fly off the handle. Ingo Winzer, the president of the firm is optimistic about Southwest Florida as well, mainly due to an upbeat in jobs, particularly in retail and tourism sector. These markets are attracting a lot of investors. On Wednesday, he was quoted saying, "Combine speculative interest with good fundamental economic demand and you have a lot of people who want to buy property".
Winzer is sure about Southwest Florida not going towards the dreaded "bubble", despite of various predictions. He said, "Prices are 20 percent lower than they ought to be", looking at the healthy economy and mounting demand.
Local Market Monitor, in its second quarter's residential real estate report stated that the median of prices of single-family homes in the Naples area has reached the figure of $276,086, which is the maximum of the 20 cities followed by them in Florida. This is 8% higher than the second quarter of previous year.
Ninth on their list came Cape Coral-Fort Myers, with prices touching a median of $184,976 for the 2nd quarter which is a 12% jump from the year before.
Both of these markets are expected to have a double-digit growth in the coming year as per the Local Market Monitor's calculations. Prices in the Naples-Marco Island are likely to rise by an additional 11 percent, while the prices in Cape Coral-Fort Myers will soar by another 12 percent by the second quarter of 2015. If we look three years ahead of now, then by the second quarter of 2017, it is possible to see the cumulative price increase for these three years to be rocketed to 29% in Naples-Marco Island and 31% in Cape Coral-Fort Myers.