What does an entry level single family home sell for in Cape Coral?
We would define an entry level home as a home in the lower price range in our market which might be affordable for first time buyers. Since SW Florida real estate is attractive for retirees, an entry home in our market may also be a home which could be an affordable choice for retirees.
The number of homes sold through SWFL MLS for under $150,000 have declined in Cape Coral over the past three years due to the increasing demand for low cost homes increasing the sale prices.
History of MLS Home Sales under $150,000
2014 1946 sales or 162 homes per month
2015 1387 sales or 116 homes per month
2016 405 sales or 45 homes per month (through Sept)
A representative home from 2014 which averaged a sale price of $124,700 in 2014, sold for $170,000 in 2016.
Under $150,000 today
When searching SWFL MLS, there are only 4 total active single family homes ready for occupancy in Cape Coral today under $150,000. They are typically older, small and wood framed homes.
Price Range $150,000-$175,000
There are 65 active MLS homes for sale in Cape Coral priced between $150-$175k. Many of these homes may require some updating but are homes a buyer can readily move in to.
· Lower priced homes in range are smaller (1100-1300 sq. ft.)
· Higher priced homes in range are larger (1400-1700 sq. ft.)
Search for Cape Coral Homes under $175,000
As is usual with SW Florida real estate, there are price differences with location and availability of city utilities.
Cost of buying vs renting a SW Florida House
Today in Cape Coral, rent for a 1400 sq. ft. home runs from $1200- $1300 a month without a pool. A mortgage payment with taxes and insurance on a $165,000 home with an FHA 3.5% down will be approximately $970 per month. Even budgeting some money for maintenance, it can make sense to buy vs rent.
For any questions about SW Florida real estate call:
239-898-1214 Ross.Winchel@gmail.com
Broker/Team Leader
Koffman and Associates
Century 21 Sunbelt Realty
